JSW Steel net profit loses

Indian steelmaker JSW Steel in the IV quarter of 2010 reduced net income by 32%, to 2.92 billion rupees (64 million). This was stated in the Group, reported Bloomberg. In turn, the income of the Indian holding company has grown by 24% and reached 59.5 billion rupees. In JSW Steel also noted that raw material costs in a given period rose to 37.3 billion rupees against 27.4 billion rupees in the IV quarter of 2009. Earlier, JSW Steel has increased prices for steel products by 4-5%. The decision was taken due to rising prices for raw materials, which is necessary for steel production. Previously reported that JSW Steel in the next fiscal year will increase imports of coking coal from Australia and the U.S. by 40%. JSW Steel is one of the industry leaders in India. Its production capacity for steel mill in Vijayanagar is approximately 3.8 million tons per year. At the same time in the company say they plan to increase to 10 million tons. Ministry of Industry