JSW Steel reports 87% decline in fourth quarter profit

India: In the fourth quarter of its 2015 financial year, which ended on 31 March 2015, JSW Steel reported a net profit of US$9.81m, down by 87% year-on-year. Its sales during the quarter fell by about 12% year-on-year to US$1.94bn. The company said that its profits and sales were hurt because of oversupply of steel products in the market because of dumping of steel from China, Korea, Japan and Russia. The company's earnings were also impacted by its other businesses and JSW Steel will sell its cement business to HeidelbergCement India.