Indian steelmaker Jindal Steel and Power Ltd (JSPL) reported improved results due to robust demand in the areas of steel and power in Q4 2010 or Q3 ended December 31 of the current Indian financial year.
Net income after tax was INR9.51bn ($208.05M) in the three months in question, up 9% y-o-y from INR8.75bn in the same period of 2009.
The company also pointed out that net sales rose by 18% to INR31.74bn ($694.38M) in the quarter compared to INR26.98bn in the corresponding period of 2009.
JSPL said its plant in Oman, Jindal Shadeed, has started trial production almost four months ahead of schedule with first production of HBI on December 5, 2010, before the target date of March 31, 2011. It installed a 1.5Mt/y gas-based HBI plant in the Sohar Port, Oman.