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JSW Steel says quarterly profit triples as prices rebound

Reuters  |  MUMBAI 

MUMBAI (Reuters) - JSW Steel Ltd, India's biggest steelmaker by capacity, said its fourth-quarter profit more than tripled, helped by higher steel prices and output and government support for local mills. The results are another sign of a marked pickup in India's steel sector, which had been hit by a global slowdown amid excess capacity.JSW said its outlook was improving."Steel demand is expected to benefit from rising infrastructure spend and improving consumer demand in FY2018," JSW said in a statement.Earlier this month, the cabinet approved a proposal to make local steel mandatory in ...

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First Published: Wed, May 17 2017. 17:21 IST