 "The reliefs and concessions sought by JSW were part of the committee of creditors approved resolution plan")
JSW Steel on Thursday announced that consolidated crude steel production for October stood at 2.32 million tonnes, growing by 12 per cent year-on-year (y-o-y).
Capacity utilisation at the level of Indian operations was recorded at 95 per cent for October. The company said in a press release that JSW Steel USA-Ohio volumes were positively impacted due to improved demand compared to last year.
On a yearly basis, production from Indian operations in October grew 9 per cent to 2.23 million tonnes from 2.04 million tonnes. JSW Steel USA-Ohio registered a growth of 412 per cent from 0.015 million tonnes in October 2022-23 to 0.076 million tonnes in October 2023-24.
JSW Steel had reported a consolidated net profit of Rs 2,760 crore in the July to September quarter (Q2FY24) on the back of higher sales and lower coking coal costs. In the year-ago period, it had recorded a net loss of Rs 848 crore.
Revenue on a consolidated basis in Q2FY24 at Rs 43,834 crore was higher by 6.64 per cent year-on-year (Y-o-Y). The numbers beat expectations on revenue and profit.
JSW Steel is the flagship business of the diversified, $23 billion steel-to-sports JSW Group.
