JSW Steel's crude steel production up 22% YoY in Aug'22

JSW Steel said that its standalone crude steel production for the month of August 2022 stood at 16.76 lakh tonnes, a growth of 22% YoY on standalone basis.

The company's crude steel production was 13.77 lakh tones in the same period last year. While the production of flat rolled product increased by 34% to 12.01 lakh tones, the production of long rolled product improved by 25% to 3.75 lakh tones in August 2022 over August 2021.

The average capacity utilization was 87.4% during August 2022, mainly due to shortage of iron ore both in Karnataka and Odisha regions.

JSW Steel, the flagship business of the diversified JSW Group, is India's leading integrated steel company with capacity of 28 MTPA in India & USA (including capacities under joint control). The company's manufacturing unit in Viiayanagar, Karnataka is the largest single location steel-producing facility in India with a capacity of 12 MTPA.

The company's consolidated net profit slumped 85.81% to Rs 838 crore in Q1 FY23 as against Rs 5,904 crore recorded in Q1 FY22. Revenue from operations surged 31.78% to Rs 38,086 crore in Q1 FY23 compared with Rs 28,902 crore in the same quarter last year.

The scrip shed 0.65% to currently trade at Rs 682.95 on the BSE.

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