JSW Steel's crude steel production rose 36 percent year-on-year on a standalone basis to 5.57 tonnes for the quarter ended September 30, 2022, the company said in its quarterly production update.
Production for the combined entity—India operations and the Ohio unit—rose 14 percent year on year to 5.68 million tonnes, the press release said.
On a sequential basis, however, the production of Indian units declined a percent and the Ohio unit slipped by 48 percent.
Overall, the combined production dropped 3 percent sequentially mainly due to extended maintenance shutdowns in JSW Ispat Special Products Ltd ( JISPL), subdued market conditions in the US and lower capacity utilisation in other locations in India due to supply and logistics constraints in the sourcing of iron ore and a steep decline in export volumes, the company said.
JSW Steel has an installed annual crude steel capacity of 27 million tonnes (MT) in India, which is expected to touch 37 MT by the financial year 2025.
The company, which recently trimmed its capex forecast, has maintained its production forecast at 25 MT for the financial year 2022-23.
Research firm SteelMint has said that the country’s top six makers—SAIL, Tata Steel, JSW Steel, JSPL, AMNS India and RINL—produced 18.29 MT steel during the July-September period.
At 12.04 pm, JSW Steel was trading 1.2 percent lower at Rs 658.05 on the National Stock Exchange.
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