JSW Steel records 3% Growth in Crude Steel Output for Q1 FY20

Indian steel giant, JSW Steel in its BSE filing today has revealed that the company’s crude steel output for the first quarter of ongoing fiscal Q1 FY20 (during Apr-Jun) has been recorded at 4.24 MnT, registering a y-o-y growth of 3.1% as it produced 4.12 MnT of crude steel in the corresponding period of previous fiscal. During Jan-Mar’19 quarter, the company’s crude steel output was recorded at 4.17 MnT.

In case of flat-steel products, the company’s production grew by 1% to 2.91 MnT during Apr-Jun’19 against 2.87 MnT in Q1 FY19. The output of long-rolled products was at 1.05 MT, up 12% from 0.93 MT in April-June 2018. Whereas during Jan-Mar’19, JSW Steel’s flat steel products output stood at 3.08 MnT and long steel at 1.04 MnT.

In entire previous fiscal of FY18-19 (Apr’18-Mar’19), the company’s crude steel output stood at 16.69 MnT, up by 3% Y-O-Y basis, flat products output was recorded at 11.29 MnT and long products at 3.69 MnT.

JSW Steel has a total crude steel capacity of 18 MnT per annum. On 6 Jul’19, the company has received the letter of intent from the committee of creditors of Asian Colour Coated Ispat Ltd for acquiring the debt-ridden firm through the insolvency process. ACCIL is a steel product manufacturing company and has plants near Delhi and Mumbai with an annual capacity of one million tonnes. Last year, a JSW Steel-led consortium had acquired a majority stake in Monnet Ispat and Energy Ltd for INR 2,875 crore under the Insolvency and Bankruptcy Code.

JSW Steel’s Quarter Analysis

Quantity in MnT