JSW Steel's Japan co JV to start Palval ops by fiscal-end
JSW Steel Processing Centres Limited (JSWSPCL) has registered a growth of over 12 per cent by processing 5.41 lakh tonnes of the commodity in 2016-17 fiscal.
The company, a wholly owned subsidiary of JSW Steel, had processed 4.81 lakh tonnes (LT) of steel in the preceding fiscal. JSWSPCL was set up as a steel service centre with an annual slitting capacity of 6.5 lakh tonnes, JSW Steel said in its annual report for 2016-17.
"The company registered a profit after tax for 2016 -17 of Rs 21 crore compared to Rs 14 crore in 2015-16," it said.
The flagship of over $11 billion JSW group, JSW Steel is one of India's leading integrated steel manufacturers with a capacity of 18 mtpa.
Meanwhile, a joint venture steel service centre of JSW Steel and Japan's Marubeni-Itochu Steel will begin operations at Palval, Haryana by the end of the ongoing fiscal.
"MISI JV started the project work for its steel service centre in Palval, Haryana, with 0.18 MTPA initial capacity.
This facility is expected to be commissioned by end of 2017-18 fiscal," JSW Steel said in a statement.
It further said the service centre is equipped to process flat steel products, such as hot rolled, cold rolled and coated products.
Such products offer just-in-time solutions to automotive, white goods, construction and other value-added segments, it added.
In March 2015, the JV company had started commercial operation of a steel service centre near Pune with 0.18 MTPA initial installed capacity.
MISI JV incurred a profit of Rs 0.2 crore during 2016-17 in view of lower capacity utilisations. It reported a loss of Rs 5 crore in the previous fiscal, the company said.