Biznextindia : JSW steel, India’s 2nd largest steel producer by capacity, on Thursday reported 1 per cent (YoY) drop in its February 2021 crude steel production at 1.3 million tonnes (MT) against 1.32 MT in February 2020. The average capacity utilisation was 93% during the month, the company said in a regulatory filing.
The shares of JSW Steel dropped 0.14 per cent at Rs.417 on the BSE at 11 am Tuesday.
During the month, the production of Rolled products (Flat) dropped marginally by 6 per cent (YoY) to.92 MT from 0.98 MT in February 2020. However, the company witnessed a positive growth of 10 per cent in its Long Rolled products output to .34 MT as compared to .30 MT in February 2020, indicating improved demand in the construction sector.
The flat steel products are generally used in the white goods industry, while the long products are mostly used in the construction sector.
Sajjan Jindal-led JSW Steel has an installed steel capacity of 18 Million tonnes per annum (MTPA) and the company is on a plan to scale up its capacity with several Greenfield and Brownfield expansions. The company is setting up a 13.2 MTPA Greenfield integrated steel plant near Paradip in Odisha’s Jagatsinghpur district at an investment of Rs.53,700 crore.
Last year the company had secured 4 Iron Ore mines -Nuagaon, Narayanposhi, Jajang and Gonua during the auction conducted by the Odisha government. Among the four mines, Nuagaon is the biggest mine with estimated Iron Ore reserve of 790 million tonnes.