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JSW Steel’s Indian operations contributed 21.40 lakh tonne to the total production, reflecting a 13% year-on-year growth from the 18.99 lakh tonnes produced in July 2023. The capacity utilisation at Indian operations stood at 91% for July 2024, reflecting a robust operational efficiency.
JSW Steel’s US operations in Ohio produced 0.75 lakh tonne in July 2024, slightly up from 0.67 lakh tonne in the same period last year.
Notably, JSW Ispat Special Products Ltd, which was merged with JSW Steel on July 31, 2023, was not included in the current year’s production figures as the merger took place post the reporting period last year.
Overall, the total combined volumes, including the merged entity, stood at 22.15 lakh tonnes, compared to 20.39 lakh tonnes in July 2023.
On August 4, JSW Steel submitted a notice to relinquish a mining lease for the Jajang iron ore block in Keonjhar, Odisha, due to “uneconomic operation.” This block was one of the four iron ore mining leases the company acquired through an auction in 2020.
In mid-July, JSW Steel reported a net profit of ₹867 crore for the quarter ending June 30 2024, a sharp decline from the ₹2,428 crore reported in the same quarter last year. The drop was attributed to weaker realisations in export markets and intensified competition from Chinese steel. This result fell significantly short of CNBC-TV18’s estimate of ₹1,149 crore.
JSW Steel is a part of the diversified JSW Group, which has a presence in sectors including steel, energy, infrastructure, cement, paints, and venture capital.
Shares of JSW Steel were trading 1.02% higher at ₹895.45 on the BSE around 10.06 am.
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