India’s JSW Steel increased steel production by 2% y/y in October-December

India’s JSW Steel increased its consolidated steel production by 2% yoy to 7.03 million tons in the third quarter of fiscal year 2024/2025 (October-December 2024). This is stated in the company’s report.

Steel production at Indian enterprises in the period under review reached 6.82 million tons (+3 y/y), and at the Ohio (USA) plant – 0.21 million tons compared to 0.24 million tons a year earlier.

Production capacity utilization at Indian facilities was 91% in October-December.

Consolidated steel sales in the third quarter of fiscal 2024/2025 increased by 12% y/y – to 6.71 million tons. Indian companies accounted for 6.54 million tons (+12% y/y). Sales from the American company amounted to 0.17 million tons.

Sales in the domestic market of India also reached a record level in October-December, increasing by 14% y/y – to 5.99 mln tonnes. As noted, this is the highest result in the company’s history, which was achieved thanks to strong sales to institutional customers and retail sales.

However, in October-December, JSW Steel reported a decline in profits amid exceptional costs, lower prices and depressed demand.

The company’s consolidated net profit for the period fell 71% year-on-year to 7.17 billion rupees ($83.2 million). The decline was partly attributed to exceptional charges of Rs 1.03 billion related to the planned investment in the Chhattisgarh coal block, which is no longer being implemented.

Last fall, it was reported that JSW Steel and South Korea’s POSCO intend to jointly invest Rs 650 billion (about $7.73 billion) in the construction of a steel plant in Odisha. The plant, with an initial capacity of 5 million tons per year, will be part of their strategy in the growing Indian steel market.