JSW Steel increased steel production by 5% y/y in November

Indian steel company JSW Steel increased its consolidated steel production by 5% year-on-year to 2.32 million tons in November this year. This is reported by CNBCTV18.

Steel production in India increased by 7% y/y – to 2.25 million tons in the period under review. Capacity utilization in the country was 94%.

Production at JSW USA’s Ohio facility amounted to 0.72 million tons, down from 0.9 million tons in November 2023.

The increase in consolidated production came after a 1% y/y drop in October this year due to repairs at one of Dolvi’s blast furnaces.

In addition, the Competition Commission of India (CCI) has approved the acquisition of Thyssenkrupp Electrical Steel India by JSW JFE Electrical Steel, a unit of the joint venture between JSW Steel and Japan’s JFE Steel Corporation.

JSW JFE Electrical Steel does not currently have any commercial operations in India, but it is expected to start producing and selling electrical steel granules from 2027, the antitrust regulator said in a statement.

Thyssenkrupp Steel announced the sale of its Indian electrical steel division in October this year. The deal is worth approximately €440 million.

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 the eastern Indian state of Odisha. The plant, with an initial capacity of 5 million tons of steel per year, will be part of their strategy in the country’s growing steel market.