Steel Mills
July 24, 2020
"Formidable Challenges" Result in Losses for JSW
Written by Sandy Williams
India-based steelmaker JSW Steel posted its first loss in six years in Q1 of FY 2021 after what it called “formidable challenges” related to the COVID-19 pandemic. The quarter was marked by “disrupted supply chains, unparalleled drop in demand and activity levels in the domestic markets, uncertainty in seamless inbound and outbound logistics movement, and liquidity constraints.” Net loss for the company was INR 582 crore ($77.8 million).
The company’s U.S. divisions contributed to the quarterly loss as COVID 19 and a weak energy market impacted operations in Texas and Ohio.
