Steel industry major, JSW Steel has said on Monday that its net profit has fallen 19 per cent to about Rs. 137 crore during the third quarter from October to December 2012.

The company indicated that the fall in the profits was mainly due to foreign exchange losses and a write down on its US steel pipe mill operation. The company said that the depreciation in the value of rupee against US dollar resulted in a loss of Rs 267 crore for the company in the foreign exchange markets.

JSW Steel also had to make a provision of Rs 60 crore towards the carrying value of its investment in US Plate and Pipe mill business. The company said in a press release that foreign exchange losses and additional provision are considered exceptional in nature. The company also blamed the shortage of iron ore in the country.

Vinod Nowal, director and chief executive officer of JSW Steel said, "This quarter our profits were down as we had to go for a planned shutdown of our production due to lack of iron ore availability. Also the foreign exchange losses have dragged down our profits."

He pointed out that several mines have started production and many more are likely to start production in month and expects the results to improve during the fourth quarter of the current financial year.