JSW Steel sees exports at more than 10% of 2022-23 sales

24 Jan 2023 CW Team

India's JSW Steel expects its exports to pick up in the current quarter through March, boosted by the withdrawal of an export tax and robust demand from the Middle East and Asia..

His comments come after JSW, India's largest steelmaker by capacity, on Friday reported an 89% fall in profits for the quarter that ended Dec. 31, hurt by a 56% slump in exports from a year earlier to 1.14 million tonnes.

"Exports will definitely improve in Q4," Seshagiri Rao MVS, joint managing director and group chief financial officer, said, adding that for 2022/23, shipments were expected to be more than 10% of total sales.

JSW Steel expects to sell 22.6 million tonnes of steel in the 2022/23 fiscal year, Rao said, while production is seen at 23.6 million tonnes. Rao said steel demand from Europe was weak but local production cuts were "very severe", helping the company to boost exports.

India's exports of finished steel more than halved during the first nine months of the fiscal year that began in April 2022, hit by the government's decision to levy an export tax in May on some steel intermediates. The tax was lifted in November but mills have complained about a loss of share in traditional markets, including Europe.

Rao also said there were concerns about the potential dumping of steel from China and Russia into the country. "The global economy is not doing well ... Everybody is looking for markets where they can sell. India is definitely a bright spot," he said.

Rao said the company was not looking to raise funds through sustainability-linked bonds overseas at present despite ambitious commitments to reduce carbon emissions. "Currently, we are not looking at raising from international markets because of unfavourable financial conditions."

In 2021, JSW Steel raised $500 million from sustainability-linked bonds, which are linked to the issuer meeting certain environmental, social and governance goals.

Also Read
Awareness campaign on SWM conducted by IMC for clean & green Itanagar
Consultancy tender issued by Railways for 500 MW Solar Projects

India's JSW Steel expects its exports to pick up in the current quarter through March, boosted by the withdrawal of an export tax and robust demand from the Middle East and Asia.. His comments come after JSW, India's largest steelmaker by capacity, on Friday reported an 89% fall in profits for the quarter that ended Dec. 31, hurt by a 56% slump in exports from a year earlier to 1.14 million tonnes. Exports will definitely improve in Q4, Seshagiri Rao MVS, joint managing director and group chief financial officer, said, adding that for 2022/23, shipments were expected to be more than 10% of total sales. JSW Steel expects to sell 22.6 million tonnes of steel in the 2022/23 fiscal year, Rao said, while production is seen at 23.6 million tonnes. Rao said steel demand from Europe was weak but local production cuts were very severe, helping the company to boost exports. India's exports of finished steel more than halved during the first nine months of the fiscal year that began in April 2022, hit by the government's decision to levy an export tax in May on some steel intermediates. The tax was lifted in November but mills have complained about a loss of share in traditional markets, including Europe. Rao also said there were concerns about the potential dumping of steel from China and Russia into the country. The global economy is not doing well ... Everybody is looking for markets where they can sell. India is definitely a bright spot, he said. Rao said the company was not looking to raise funds through sustainability-linked bonds overseas at present despite ambitious commitments to reduce carbon emissions. Currently, we are not looking at raising from international markets because of unfavourable financial conditions. In 2021, JSW Steel raised $500 million from sustainability-linked bonds, which are linked to the issuer meeting certain environmental, social and governance goals. Also Read Awareness campaign on SWM conducted by IMC for clean & green Itanagar Consultancy tender issued by Railways for 500 MW Solar Projects

Infrastructure Urban

07 Oct 2025

India To Invest $37 Billion To Boost Petrochemical Capacity

India is set to become a major global player in the petrochemicals industry, driven by a planned capital expenditure of $37 billion (Rs 3.1 trillion) aimed at reducing import dependency and enhancing self-sufficiency, according to S&P Global Ratings.In its latest report titled “First China, Now India: Self-Sufficiency Goals Will Add To Petrochemicals Supply”, S&P said India’s large-scale capacity expansion—mirroring China’s earlier push—will likely intensify oversupply pressures in Asia’s petrochemical markets.Currently the world’s third-largest petrochemical consumer a..

Infrastructure Transport

07 Oct 2025

Indian Railways Expands Global Exports Of Rail Equipment

Indian Railways has announced that it is rapidly emerging as a global exporter of railway equipment, including bogies, coaches, locomotives, and propulsion systems, under the government’s ‘Make in India, Make for the World’ initiative.According to an official statement, India’s railway products are now reaching over 16 international markets, reflecting the country’s growing capacity to design, develop, and deliver world-class rail solutions.Metro coaches have been exported to Australia and Canada; bogies to the United Kingdom, Saudi Arabia, France, and Australia; propulsion systems t..

Infrastructure Transport

07 Oct 2025

RailTel Awards Rs 163 Million Contract To RTNS Technology

RailTel Corporation of India Limited (RailTel), a Mini Ratna Public Sector Undertaking, has awarded a domestic work order worth Rs 163 million to RTNS Technology Private Limited.The contract, issued on 30 September 2025, involves the supply and installation of equipment and related services for one of RailTel’s key customers. The project underscores RailTel’s commitment to advancing technology and communication infrastructure through collaboration with domestic system integrators.RTNS Technology Private Limited, an ISO-certified system integrator, provides comprehensive solutions for perim..