JSW Steel said that steel prices
are expected to remain stable over the current third quarter, as margins for
the sector look stable on a correction in iron ore and coking coal prices. In
October, JSW Steel increased steel prices by 3-4 per cent.
Lower production at its primary
Vijaynagar plant and foreign exchange translation losses of Rs 513 crore have
pulled down JSW Steel's net profit by 71% for the quarter ending September 30.
Net sales in the quarter went up
33%, while crude steel production rose 11% and saleable steel by 19%.
“The last quarter was very
challenging. The world economy has been slowing down, while the sentiment is
also lower. Volume growth could have been much higher (if iron ore supply had
been constant),” Mr Seshagiri Rao, Joint Managing Director, JSW Steel said.
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