JSW Steel Q3 Profit More Than Doubles To `1,774 Crore
Despite headwinds caused by rising prices of raw materials, JSW Steel reported record earnings for the quarter ending December, 2017 with net profits exceeding its double by a huge margin on the back of record increase in volumes sold led by exports.
Consolidated net profit for the period increased by almost 148 percent to ₹1,774 crore from ₹716 crore last year, beating estimates of 56 percent. Even as crude steel production reached record levels at 4.11 million tons with the steelmaker able to manage costs, EBITDA increased by 37 percent at ₹3,851 crore. Level of saleable steel sales touched a record of 4.03 million tons with exports constituting 30 percent of the total volumes sold, up by 56 percent since last year.
Revenue from operations stood at Ì€ 17,861 crore, up by 17 percent since last year. The company also benefited from a reduction in the corporate income tax in the United States with tax liabilities amounting to ₹572 crores being reversed. At the same time it took a hit of ₹264 crore as an exceptional item for the provision it made for impairment towards goodwill, mining development and advances associated with the surrender of its iron ore mine in Chile.
Esta historia es de la edición February 2018 de Steel Insights.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición February 2018 de Steel Insights.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
Steel's Net Zero mission
The country’s commitment to achieving Net Zero within a targeted timeframe will now propel its steel sector towards a sustainable future in line with global trends.
Fuel Price Hike, Supply Chain Disruption Hurt Festive Sales
Supply chain disruptions and fuel price hikes have hurt festive sales in a big way as most auto majors posted decline in sales in October.
Seaborne coking coal offers remain range-bound
Seaborne coking coal offers moved in a narrow range in October amid global supply tightness and healthy spot demand.
Global crude steel output down 8% in September
China manufactured 74 mt in September, fall of 21% y-o-y while India’s production went up by 7% to 10 mt.
MOIL embarks on expansion projects
“Even though our country is blessed with manganese ore reserves, we import 50% of the domestic requirement. We have to lower our import dependence and save precious foreign exchange.” Ram Chandra Prasad Singh, Steel Minister
Iron ore handled by major ports down 17% in H1
The 12 major Indian ports handled 27 mt of iron-ore during H1 of 2021, down by 17% from 33 mt recorded for the corresponding period of previous year.
Shrinking China output to boost India exports
“In the third quarter of 2021, the company actively responded to the pressure from external policies, such as production curtailment and dual control system on energy consumption and intensity, as well as coal resource shortage and surging prices.” Baoshan Iron and Steel Co Ltd
Indian Railways' iron-ore handling up 25% in H1
Indian Railways in April-September of 2021 (H1) transported 84 mt of iron ore, up by 25% over 67 mt during April-September 2020.
September crude steel production up 7.2% y-o-y
India’s crude steel production in September 2021 grew 7.2 percent to 9.547 million tons (mt) over September 2020 but was down by 3.2 percent from August 2021 output, provisional steel ministry data showed.
“Five enablers: way forward to sustainable cleaner steel”
Right and scalable technology, appropriate policy guidance by government, access to finance to fund transition, willingness of customers to pay for cleaner products and infrastructure for use of new technologies are the need of the hour for the sustainable and cleaner steel industry, according to Madhulika Sharma, Chief Corporate Sustainability, Tata Steel.
