JSW steel production up by 25% in May
JSW Steel Ltd, the flagship of the JSW Group and one of the lowest-cost steel producers in the world, has reported a monthly growth of 25% in crude steel production for May.
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The company produced 724,000 tonnes of crude steel compared with 577,000 tonnes recorded in May 2011.
It also produced 512,000 tonnes of flat products in May, a 31% rise against the 390,000 tonnes recorded in the same month in 2011.
JSW Steel’s output of longs hit 149,000 tonnes, a 27% jump over the 117,000 tonnes in May 2011.
The company did not disclose the monetary value of the growth.
“The key sectors such as automotive, infrastructure are steady or growing.
“In the last few quarters prices of steel have increased, the industry is not slowing down. There may be an economic slowdown, but that has not impacted us,” a spokesman for the company said in explaining the growth.
But the company highlighted in a statement that capacity utilisation at its Vijayanagar works remained at about 80% in May “due to constraints in availability of iron ore in the Karnataka state”.
JSW Steel is one of the largest steel producers in India, with a capacity of 10 million tpy as of 2011. It aims to produce 34 million tonnes of steel annually with its greenfield integrated steel plants coming up in Salboni, about 35km from Kharagpur, West Bengal, and Barenda in the Ranchi district of Jharkhand.
Its products include hot rolled coil, cold rolled coil, galvanised and galvalume steel, TMT rebar, wire rod and special steel bar.
The company also has a tie-up with Japan’s JFE Steel Corp for the manufacture of high-grade automotive steel and has also acquired mining assets in Chile, the USA and Mozambique.