JSW Steel up 1.2% after company reports 12.66% growth in consolidated crude steel production in July

The company’s India operations saw 13% YoY growth to 21.40 lakh tonnes. Meanwhile, JSW Steel USA – Ohio’s steel production came in at 0.75 lakh tonnes compared to 0.67 lakh tonnes in the corresponding period last year. JSW Steel’s consolidated crude steel production for July 2024 grew by 12.66% YoY to 22.15 lakh tonnes.

The company reported that its capacity utilisation for India operations stood at 91% at the end of July 2024.

Earlier this month, JSW Steel announced that the company had submitted a notice to surrender the mining lease for one mine. Due to uneconomic operations, the company decided to surrender the mining lease of the Jajang Iron Ore Block located in the Keonjhar district of Odisha. The mine is one out of the 4 iron ore mining leases the company acquired through auction in 2020.

For the quarter ended June 30, 2024, JSW Steel reported a 64.29% YoY decline in its net profit to ₹867 crore. The company’s revenue from operations for the quarter grew incrementally by 1.72% YoY to ₹42,943 crore.

In Q1FY25, the company’s operating earnings before interest, taxes, depreciation, and amortisation (EBITDA) fell by 21.79% YoY to ₹5,510 crore.

The company’s consolidated crude steel production in Q1FY25 declined by 1% YoY to 6.35 metric tons due to planned maintenance shutdowns at Dolvi and BPSL. The total sales volumes grew by 7% YoY to 6.12 metric tons. At the end of the quarter, the capacity utilisation at Indian operations stood at 87%.

Shares of the company have risen by nearly 3% since the beginning of the year. The stock has gained over 9% in the past year.