JSW Steel’s crude steel output up 37% in Q3
India’s largest steel producer, JSW Steel, has reported a 37% increase in crude steel production to 2.98 million tonnes for the quarter that ended on September 30.
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During the quarter, sales increased by 44% to 3.13 million tonnes, JSW Steel said on Tuesday October 29. Flat product sales were up by 56% to 2.59 million tonnes and long product sales rose by 14% to 460,000 tonnes.
Earnings before interest, taxes, depreciation and amortisation (Ebitda) for the quarter were Rs22.34 billion ($364.4 million). Net profit after tax was Rs1.01 billion ($16.5 million).
At its US operations, the company recorded Ebitda losses of $340,000 from its coal mines and $2.05 million at its plate and pipe mill. However, these figures were affected by a 5.16% depreciation in the value of the rupee against the dollar.
The US steelmaking operations produced 92,000 tonnes of plate and 9,000 tonnes of pipes, at capacity utilisation of 37% and 6%, respectively.
The company’s iron ore mines in Chile produced 220,000 tonnes and shipped a similar amount of iron ore concentrate, reporting Ebitda of $5.34 million for the July-September quarter.
In its outlook for the next six months, JSW said that higher rural spending after a good monsoon season, and an expected uptick in the investment cycle, is likely to drive an improvement in steel demand growth.