India's largest steelmaker JSW Steel (JSW) has announced its latest financial results for the third quarter and the first nine months ended December 31 of the financial year 2012-13. In the third quarter, JSW's crude steel production reached 2.09 million mt, increasing by eight percent compared to the corresponding quarter of the previous financial year.
In the third quarter of the financial year 2012-13, JSW also posted 15 percent growth in its flat rolled production to 1.66 million mt and 18 percent growth in its long rolled product output to 430,000 mt, both compared to the same quarter of the previous year.
In first nine months of the financial year, JSW produced 6.41 million mt crude steel. In the given period, JSW's flat steel production increased by 19 percent to 4.99 million mt, while its long steel production in the given period increased by 22 percent to 1.22 million mt, year on year.
Meanwhile, in the third quarter JSW's profit after tax decreased by 19 percent year on year to INR 1.37 billion ($25.35 million) mainly due to lower capacity utilization of 78 percent in the quarter, while the company's net sales value amounted to INR 82.75 billion ($1.53 billion) in the given quarter, up by five percent year on year.
In first nine months of the financial year 2012-13, JSW's profit after tax increased by 41 percent year on year to INR 12.28 billion ($227.25 million). In the given period, JSW's net sales value rose to INR 261.4 billion ($4.83 billion), up by 16 percent year on year.
According to JSW's statement, global steel demand is expected to grow by 3.2 percent in 2013, with raw material prices to be less volatile. The Indian economy has bottomed out and is expected to turn around in the financial year 2013-14 to support steel demand growth, while imports, mainly from free trade agreement countries, remain a concern.