JSW Steel Anticipates Spike in Steel Consumption During FY24

SEATTLE (Scrap Monster): The steel consumption in India is expected to buck the global trend and grow by 7-8% in FY24, driven by increased government spending and boosted investments in private sector, said Jayant Acharya, joint managing director and chief executive, JSW Steel.

Commenting on the strong quarterly performance in Q4, the company witnessed strong volume growth. It recorded highest-ever crude steel production and steel sales. The international subsidiaries too delivered better performance during the quarter. For instance, Ohio trimmed losses, Italy and Baytown, Texas posted profits at operating level, Jayant added.

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JSW Steel noted that the country reported good demand growth of 13.3%. The anticipated 7-8% demand growth in India will translate into additional steel consumption by at least 10 mt. The recent decision by the Chinese administration to contain steel production to CY22 levels will be positive for global steel industry and prices as well, it said.

JSW Steel will continue to remain primarily focused on domestic markets. The exports are likely to remain in the range between 15% and 20%, with nearly 85% of contributions expected to come from domestic sector. The company plans to expand capacities to 37 million tonne by end-FY24.