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
Verizon and Ericsson are working together to test fifth generation or 5G wireless technology at the Indianapolis 500. Verizon said Monday that it has worked with Ericsson and Intel for 5G mobile fixed broadband service trials inside a house near the Indianapolis Motor Speedway. Facebook founder and CEO Mark Zuckerberg said he is not running for public office, amid rising speculation that his plans for traveling the U.S. indicated he is gearing up for a future presidential run. Ford Motor Co. (F) announced the replacement of President and CEO Mark Fields with Jim Hackett, who heads its automotive vehicle subsidiary. The company said, Fields, who served Ford for the last 28 years, opted to retire.
comments powered by Disqus
Follow RTT