JSW Steel logs 17% yoy growth in crude steel production volumes in Q3FY23; stock jumps ~2%

9 Jan 2023 , 02:02 PM

JSW Steel reported 6.24 million tonnes combined crude steel production in Q3FY23, representing a 17% yoy increase, including production at jointly controlled entities.

JSW Steel Indian Operations logged crude steel production of 6.06 million tonnes during the current quarter compared to 5.05 million tonnes, registering a growth of 20% yoy, and 9% over the previous quarter.

The company’s Indian operations registered a 30% yoy increase at 17.25 million tonnes of crude steel production for the 9M period ending December 2022. It registered crude steel production of 13.25 million tonnes during the previous corresponding period.

The crude steel production for Q3FY23 was 6.24 million tonnes, a 10% increase sequentially, owing to improved average capacity utilization at JSW Steel and BPSL to 91% versus 84% in Q2FY23, as well as the restart of steel-making operations at JISPL on November 14, 22 following the completion of the July 2022 shutdown.

JSW Steel has grown from a single manufacturing unit to become India’s leading integrated steel company, with a capacity of 28.5 MTPA in India and the United States (including capacities under joint control).

Following this development, JSW Steel was trading 1.68% higher at Rs740.60, against the previous close of Rs728.35 on NSE. The counter touched an intraday high and low of Rs746.65 and Rs735.15 respectively, so far.

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