Posted on 09 Apr 2024
JSW Steel on Monday announced its business update for the quarter ended March 31, 2024 as it informed that the company has achieved its highest ever consolidated crude steel production of 26.43 million tons, up 9 per cent on-year in comparison to 24.15 million tons in FY23.
For the fourth quarter of FY24, JSW Steel posted crude steel production of 6.79 million tons, up 3 per cent as against 6.58 million tons during the same period last year. In this, its India operations posted crude steel production of 6.54 million tons, up 3 per cent on-year from 6.37 million tonnes during Q4FY23. And JSW Steel USA – Ohio posted Q4 crude steel production at 0.25 million tons, up 19 per cent from 0.21 million tons during the same period last year.
Capacity utilisation at Indian operations level stood at 93 per cent for Q4FY24. JSW Steel USA – Ohio, meanwhile, reported better volumes on QoQ as well as YoY basis.
The company achieved combined annual production of 26.68 million tonnes against its guidance of 26.34 Million tonnes, which is a 101 per cent achievement. This figure, the company stated, includes the production from JSW Ispat Special Products Ltd. (JISPL), which merged with the company effective July 31, 2023.
JSW Steel is the flagship business of the diversified, $23 billion JSW Group. Over the last three decades, JSW Steel has grown from a single manufacturing unit to become an integrated steel company with a capacity of 29.7 MTPA in India and the USA. Its next phase of growth in India will take its total capacity to 38.5 MTPA by FY25, the company said. Its manufacturing unit in Vijayanagar, Karnataka has a current capacity of 12.5 MTPA.
JSW Steel aims to reduce its CO2 emissions by 42 per cent from its steel-making operations and achieve net zero CO2 emissions at its subsidiary, JSW Steel Coated Products Ltd by 2030.
Source:Financial Express Business
