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JSW Steel hardens after crude steel production rises 9% MoM in July

JSW Steel rose 3.61% to Rs 253.80 after crude steel production grew 9% to 12.46 lakh tonnes in July 2020 as against 11.44 lakh tonnes in June 2020.

Rolled products (flat) jumped 17% to 9.40 lakh tonnes in July 2020 as against 8.04 lakh tonnes in June 2020. Rolled products (long) surged 46% to 2.40 lakh tonnes in July 2020 compared with 1.65 lakh tonnes in June 2020.

On a year-on-year basis, crude steel production fell 5.39% in July 2020 over July 2019. Rolled products (flat) advanced 3.52% and rolled products (long) tanked 24.05% in July 2020 over July 2019. The disclosure was made during trading hours today, 11 August 2020.

The steel major's consolidated net loss stood at Rs 582 crore in Q1 June 2020 compared with net profit of Rs 1,008 crore in Q1 June 2019. Consolidated net sales slumped 41% to Rs 11,454 crore in Q1 June 2020 over Rs 19,407 crore in Q1 June 2019.

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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