JSW Steel gains as crude steel production rises 17% YoY in Q3 FY23

JSW Steel advanced 1.79% to Rs 741.90 after the Mumbai-based steel making company said that the Group's combined crude steel production for Q3 FY23 was 6.24 million tonnes, registering a growth of 17% YoY.

JSW Steel had recorded crude steel production of 5.35 million tonnes in Q3 FY22.

The crude steel production was sequentially higher by 10%, primarily due to improved average capacity utilisation to 91% as againts 84% in Q2 FY23 at JSW Steel and BPSL and also restarting of steel making operations at JSW Ispat Special Products (JISPL) with effect from 14 November 2022 post completion of the shutdown undertaken in July 2022.

During the previous quarter, JSW Steel's Indian operations grew 20% YoY and 9% QoQ to 6.06 million tonnes in crude steel production.

JSW Steel ls the flagship business of the diversified, JSW Group, is India's leading integrated steel company with a steel-making capacity of 28.5 MTPA in India and the USA (including capaclties under joint control).

The steel major reported a consolidated net loss of Rs 848 crore in Q2 FY23 as against a net profit of Rs 7,170 crore recorded in Q2 FY22. Revenue from operations jumped 28.9% to Rs 41,122 crore in Q2 FY23 from Rs 31,909 crore posted in the corresponding quarter previous year.

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