JSW Steel increased steel production by 8% y/y in May

In this period, the company's Indian enterprises increased steel production by almost 6% y/y

In May 2023, the Indian company JSW Steel increased its total steel production by 8% y/y – up to 2.23 million tons, SteelOrbis informs about it.

In this period, the company’s Indian enterprises increased steel production by almost 6% compared to May 2022 – up to 2.09 million tons. JSW Ispat Special Products increased its steel production by 27% y/y in May 2023 – up to 0.53 million tons, the company’s plant in Ohio (USA) – by 77%, up to 0.85 million tons.

According to Investing.com, JSW Steel also reported an increase in exports during the period. In May 2023, the company exported 0.21 million tons of steel products, which is more than 15% more in annual terms. This indicates that the company is benefiting from the recovery in global demand for steel products.

As GMK Center reported earlier, JSW Steel in 2022-2023 financial year increased steel production by 25% compared to the 2021-2022 financial year – up to 23.62 million tons. The volume of steel production by the Indian company in the fourth quarter of the 2022-2023 fiscal year amounted to 6.37 million tons, which is 12% more compared to the same period of the previous financial year .

Also, in May 2023, the company announced that its American division, JSW Steel USA, plans to invest $145 million to modernize manufacturing operations at the Mingo Junction plant in Ohio. The projects are expected to be completed in the 2025/2026 financial year. In particular, the planned projects include the installation of one of the world’s largest vacuum degassers (VTD), modernization of auxiliary facilities and production infrastructure.