JSW Steel Recorded Sequential Dip in Q2 Crude Steel Output

SEATTLE (Scrap Monster): Leading steelmaker JSW Steel recorded dip in Q2 crude steel production, upon comparison with that during the sequential quarter. The production has taken a hit ever since the introduction of export duty on steel products by the government in end-May this year.

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According to production data, the steelmaker produced 5.68 million tonnes (mt) of steel during the second quarter (July-September 2022) of the ongoing fiscal year. This is down by 3% when matched with the production of 5.88 mt in Q1 FY’23. Compared with the corresponding quarter a year before, the quarterly production recorded a growth by 12%. It must be noted that the production had totalled only 5.07 mt in Q2 FY’22.

Out of the total Q2 production of 5.68 mt, production from JSW Steel Indian Operations accounted for 5.57 mt. Meantime, the production by JSW Ispat Special Products Ltd. (JISPL) totalled 0.03 mt during the quarter, with the leftover production of 0.08 mt originating from JSW Steel USA Ohio.

The prolonged maintenance shutdowns in JISPL, weak U.S. steel market conditions and lower capacity utilization at Indian steel mills on account of supply and logistics constraints resulted in subdued production during the quarter.