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

Infrastructure Urban

06 Jul 2026

ABS Marine Sees CRISIL Credit Rating Upgrade

ABS Marine Services has secured an upgrade to its long term and short term credit ratings from CRISIL, reflecting improved profitability and revenue growth through long term contracts. CRISIL moved the long term rating from BBB+/Stable to A-/Stable and revised the short term rating from A2 to A2+. The action signals strengthened financial metrics and operational resilience. The company benefited from durable client relationships with firms such as ONGC and Schlumberger. The rating decision followed stronger cash flows and an enlarged bank loan facility, which increased from Rs 3,705 million (m..

Infrastructure Transport

06 Jul 2026

Project BRAHMANK Marks 16 Years Of Strategic Roads In Arunachal

Project BRAHMANK is marking 16 years of work to establish strategic road and bridge links across Arunachal Pradesh, maintaining and developing 811 kilometres of roads and nearly 86 bridges that range from small culverts to large steel and arch bridges. These transport links are described as critical for ensuring year-round movement of defence personnel, equipment and essential supplies while improving everyday travel for people in remote villages. The project balances national security requirements with regional development by focusing on reliable access in challenging terrain. Notable enginee..

Infrastructure Transport

06 Jul 2026

Longleng CSOs Give One Week Ultimatum Over Two-Lane Highway

Civil society organisations (CSOs) in Longleng district have demanded immediate restoration of the deteriorating Changtongya–Longleng two-lane road and sought a detailed status report on the stalled construction within one week. The demand followed a consultative meeting convened under the Phom Peoples' Council (PPC) to discuss welfare and development concerns. PPC president YB Angam Phom said prolonged non-maintenance had caused hardship to commuters and affected transportation, local commerce and the district's development. The meeting urged authorities to undertake immediate restoration a..