JSW Steel
JSW SteelImage Source: JSW Steel

JSW Steel: Q3 FY24 Surge

Synopsis:

JSW Steel witnessed a robust performance in Q3 FY24, reporting a consolidated crude steel production of 6.87 million metric tons, marking an 8% increase from the previous quarter and a substantial 12% growth year-on-year (YoY). The Indian operations demonstrated a significant 94% capacity utilization, while JSW Steel USA - Ohio also showcased remarkable growth in production volumes.

 

Article:

JSW Steel, a prominent steel manufacturer, showcased a remarkable performance in the third quarter of FY24, reporting consolidated crude steel production of 6.87 million metric tons. This demonstrated an impressive 8% surge from the previous quarter and a substantial 12% growth compared to the corresponding quarter of the previous fiscal year.

A detailed breakdown of the production figures reveals that the Indian Operations contributed 6.63 million metric tons, marking a 7% increase from the preceding quarter and a notable 9% rise from the same quarter in FY23. Simultaneously, JSW Steel USA - Ohio witnessed remarkable growth, reporting a production of 0.24 million metric tons, showcasing a staggering 76% increase from the previous quarter and an impressive 191% surge from the corresponding quarter last fiscal year.

The consolidated production figures for the nine months of FY24 highlight a consistent upward trajectory. The Indian Operations reported a cumulative production of 19.01 million metric tons, showcasing a robust 10% growth from the corresponding period in FY23. JSW Steel USA - Ohio contributed 0.62 million metric tons during this period, marking an outstanding 92% growth compared to the previous fiscal year.

It's noteworthy that the merger of the Joint Venture, Creixent Special Steels Limited, and its subsidiary JSW Ispat Special Products Limited (JISPL) with JSW Steel became effective on July 31, 2023. However, it's essential to acknowledge that the reported production volumes have not been restated for the earlier periods.

The commendable surge in production figures indicates JSW Steel's robust performance in both Indian and US operations. The significant growth percentages in both quarterly and cumulative production underscore the company's consistent upward trajectory in the steel manufacturing sector.

Conclusion:

JSW Steel's outstanding performance in Q3 FY24, marked by a substantial surge in consolidated crude steel production, signifies the company's robust operational capabilities. The notable increase in both Indian Operations and JSW Steel USA - Ohio demonstrates the company's resilience and growth momentum, positioning JSW Steel as a key player in the steel manufacturing landscape.

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