JSW Steel Reports 11% Rise in Consolidated Crude Steel Production in Nov

SEATTLE (Scrap Monster): JSW Steel on Monday reported an 11 per cent rise in its consolidated crude steel production at 2.20 million tonnes (MT) in November on a year-on-year (YoY) basis.

Its consolidated crude steel production was at 1.94 MT in the same month last year, according to a statement.

 From its India operations, the company produced 2.11 MT of steel in November, up 7 per cent over 1.970 MT in the year-ago period. India operations' production includes the crude steel production of JSW Ispat Special Products Ltd (JISPL) and its subsidiary Mivaan Steels Ltd. Capacity utilisation at the Indian operations level stood at 90 per cent for November. 2022. JSW Steel is the flagship business of the diversified $23 billion JSW Group.

Earlier in December, JSW Steel USA Ohio said it is considering a proposal for raising long-term funds of around 30 years tenure in the municipal bond markets in the USA. The Bonds will be repaid out of proceeds from the repayment of the loan received from JSW Ohio. The company has agreed to provide a guarantee on behalf of JSW Ohio, which will be utilised to secure the repayment of the bonds.

JSW Steel completed a Rs 750 crore investment in JSW Paints Pvt Ltd in November. JSW Paints and JSW Steel are group companies of Sajjan Jindal-owned JSW Group.

JSW reported a consolidated net profit of Rs 2,773 crore for the July-September quarter on the back of higher income. The company suffered a loss of Rs 915 crore in the second quarter of the last financial year. The total income rose to Rs 44,821 crore in the second quarter of the current fiscal as against Rs 41,966 crore a year ago.

 Courtesy: www.business-standard.com