JSW Steel reports impressive 12% growth in Q3 FY24 crude steel production
In a significant development in the steel industry, JSW Steel Consolidated has reported a robust increase in its crude steel production for the third quarter of the financial year 2024 (Q3 FY24). The figures show an impressive 12% year-on-year (YoY) growth, underlining the company’s expanding operational efficiency and market reach.
JSW Steel Hits New Production Milestones
Specifically, JSW Steel’s consolidated production for Q3 FY24 stood at 6.87 million tonnes, marking an 8% increase quarter-on-quarter (QoQ) and a 12% rise YoY. This increase in production is a clear indicator of the company’s strategic advancements and its significant role in the global steel industry. The Indian operations of JSW Steel particularly stood out, with a capacity utilisation level reaching 94% in Q3 FY24.
Q3 FY24 Marks a Strong Performance for JSW Steel with Significant Production Increases
Detailed Breakdown of JSW Steel’s Production Statistics
The breakdown of JSW Steel’s production presents a clear picture of its growth trajectory. Indian operations recorded 6.63 million tonnes in Q3 FY24, compared to 6.20 million tonnes in Q2 FY24, showing a 7% QoQ increase. Year-over-year, this represents a 9% rise from 6.06 million tonnes in Q3 FY23. Notably, JSW Steel USA – Ohio also reported better volumes, with a significant 76% QoQ and 191% YoY increase, reflecting improved demand in both domestic and international markets.
In terms of nine-month performance (9M FY24), JSW Steel’s Indian operations and USA – Ohio unit have shown remarkable YoY growths of 10% and 92%, respectively. The consolidated production for this period stood at 19.63 million tonnes, a 12% increase from 17.57 million tonnes in 9M FY23.
A Positive Outlook for JSW Steel
These figures not only demonstrate JSW Steel’s resilience and adaptability in a dynamic market but also position the company as a key player in the global steel industry. With its consistent performance and strategic expansions, JSW Steel continues to set benchmarks in the sector, promising a positive outlook for its future operations.