India's JSW Steel reported a bigger-than-expected drop in third-quarter profit on Friday as lower prices and tepid demand continued to hurt the country's top steelmaker.

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The group has won two blocks of copper mines in the eastern mineral-rich state of Jharkhand from Hindustan Copper.

India's steel-to-power conglomerate JSW Group will invest 26 billion rupees ($301.2 million) to set up operations at two copper mines, the company said on Monday, foraying into mining non-ferrous metals as steel prices fall.

The steelmaker reported a 70% YoY decline in net profit to Rs 717 crore for Q3 FY2024, with a 1% drop in revenue to Rs 41,378 crore. Despite higher volumes and lower coking coal costs, weaker steel realizations impacted performance.

JSW Group secured the contract via a competitive bidding process for a 20-year term, with the possibility of a ten-year extension.

India's steel-to-power conglomerate JSW Group will invest 26 billion rupees ($301.2 million) to set up operations at two copper mines, the company said on Monday, foraying into mining non-ferrous metals as steel prices fall.