JSW Steel's production grows 12% to 2.32 million tonnes in October

JSW Steel on Thursday announced that consolidated crude steel production for October stood at 2.32 million tonnes, growing by 12 per cent year-on-year (y-o-y).

Capacity utilisation at the level of Indian operations was recorded at 95 per cent for October. The company said in a press release that JSW Steel USA-Ohio volumes were positively impacted due to improved demand compared to last year. 

On a yearly basis, production from Indian operations in October grew 9 per cent to 2.23 million tonnes from 2.04 million tonnes. JSW Steel USA-Ohio registered a growth of 412 per cent from 0.015 million tonnes in October 2022-23 to 0.076 million tonnes in October 2023-24. 

JSW Steel had reported a consolidated net profit of Rs 2,760 crore in the July to September quarter (Q2FY24) on the back of higher sales and lower coking coal costs. In the year-ago period, it had recorded a net loss of Rs 848 crore.

Revenue on a consolidated basis in Q2FY24 at Rs 43,834 crore was higher by 6.64 per cent year-on-year (Y-o-Y). The numbers beat expectations on revenue and profit.

JSW Steel is the flagship business of the diversified, $23 billion steel-to-sports JSW Group.