JSW Steel reports 19% YoY growth in August 2023 crude steel production

JSW Steel announced a 19% year-over-year (YoY) increase in its consolidated crude steel production for August 2023, reaching 22.86 lakh tonnes. This growth has been marked by a capacity utilization of 94.3% at the Indian operations level for the same month.

JSW Steel’s Indian operations led the way, contributing 22.15 lakh tonnes—a 17% YoY increase. Additionally, JSW Steel USA’s Ohio plant recorded an astounding 214% YoY growth, contributing 0.71 lakh tonnes to the consolidated production. The increase in production comes on the heels of JSW Steel’s recent merger with Creixent Special Steels Limited and its subsidiary JSW Ispat Special Products Limited (JISPL), which became effective on July 31, 2023.

The merger has clearly had an impact. Indian Operations production volumes now include the crude steel production of JISPL and its subsidiary, Mivaan Steels Limited. This consolidation has also led to a restatement of corresponding August 2022 production volumes to reflect the merger’s effects.

Overall, the rise in JSW Steel’s August 2023 production figures demonstrates the company’s continued upward trajectory in the steel industry, both in India and the United States. The data underscores the significant strides JSW Steel is making in increasing capacity utilization and expanding its operations. With such positive growth rates, the steel giant is well-poised to maintain its strong performance in the coming months.