logo
Share SHARE
FONT-SIZE Plus   Neg

JSW Steel February Crude Steel Production Up By 13%

JSW Steel Ltd reported February crude steel production of 6.10 lakh tons, up by 13 percent from the 5.41 lakh tons for the same month last year.

Production of Rolled Products-Flat during the month was 4.47 lakh tons, compared to 4.42 lakh tons in February last year, an increase of one percent, while that of Rolled Products-Long nearly doubled to 1.52 lakh tons from the 0.75 lakh tons a year-ago.

The company said as the stock pile of 25 million tonnes was getting exhausted, the quality of iron ore being offered in E-auction is deteriorating substantially. Further certain iron ore in E-auctions contained high Alumina, Silica, Manganese and Low Fe, which led to poor Sinter quality, high slag formation and low productivity in the Blast Furnaces.

The company further stated that the quantity of iron ore sold in the E-auction during the entire month of February was only 1.17 million tonnes in all six E-auctions together, compared to the industry requirement of three million ton per month. Even after paying higher prices in E-auctions, the availability of quality iron ore is a challenge, threatening the continuation of steel production efficiently. Steel Industry in Karnataka region, therefore, is not only facing shortage of iron ore but poor quality of iron ore is impacting the equipment, productivity and efficiency.

Since the Central Empowered Committee recommended opening up a clean mines (Category A), the company expects that the Supreme Court will permit mining at least in Category A mines, it said.

Joint Managing Director and Group CFO Seshagiri Rao said, "The Crude steel production during February was severely impacted due to usage of inferior grades of iron ore."

JSW Steel shares are currently trading at Rs.760.50, down by 3.27 percent from the previous close.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

More Breaking News

0 Articles
Editors Pick
Chinese conglomerate Dalian Wanda is in talks to buy Dick Clark Productions, as the company aims to expand in to the US entertainment industry. According to reports, Dalian Wanda Group has started preliminary talks to buy Dick Clark Productions for a price of about $1 billion. Dick Clark Productions... Mortgage applications in the U.S. dropped 0.7 percent from last week. According to data from the Mortgage Bankers Association, market composite index, a measure of mortgage loan application volume, declined 0.7 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis,... LendUp, an online lending startup, had to pay $6.3 million in fine for charging illegal fees and miscalculating higher interest rates. LendUp, which was earlier known as Flurish Inc., is supported by Google's venture capital arm GV and other venture capital firms in Silicon Valley. The California...
comments powered by Disqus
Follow RTT