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JSW Steel slips as crude steel production declines sequentially

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JSW Steel fell 2.49% to Rs 223.30 after the company on Wednesday (11 March) announced crude steel production figures for February 2020.

Crude steel production was up 5% to 13.20 lakh tonnes in February 2020 from 12.57 lakh tonnes posted in February 2019. However, it is down by 6.38% from 14.10 lakh tonnes in January 2020.

The production of flat rolled products rose 7% to 9.82 lakh tonnes in February 2020 from 9.20 lakh tonnes in February 2019. On a sequential basis, it is down by 4.20% from 10.25 lakh tonnes in January 2020.

The production of long rolled products remained unchanged at 3.08 lakh tonnes February 2020. On a sequential basis, it is down by 9.94% from 3.42 lakh tonnes in January 2020.

Shares of JSW Steel have slumped 22.93% in eighteen sessions from its recent closing high of Rs 293.70 on 12 February 2020.

On a consolidated basis, the company's net profit slumped 87% to Rs 211 crore on a 12.1% drop in net sales to Rs 17,416 crore in Q3 December 2019 over Q3 December 2018.

JSW Steel is a flagship company of the JSW Group, an integrated steel manufacturer in India with an installed steel-making capacity of 18 million tonnes per annum (MTPA).

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Wed, March 11 2020. 12:36 IST