JSW Steel Q2 steel production up 5.67%

JSW Steel today reported a 5.67 per cent rise in crude metal production at 2.98 million tonnes (MT) during the July-September quarter, amid a slowdown in domestic industrial activities and monsoon season.

The company, headed by Sajjan Jindal, had produced 2.82 MT of crude steel in July-September 2012. The production numbers include steel production from Dolvi facility of erstwhile JSW Ispat Steel, which has now been merged into JSW.

During the last quarter, JSW's production of flat steel was up 18 per cent at 2.45 MT, while production of long steel increased by 3 per cent to 0.46 MT, the company said in a statement.

It further said that "the company took shutdown of one of its Corex furnaces for relining and capacity enhancement during the quarter and the same has recommenced production from September 12, 2013."

During the first half of the current fiscal, JSW achieved crude steel production of 5.84 MT, registering a growth of 3 per cent over the corresponding period of last year.

Flat steel is largely used by automobile and consumer durables sectors, while long steel is used in the construction and infrastructure sectors.

In 2012-13, JSW had produced 8.51 million tonnes of crude steel despite continuation of the iron ore crisis in Karnataka.

Shares of the company were trading at Rs 785.85 apiece on the BSE during the afternoon trade, down 0.73 per cent in an overall weak market.