JSW Steel’s net profit down in September quarter

Monday, 26 October 2020 17:22:49 (GMT+3)   |   Istanbul

Major Indian steelmaker JSW Steel (JSW) has announced its financial and operational results for the second quarter ended on September 30 of the Indian fiscal year.

In the second quarter, JSW Steel reported a net profit of INR 16.92 billion ($228.67 million), decreasing by 42 percent year on year and improving from the net loss of INR 1.46 billion in the previous quarter. In the same period, JSW’s net sales stood at INR 167.97 billion ($2.27 billion) amid the improvement in sales of coated products.

The company produced 3.85 million mt of crude steel in the given quarter. The crude steel production volume for the first half stood at 6.81 million mt.

As domestic steel demand rebounded from recent lows and gained momentum, the company moderated its exports to a share of 28 percent, from 57 percent in the previous quarter, with higher sales in the domestic market. During the second quarter, JSW’s total steel sales amounted to 4.12 million mt, up 14 percent, including 3.12 million mt of flat steel sales, up 21 percent, and 770,000 mt of long steel sales, down nine percent, all year on year.

JSW stated that Indian crude steel production and finished steel consumption declined by four percent year on year and 10 percent respectively in the second quarter, with a significant month on month recovery from the recent lows of April and May. While domestic demand is gaining momentum, India remained a net exporter of steel with export volumes of 5.44 million mt, implying an increase of 70 percent year on year.

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