JSW Steel recorded a 12 per cent year-on-year surge in its crude steel production for the third quarter of FY24. The company posted a production of 6.87 million tonnes, marking an 8 per cent rise from the previous quarter, primarily attributed to escalated demand triggered by increased infrastructure projects.
Highlighting 94 per cent capacity utilisation at its Indian operations during the third quarter, the steel giant's performance aligns with Crisil's forecast of the Indian steel sector sustaining double-digit growth for the third consecutive fiscal year, projecting an 11-13 per cent increase year-on-year.
JSW Steel observed a 9 per cent year-on-year increase in crude steel production at its Indian operations, reaching 6.63 million tonnes. Meanwhile, its USA-Ohio operations exhibited significant growth, recording a 191 per cent surge in crude steel production year-on-year, totaling 0.24 million tonnes for the quarter.
Financially, the company reported a consolidated total income of Rs 44,821 crore for the September quarter, showcasing positive growth from the previous year.
The company's consolidated crude steel production in the second quarter stood at 6.34 million metric tonnes, marking a 1 per cent decrease quarter-on-quarter but showing a substantial 12 per cent rise year-on-year.
(With PTI inputs)
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