JSW Steel: In its business update for the quarter ending March 31, 2024, JSW Steel announced on Monday that it had produced 26.43 million tons of consolidated crude steel, marking a 9% increase compared to the company’s previous record of 24.15 million tons in FY23.
During the fourth quarter of FY24, The Company reported producing 6.79 million tons of crude steel, reflecting a 3% rise over the 6.58 million tons in the same period the previous year. Operations in India contributed 6.54 million tons of crude steel in this quarter, showing a 3% year-over-year increase from 6.37 million tonnes in Q4FY23. Meanwhile, JSW Steel USA-Ohio reported producing 0.25 million tons of crude steel in Q4 of this year, marking a 19% increase over 0.21 million tons in the same period the previous year.
As of Q4FY24, 93% of capacity was utilized at the Indian operational level. However, The Company USA – Ohio reported better volumes on both a year-on-year and quarter-on-quarter basis.
The organization not only met its target of 26.34 million tonnes of combined annual production but also exceeded it, achieving a 101% success rate by producing 26.68 million tonnes. This figure includes the output of JSW Ispat Special Products Ltd. (JISPL), which merged with the business on July 31, 2023.
JSW Group, valued at $23 billion, is a diversified company with JSW Steel as its flagship entity. JSW Steel has developed over the last thirty years from a single production plant to an integrated steel company with a 29.7 MTPA capacity in both India and the USA. The company aims to reach a total capacity of 38.5 MTPA by FY25 through its next phase of growth in India. Currently, its manufacturing facility in Vijayanagar, Karnataka, has a capacity of 12.5 MTPA.
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JSW Steel’s objectives include achieving net zero CO2 emissions at JSW Steel Coated Products Ltd. by 2030 and reducing CO2 emissions from its steel-making operations by 42%.
