Major Indian steelmaker JSW Steel (JSW) has announced its financial and operational results for the financial year 2014-15 ending March 31, posting a net profit of INR 21.6 billion ($339.4 million), rising 61.8 percent compared to the previous financial year. In the given period, JSW's sales revenues increased by 1.86 percent year on year to INR 453.5 billion ($6.8 billion).
During the given year, JSW Steel produced 12.63 million mt of crude steel, up four percent year on year, while achieving finished steel sales of 12.03 million mt, rising by two percent year on year.
In the last quarter of the financial year 2014-15, the company produced and shipped 160,000 mt and 150,000 mt respectively of iron ore concentrate from its iron ore mines in Chile. JSW Steel stated that, in view of the fact that iron ore prices are expected to remain muted over the medium term, the operations in Chile have been put under care and maintenance as of end of April.
Additionally, JSW Steel announced that it has decided to set up a tinplate plant in Tarapur with an annual capacity of 200,000 mt, considering that tinplate demand in India is likely to witness healthy growth driven by a growing market for packed foods and packaging requirements.