JSW Steel production up 11% in July
Production of flat rolled products slip due to planned shutdown at Vijayanagar works
Biznextindia : JSW steel, India’s 2nd largest steel producer by capacity, on Tuesday reported 11 per cent (YoY) growth in its July 2021 crude steel production at 1.38 million tonnes (MT) against 1.24 MT in July 2020. The average capacity utilization remained at 92% in July’21.
The shares of JSW Steel slipped 0.32 per cent to Rs.745 on the BSE in the opening trade on Tuesday.
During the month, production of Rolled products (Flat) dropped by 1 percent to 0.93 MT due to planned shutdown taken for one of the convertors at Vijayanagar Works.
Meanwhile, Production of Long Rolled products grow significantly by 28 per cent to .30 MT as compared to .24 MT in July 2020. The flat steel products are generally used in the white goods industry, while the long products are mostly used in the construction sector.
In the April-June quarter (Q1), JSW had reported 39 percent YoY growth in standalone steel production to 4.10 MT against 2.96 MT in Q1 of FY21. However, on QoQ basis, the company’s steel production declined by 2 percent against 4.19 MT in the preceding quarter (Jan-March 2021).