His comments came after JSW, India’s largest steelmaker by capacity, reported on Friday an 89% drop in profit for the quarter ended December 31, due to a 56% drop in exports from the previous year’s 1.14 million tonnes.

“Exports will definitely increase in the fourth quarter,” Seshagiri RaoM.VS, deputy managing director and chief financial officer of the group, said in a Reuters interview, adding that for 2022/23 shipments it is expected to account for more than 10% of total sales.

JSW Steel expects to sell 22.6 million tonnes of steel in the 2022/23 financial year, said Rao, while production is expected to reach 23.6 million tonnes.

Rao said steel demand from Europe was weak, but local production cuts were “very severe”, which was helping companies increase exports.

India’s finished steel exports fell by more than half in the first nine months of the fiscal year starting in April 2022, due to the government’s decision to levy an export tax in May on certain steel intermediate products. Q

Taxes were lifted in November, but steel mills have complained of a loss of share in traditional markets, particularly in Europe.

Mr Rao also said there were concerns about the potential dumping of steel from China and Russia into the country.

“The global economy is not doing well… Everyone is looking for markets where they can sell. India is definitely a bright spot,” he said.

Rao said the company currently does not want to raise funds through offshore sustainability bonds, despite ambitious commitments to reduce carbon emissions.

“Currently, we are not seeking funds on international markets due to unfavorable financial conditions.”

In 2021, JSW Steel raised $500 million in sustainability bonds, which are tied to the achievement of certain environmental, social and governance objectives by the issuer.