In 2022–2023, JSW Steel Augments Production to 23.6 Million Tonnes

New Delhi: JSW Steel, an Indian steel manufacturer in the private sector, claimed a 25% increase in year-over-year growth in its crude steel output from Indian operations of over 20 million tonnes for the fiscal year that ran from April 2022 to March 2023. In the three months from January to March, the Steelmaker's crude steel production increased 12% from the previous year to ~6.4 million tonnes.

The improved capacity utilisation in its Indian operations, which registered a 96% utilisation rate during the January-March quarter, up from 91% the previous quarter but lower than the 98% utilisation rate recorded a year earlier, was credited with the higher production.

The Steelmaker decreased its output forecast for its domestic operations for the years 2022 to 2023 in a January announcement. Due to planned maintenance at a JSW Ispat Specialty Products (JISPL) factory, the estimated output was decreased from 24.3 Mn t to 23.6 Mn t and the sales guidance was decreased from 23.3 Mn t to 22.6 Mn t.

JISPL's production of crude steel, which totalled 420,000t in 2022–2023, decreased by 28% from the previous year. The production of crude Steel rose to 180,000t from January to March, a 9% rise from the previous year.

JSW Steel won the Jaisinghpura South iron ore block auction that took place earlier this month in Ballari, Karnataka. Additionally, the company was selected as the preferred bidder for two coal blocks in Jharkhand and one coal block in Chhattisgarh during the auctions held in March.

India's production of crude steel increased to 125 million tonnes between 2022 and 2023, however due to government-imposed export duties last year, the exportation of completed steel decreased by 50% to 6.72 million tonnes.