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His comments come after JSW, India’s largest steelmaker by capacity, on Friday reported an 89% fall in profits for the quarter that ended Dec. 31, hurt by a 56% slump in exports from a year earlier to 1.14 million tonnes.

“Exports will definitely improve in Q4,” Seshagiri Rao M.V.S., joint managing director and group chief financial officer, told Reuters in an interview, adding that for 2022/23, shipments were expected to be more than 10% of total sales.

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

Rao said steel demand from Europe was weak but local production cuts were “very severe”, helping the company to boost exports.

India’s exports of finished steel more than halved during the first nine months of the fiscal year that began in April 2022, hit by the government’s decision to levy an export tax in May on some steel intermediates.

The tax was lifted in November but mills have complained about a loss of share in traditional markets, including Europe.

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 … Everybody is looking for markets where they can sell. India is definitely a bright spot,” he said.

Rao said the company was not looking to raise funds through sustainability-linked bonds overseas at present despite ambitious commitments to reduce carbon emissions.

“Currently, we are not looking at raising from international markets because of unfavourable financial conditions.”

In 2021, JSW Steel raised $500 million from sustainability-linked bonds, which are linked to the issuer meeting certain environmental, social and governance goals.