JSW Steel rises 3% on August steel production data

Moneycontrol Bureau

Shares of JSW Steel gained more than 3 percent intraday Friday on strong improvement in steel production in the month gone by. OP Jindal Group company has reported a 13 percent growth in crude steel production at 11.16 lakh tonnes, increased from 9.85 lakh tonnes in the year-ago period.

"Flat steel products grew by 7 percent to 8.8 lakh tonnes from 8.24 million tonnes and long steel products' growth was a whopping 53 percent in August at 1.96 lakh tonnes compared to 1.28 lakh tonnes in corresponding month of last year," said the company in its filing.

Meanwhile, a media report suggested that JSW Steel is considering buying the Ilva steel plant in Italy. Ilva, privately-owned by the Riva family, is Europe's largest steel plant by output capacity.