JSW Steel reported a fourth-quarter net profit of Rs 752 crore compared with Rs 833 crore a year ago. The steel maker faced difficulty in procuring iron-ore from Karnataka and Goa due to a state-wide ban on mining.

For the full year 2013, the company said it hopes to produce 8.5 million tonnes of steel and achieve total sales of about 9 million tonnes. “We foresee a 7.5 per cent rise in domestic steel demand,” Chairman and Managing Director of the group, Mr Sajjan Jindal said.

Expenses for the Mumbai-based company rose 43 per cent to Rs 8,365 crore, largely led by increase in cost of raw materials.

About the company's alleged involvement in Karnataka mining scandal, Mr Jindal said, “JSW is a victim of circumstances... JSW does not involve in illegal mining”.

The company has been accused of playing a hand in illegal mining in Karnataka, involving the state's top officials and the former Chief Minister Mr. B.S.Yedyurappa.

Mr Jindal said excessive export of iron ore must stop. First there must be focus on using the iron ore produced in the country for domestic consumption.

For the January to March quarter and the full year ended March 2012 the company produced 2 million tonnes and 7.5 million tonnes of crude steel respectively.

Responding to a specific query on iron-ore inventory levels, the group's CFO, Mr Seshagiri Rao said, “Inventory levels has come down to 2-3 days now from 7-10 days during the pre-crisis (Karnataka/Goa situation) period”.

Shares of the company closed at Rs.619.55, down 1.20 per cent on the BSE. Its peers SAIL, Tata Steel and Jindal Steel lost 2.64 per cent, 0.90 per cent and 0.37 per cent respectively.

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