JSW Steel reports a 29% YoY jump in crude steel production at 5.07 million tonnes

Steelmaker JSW Steel on Monday reported a consolidated crude steel production of 5.07 million tonnes for Q2 FY of 22, up 29% year-on-year.

The capacity utilization at the standalone level was at 91% in Q2’22.

”Vijayanagar works have taken planned shutdown for campaign repairs of two of its convertors and Salem works has taken annual shutdown of one of its Blast Furnaces, due to which the capacity utilisation remained at an average of 91% in this quarter,” the company said in a media statement.

The company reported 5.07 million tonnes of production in Q1 of FY22. For the six months ending September 30th 2021, the company recorded crude steel production growth of 21% on a standalone basis and 45% at the steel group level.

JSW Steel’s subsidiary JSW Ispat Special Products Ltd’s production for the quarter under review was down by 12% at 0.13 million tonnes due to the shutdown of the power plant for maintenance and the consequent impact on production at Raipur. The company had to shut down its blast furnace for 3 days for maintenance & stabilisation of the slab caster at Raigarh.

JSW Steel’s US operations reported a jump in crude steel production of 0.15 million tonnes a jump of 12% quarter on quarter.

JSW Steel’s standalone net profit grew by 6% year-on-year to 4.10 million tonnes, however was flat quarter-on-quarter.

The company has reported the highest-ever quarterly net profit of Rs 5,900 crore in the April-June period of FY 22 as against a loss of Rs 554 crore in the same period last year. The company’s consolidated revenue from operations during Q1 of FY 22 went up by 144% to Rs 29,100 crore as against Rs 11,914 crore