Monday, May 3, 2010

JSW Steel to Buy Coking Coal Mine in the US Following Record Q1 Profit

India’s third largest steel production company, JSW Steel, has recently revealed that the company posted a record profit in the first quarter ending to March 31. It saw a huge jump in its first quarter profit this year compared to the same period last year. The company experienced a net income of Rs 6.1 billion ($137 million), a jump from year around net loss of Rs 399.3 million.

JSW Steel is now looking to buy coking coal mines in United State in its bid to meet surging demand. The company now wants to ensure constant supply of raw material and that is why it wants invest $100 million to acquire coal mines in the US.

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