JSW Steels reported a growth of 37% in its crude steel’s production for Q2 FY14 at 2.98 MnT.
JSW Steel, one of the lowest cost steel producers of the world, is a part of O P Jindal Group. It is one of the largest producers and exporters of coated flat products in the country.
The company showed 2.98 MnT of crude steel production in the second quarter of current fiscal witnessing a growth of 37% against 2.17 MnT in Q2 FY13. Its production in Q1 of FY14 was at 2.86 MnT recording a growth of 34% in comparison to 2.14 MnT in Q1 FY13. Meanwhile, it also produced 2.45 MnT of Flat Steel and 0.46 MnT of Long Steel in Q2 FY14 with 69% and 3% of growth respectively versus Q2 FY13. Its production in Q1 FY14 for Flat Steel was 2.23 MnT and Long Steel was 0.45 MnT observing a growth of 39% and 4% respectively against production in Q1 FY13.
Overall JSW steels production for H1 FY14 was at 11.43 MnT which was up by 3.17 MnT compared to production of 8.26 MnT in H1 FY13 with a growth of 28%.
In the interim, one of the Corex furnaces of JSW, which was shut down for relining and enhancement of its capacity during the quarter under review has restarted production from 12th September, 2013.
However, shortage of Iron ore in the country is also seen affecting the capacity production of Steel in various steel manufacturing companies. Owing to the ban imposed in Goa, production of Iron ore is going at a very slow pace which in turn is unable to fulfill the requirement of the domestic steel manufacturers. Steel manufacturing which requires mostly in the form of raw material is Iron ore, is being affected because of its crisis being faced by the country.