JSW Steel output jumps 25% to 17.76 lakh tonne in October

JSW Steel on Friday reported that in October their standalone crude steel production grew by 25 per cent rise at 17.76 lakh tonnes in standalone crude steel production. The output in October 2021 was 14.25 lakh tonnes, the company said in a statement.

The production of flat rolled products rose to 13.61 lakh tonnes, up by 30 per cent from 10.45 lakh tonnes last year in the same month. The output for long rolled products was up by 11 per cent from last year at 3.70 lakh tonne.

The company's capacity utilisation improved by 93 per cent last month from 89 per cent in September 2022.

According to media reports on Thursday, the company is expecting the overall sales to fall by 10 per cent in the fiscal year of March 2023. According to the report this is due to a slowdown in the economy and additional export duty. Due to the 15 per cent export tax on some steel intermediates by the federal government the finished steel exports from the world's second-biggest crude steel producer went down by more than half during the first seven months of this fiscal year.

Market

On Friday JSW Steel was trading in green, up by over 2 per cent. In its quarterly report the company stated that their sales went up to Rs 41,778 crore in comparison to the same time period last year. But the company reported a loss of Rs 859 crore in this quarter.

JSW Steel is the largest steel manufacturer in terms of capacity and one of the lowest cost steel producers in the world.