JSW Steel Recorded Surge in Consolidated Crude Steel Output

SEATTLE (Scrap Monster): Leading India-based steel maker, JSW Steel, announced production results for FY23. The company posted its highest ever consolidated crude steel production at 24.15 million tonnes, significantly higher by 24% when compared with the previous year.

RELATED NEWS:

JSW Steel's Arm Declared Strategic Acquisition

India's JSW Steel Sees 10% Rise in Crude Steel Output in Feb

In the March quarter of FY23, the company recorded consolidated crude steel production of 6.58 million tonnes. This is the highest ever quarterly production recorded by the company. Also, this is 13% higher over the previous year and 7% higher from the prior quarter. The higher production is mainly on account of improved capacity utilisation at the Indian operations. It must be noted that the capacity utilisation had surged higher from 91% in Q3 FY23 to 96% in Q4 FY23.

JSW Steel reported combined production of 24.57 million tonnes, as against its previously announced guidance of 25 million tonnes.

The production volumes at JISPL and JSW Steel USA- Ohio were badly affected due to intermittent shutdowns and muted market conditions.

The company had reported consolidated net profit of INR 490 crore in the December quarter, significantly lower when compared with INR 4,357 crore in the year-ago period, primarily due to lower exports. On the other hand, the revenue from operations had rose marginally by 2.7% year-on-year from INR 38,071 crore to INR 39,134 crore.