Despite slowdown, steel firms put up stellar performance

Lower domestic demand a major roadblock; exports provide relief

Steel companies, led by JSW Steel and Tata Steel, have put up a stellar showing despite demonetisation and tepid domestic demand. Price increases for the past three months and falling imports due to protectionist measures have helped them.

In the December quarter, JSW Steel has reported a higher-than-expected net profit of Rs 730.05 crore compared to a net loss of Rs 709.09 crore against the same quarter in 2015-16 while Tata Steel, on Monday, recorded a net profit of Rs 232 crore against a loss of Rs 2,748 crore a year ago. Both the companies had the advantage of