JSW Steel Posted Highest Ever Quarterly Revenue From Operations

The huge drop in domestic demand led to 11% dip in sales of saleable steel by the company over the sequential quarter.

SEATTLE (Scrap Monster): JSW Steel Limited announced results for the initial quarter of the current year ended 30^th June, 2021.

The company reported crude steel production of 4.10 million tonnes during the quarter. The average capacity utilization registered marginal decline by 2% to 91% over the prior quarter, mainly due to increased supply of liquid oxygen for medical purposes. The huge drop in domestic demand led to 11% dip in sales of saleable steel by the company over the sequential quarter. At the same time, exports surged higher by 9%.

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JSW Steel Limited registered its highest ever quarterly revenue from operations of INR 25,959 crores. Also, it achieved the highest ever quarterly operating EBITDA of INR 9,491 crores during the quarter. The benefits of increased realizations from export and local markets and an enriched product mix were partially offset by rise in raw material prices. The company reported its highest ever quarterly profit after tax of INR 5,258 crores.

The production volume by JSW Steel Coated Products and its subsidiaries recorded production volume of 0.66 million tons. The Ohio, USA facility recommenced operations in March this year. The Texas Plate & Pipe Mill produced 78,648 net tonnes of plates and 5,685 net tonnes of pipes. Meantime, its Italian facility reported production of 74,253 tonnes of long steel products.

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