JSW Steels reported a growth of 52 percent Y-O-Y in its crude steel production for Q3 FY14 at 3.2 MnT.
JSW Steel showed 3.2 MnT of crude steel production in the Q3 FY14 witnessing a growth of 52 per cent. Its production in Q2 FY14 was at 2.98 MnT recording growth of 37 percent against 2.17 MnT in Q3 FY13. The company also reported highest ever consolidated gross turnover of 143.6 billion, exports of 1 MnT of Steel and consolidated EBITDA of 24.1 billion.
Meanwhile, the company also produced 2.5 MnT of Flat Steel and 0.4 MnT of Long Steel in Q3 FY14 with 53 percent and 1 percent of growth respectively versus Q3 FY13. Its production in Q2 FY14 for Flat Steel was 2.4 MnT and Long Steel was 0.5 MnT observing a growth of 69 percent and 3 percent respectively against production in Q2 FY13.
Overall JSW Steel’s crude production for 9M FY14 was at 9 MnT with a growth of 41 percent and its saleable steel accounted to 8.86 MnT with a growth of 36 percent as compared to same period of the corresponding year. The company’s saleable steel output in Q3 FY14 was at 3.1 MnT reporting a growth of 42 percent.
Despite facing challenges of low domestic demand, the company has successfully achieved 100 percent production and sales volume guidance for FY14.
JSW Steel is the one of the lowest cost steel producers of the world and a part of O P Jindal Group. It is one of India’s largest producers and exporters of coated flat products. The company’s upgraded Pickling Line 2 of Tarapur, commissioned in Dec 2013 and its new 6-hi Cold Rolling Mill with 0.2 MnT of annual capacity is likely to commission during Q4 FY14 in Kalmeshwar.