JSW Steel shares were trading 2 percent higher on October 10 after the company reported a 13 percent year-on-year (YoY) growth in consolidated crude steel production at 6.41 million tonnes for the recently ended July-September quarter.
The company however said that the production declined 3 percent on a quarterly basis. It said that this was due to ‘scheduled shutdowns undertaken at Indian operations and lower capacity utilisation at USA-Ohio due to market conditions.’
The company operates nine production facilities in India while its subsidiary JSW Steel USA operates two plants in the US, located at Baytown in Texas and Mingo Junction in Ohio.
The steel maker recently acquired a 100 percent stake in NSL Green Recycling from National Steel Holding through a share purchase agreement. The company, which is yet to commence operations, was supposed to process and supply scrap steel to JSW in order to help it reduce its carbon footprint.
At 2.30 pm on the NSE, the JSW Steel stock was quoting at Rs 773.40 apiece, up Rs 15.85, or 2.09 percent.
In year-to-date terms, the stock is down 0.29 percent.
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In its results for the April-June quarter, JSW Steel reported a 10.83 percent YoY (year-on-year) increase in revenue from operations at Rs 42,213 crore. Net profit for the quarter was up 189.39 percent YoY at Rs 2,428 crore. The operating profit margins for the quarter expanded by 600 basis points on a yearly basis to 17 percent.
JSW Steel is engaged in the business of manufacturing a wide range of steel products, including hot-rolled and cold-rolled coils, galvanized products, and various steel derivatives.
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