International Steel Mills
CRU: JSW Steel powers to four-fold profit rise
Written by CRU
October 24, 2025
This news item was first published by CRU. To learn about CRU’s global commodities research and analysis services, visit www.crugroup.com.
India’s JSW Steel reported a 307% year-on-year (y/y) jump in net profit to INR16.5 bn ($188 million, €161 million) in fiscal Q2. Results were helped by higher shipments and lower iron ore, coking coal, and power costs, more than offsetting a fall in steel prices.
Sales revenue in the three months ended Sept. 30 was 14.1% higher y/y at INR446 billion, and shipments were up 19.7% to 7.34 million tons, thanks to record crude steel production of 7.90 million tons.
On market developments, Mumbai-headquartered JSW commented: “Global growth in 2025 has remained resilient, supported by front-loaded trade flows and consumption ahead of tariff changes.”
“However, the outlook for 2026 is more cautious, with continued geopolitical uncertainty and elevated tariffs likely to weigh on momentum, despite some easing following recent trade agreements.”
“On a positive note, the recent peace agreement in the Middle East has helped ease some geopolitical risks.”
Specifically in the US, the company said: “Economic activity continues to show resilience, supported by strong consumer spending and robust investment in AI-related sectors. However, the outlook is becoming more cautious due to rising tariff-related costs, a cooling labour market, and policy uncertainty.”
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