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

"Join industry leaders at RAHSTA Expo, India's premier platform for roads, highways and traffic infrastructure. Register now to explore innovations, network with experts and shape the future of mobility."

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

Real Estate

29 Jun 2026

Omaxe to Invest Rs 62 Billion in Hospitality Expansion

Omaxe has announced the launch of a dedicated hospitality business vertical with plans to develop 19 hotels across five states over the next four to five years as part of its strategy to strengthen recurring revenues and expand its integrated development ecosystem.The real estate developer proposes to invest approximately Rs 62 billion, subject to regulatory approvals and market conditions, to develop nearly 5 million sq ft of hospitality assets across high-growth urban centres, pilgrimage destinations and transit corridors.The proposed portfolio will be integrated with Omaxe's existing townsh..

Infrastructure Transport

29 Jun 2026

Third Railway Line Between Tatanagar And Adityapur Likely By September

The third railway line between Tatanagar and Adityapur is expected to be commissioned by September as work on the corridor advances, according to railway sources. The project to add a fourth line on the busy route is progressing and has been allocated Rs 50.89 billion (bn) in funding. The allocation underscores the focus on increasing capacity and easing congestion on the corridor. Relevant timetables are being adjusted to integrate the new capacity into regular operations. Construction activity has involved track laying, formation work and signalling upgrades along strategic stretches, with m..

Infrastructure Transport

29 Jun 2026

Indian Railways Approves Rs 2.7 bn Kavach Rollout in Odisha

Indian Railways has approved a Rs 2.7 billion (Rs 2.7 bn) plan to install the Kavach train collision avoidance system on 631 route kilometres in the East Coast Railway zone. The Ministry of Railways said the work will form part of a wider Kavach deployment programme that relies on an LTE based communication backbone rather than a standalone installation. The approval marks the latest stage in the steady expansion of the indigenous safety technology across the national network. The decision aims to enhance safety and reliability on corridors serving Odisha and adjoining areas. The project will ..