JSW Steel Output Surged 5% in August

SEATTLE (Scrap Monster): The monthly crude steel production surged higher by 5% over the previous year in August 2021, said the press release issued by JSW Steel. The average capacity utilization at JSW Steel’s mills stood at around 92%.

The August 2021 crude steel production by the company totalled 13.77 lakh tonnes, significantly higher by almost 5%, compared with August last year. The long-rolled products output rose significantly by 30% to 3.01 lakh tonnes during the month, compared with the year before. Meantime, JSW Steel reported a dip in monthly flat-rolled production by 8% year-on-year to total 8.99 lakh tonnes. The company attributed the planned shutdown of convertors at Vijaynagar Works for the reduced flat rolled output.

The country’s leading integrated steel manufacturer had reported consolidated net profit of INR 5,900 crore in the quarter ending June this year, compared to net loss of INR 582 crore in the corresponding quarter a year before. The net sales too were up significantly by 148.2% to INR 28,432 crore.

Meantime, JSW Steel announced plans to raise $1 billion by way of an overseas bond sale, which it will use towards building capacity and lowering fund costs. It has already appointed leading investment bankers, reports said.

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