The stock of JSW Steel is down over 0.80 per cent
at Rs 812.30 apiece, at 10:49 am, on BSE.
Steel producer JSW Steel, on Friday,
reported a surge of 19 per cent year-on-year (YoY) in its crude steel
production for August. The company churned out an impressive 22.86 lakh tonnes,
as compared to 19.22 lakh tonnes produced in the same period last year.
However, the capacity utilisation at Indian operations level stood at 94.3 per
cent in August this year.
JSW Steel's
American arm, JSW Steel USA - Ohio operations, reported a whopping 214 per cent
growth, producing 0.71 lakh tonnes compared to 0.23 lakh tonnes in August of
the previous year. JSW Steel is the flagship business of the diversified $23
billion JSW Group. JSW Group also has interests in energy, infrastructure,
cement, paints, sports, and venture capital.
Over the past
three decades, JSW Steel has evolved from a single manufacturing unit into
India's leading integrated steel company, with a combined capacity of 29.7
million tonnes per annum (MTPA) in India and the USA, including capacities
under joint control. As part of its ambitious growth plan, the company aims to
further expand its Indian capacity, targeting a total of 38.5 MTPA by fiscal
year 2025.
READ | Foundation stone laid for Rs
8,800 cr JSW steel plant in AP
The company’s manufacturing
unit in Vijayanagar, Karnataka is the largest single-location steel-producing
facility in India with a capacity of 12.5 MTPA.
In a separate
development, on a report of JSW in talks with Chinese carmaker Leapmotor for EV
tech, the company clarified that it is not in talks with the car maker referred
to in the news reports. “The movement in the price of the company's scrip is
completely market driven. JSW Steel is committed to keeping its shareholders
informed about any material developments or information that may impact its
business, financial performance, or stock price and takes its disclosure
obligations to the stock exchange seriously and in ensuring adherence to all
regulatory requirements,” JSW Steel added.
READ | JSW Steel Q4 profit grows 12%
to Rs 3,741 crore in Jan-Mar; output rises 13% to 6.58 MT
India currently
ranks as the World's second largest producer of crude steel, surpassing Japan
in 2018. Furthermore, India stands as a net exporter of steel witnessing an
export of 6.72 MT of finished steel against the import of 6.02 MT in 2022-23.
The country was a net importer of steel in 2014-15 with 9.32 MT imports
vis-à-vis the export of 5.59 MT.