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Jindal Steel net loss at Rs 49.62 cr

MUMBAI: Jindal Vijaynagar Steel Ltd (JVSL) has reported a net loss of Rs 49.62 crore for the year ended March 31, 2001 as compared to the net loss of Rs 14.82 crore in the earlier year.

Total income for the year was Rs 1,163.75 crore as against Rs 809.01 crore in the previous year.

The company produced 8,51,559 tonnes of hot-rolled coils, higher by 35 per cent over the previous year.

The company said the net sales realisation has fallen compared to that of the corresponding year due to severe recession in the steel market.

However, JVSL has managed to bring down the cost of production by using its own slabs produced through Corex process substituting the expensive bought out slabs.

JVSL has so far shipped 1,25,000 tonnes of pellets to China and has export orders of over 1,20,000 tonnes. The company has also contracted to ship 22,000 tonnes of hot-rolled coils in May to South-East Asia.

``Having commissioned the entire steel plant, JVSL's bottomline is expected to receive a boost in 2001-2002,'' a press release said. -- Our Bureau