JSW Steel on Monday announced that its consolidated crude steel production for the month of May 2024 stood at 20.98 lakh tonnes. This, it added, was 4 per cent lower than 21.78 lakh tonnes recorded during the same period of last year. The fall in production during the month of May was due to a planned maintenance shutdown for one of the Blast Furnaces at Dolvi. However, per the company, the Blast Furnace has been restarted in the first week of June 2024.
JSW Steel said that the capacity utilisation at India operations stood at 86 per cent for May 2024
In India, JSW steel said in a regulatory filing, the company produced 20.13 lakh tonnes of crude steel against 20.93 lakh tonnes of a year ago, reporting a drop of 4 per cent.
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The production of JSW Steel USA – Ohio in May 2024 remained similar to the last year figures, at 0.85 lakh tonnes.
Earlier in May, JSW Steel reported its fiscal fourth quarter earnings with profit at Rs 1,299 crore for the quarter ended March 31, down 64.5 per cent on-year, due to a rise in expenses and raw material prices. In comparison, the steelmaker had posted a net profit of Rs 3,664 crore for the same quarter of the previous fiscal. During the reporting quarter, the steel manufacturer’s revenue fell 1.5 per cent to Rs 46,269 crore from Rs 46,962 crore recorded in the same period of year-ago fiscal.
From: financialexpress
Financial News
