JSW Steel Recorded Notable Surge in August Crude Steel Output

SEATTLE (Scrap Monster): Leading Indian steelmaker JSW Steel reported robust crude steel production during the month of August this year. The standalone crude steel production by the company totalled 16.76 lakh tonnes during the month, significantly higher by 22% from the corresponding month a year before. It must be noted that the production had totalled only 13.77 lakh tonnes in August 2021.

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The company press release noted that production of flat rolled and long rolled products recorded notable surge during the month. The flat rolled products output stood at 12.01 lakh tonnes, higher by 34% over the prior year month. Meantime, the production of long rolled products surged higher by 25% from August last year to total 3.75 lakh tonnes in August 2022.

The average capacity utilisation stood lower at 87.4% in August, due to heightened iron ore shortage in Karnataka and Odisha regions.

The private steel major reported that its consolidated net profit nosedived by nearly 86% to INR 838 crore in the initial quarter of FY23, as compared with INR 5,904 crore during Q1 FY22. The revenue from operations soared nearly 32% from INR 28,902 crore in Q1 FY22 to INR 38,086 crore in Q1 FY23.