JSW Steel reports 15% yoy growth in crude steel production for January 2022, stock plunges ~2%

11 Feb 2022 , 10:25 AM

In its press release on Friday, JSW Steel Ltd. reported its monthly production numbers and has reported a 15% yoy growth on a standalone basis.

JSW reported its crude steel production for the month of January 2022 at 16.46 lakh tonnes as against 14.31 lakh tonnes for January 2021, registering a growth of 15% yoy. Whereas crude steel production for December 2021 was reported at 15.26 lakh tonnes, reflecting 8% monthly growth.

It’s rolled products (flat) recorded 12.47 lakh tonnes of production in January 2022 against 10.14 lakh tonnes of production in January 2021, up by 23% yoy. It registered a growth of 12% MoM against December 2021’s production of 11.10 lakh tonnes.

The company reported total production of rolled products at 3.74 lakh tonnes in January 2022 against the production of 3.59 lakh tonnes, registering a growth of 4% yoy, monthly growth recorded at 16%, production being 3.22 lakh tonnes for December 2021.

The expansion project at Dolvi works, which commenced commercial operations in Nov.’21 is gradually ramping up capacity utilization.

JSW Steel is the flagship business of the diversified US$ 13 billion JSW Group. . Over the last three decades, it has grown from a single manufacturing unit to become India’s leading integrated steel company with a capacity of 28 MTPA in India & USA (including capacities under joint control). Its roadmap for the next phase of growth includes a target of achieving 37.5 MTPA steel capacity by FY25. The Company’s manufacturing unit in Vijayanagar, Karnataka is the largest single location steel-producing facility in India with a capacity of 12 MTPA.

JSW Steel is currently trading at Rs661 down by Rs11.5 or 1.71% from its previous closing of Rs672.50 on the BSE. The scrip opened at Rs666.40 and has touched an intraday high and low of Rs673.45 and Rs660.75 respectively.