JSW Steel reported a net loss of Rs.582 crore for the quarter ended Jun-20. In contrast, the company had posted net profits of Rs.1008 crore in the corresponding quarter of the previous financial year. The clear reason was the sharp fall in demand and steel activity in the infrastructure sector in the midst of the lockdown and the sharp fall in demand.

Total revenues for JSW Steel fell by over 40% to Rs.11914 crore. The only good news was that the variable costs were controlled due to lower production and the raw material costs also fell. This led to expenses falling sharply to Rs.12,504 crore from Rs.18,164 crore in the previous year. The company is present in steel, energy, infrastructure and cement.