Sluggish demand results in company's net sales plummeting by 4.35%
JSW Steel Ltd, India’s largest domestic steelmaker by capacity, reported a steep 87 percent year-on-year decline in consolidated net profit for the quarter ended March 31 to Rs 62.3 crore.The erosion in JSW Steel’s profitability (which was more than what most analysts expected) for the last quarter of FY2015 was due to unfavourable conditions in the Indian steel market, characterised by the dumping of excess steel from countries like China, Japan and Korea; subdued steel prices; relatively higher cost of iron ore; and sluggish demand for steel due to general weakness in the economy.