JSW Steel gains after steel production rises 5% YoY in Aug

JSW Steel rose 1.60% to Rs 697.25 after the company's crude steel production increased 5% to 13.77 lakh tonnes in August 2021 from 13.17 lakh tonnes in August 2020.

While the production of flat rolled products declined by 8% to 8.99 lakh tones, production of long-rolled products jumped by 30% to 3.01 lakh tonnes in August 2021 over August 2020. The average capacity utilisation for the month was 92%.

Production of rolled flat products were lower due to planned shutdown taken for one of the converters at Vijaynagar Works, the steel maker said in a statement.

JSW Steel is India's leading integrated steel company with a steel-making capacity of 28 million tonnes per annum (MTPA) in India & USA, including capacities under joint control & new capacity to be commissioned at Dolvi during this year.

The steel major's consolidated net profit stood at Rs 5,900 crore in Q1 June 2021 compared with net loss of Rs 582 crore in Q1 June 2020. Net sales soared 148.2% to Rs 28,432 crore in Q1 FY22 as against Rs 11,454 crore in Q1 FY21.

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