JSW Steel produced 2.96mn mt of crude steel in Q1 of fiscal 2021 (April-June), down by 30pc from 4.24mn mt in the prior-year quarter, according to the company release. Crude Steel output also declined from 3.07mn mt in the prior quarter. Average capacity utilisation dropped by 76pc as a few employees at the company’s Vijaynagar facility tested positive for COVID-19, hitting operations at the plant.
The company’s flat-rolled product output in the quarter fell by 30pc to 2.05mn mt from 2.91mn mt in Q1 2020, and down from 2.87mn mt in the prior quarter.
Production of long rolled products was 450,000mt in Q1 FY21, down by 57pc from 1.05mn mt in Q1FY20 and by 53pc compared to 950,000mt in Q4 FY20.
JSW recently commenced mining operations at its newly secured iron ore blocks in Odisha. These mines have over 1bn mt of reserves with an environmental clearance to extract up to 29.3mn mt annually. These mines produced 21.65mn mt of iron ore in the last two years. The captive mines will help the company to reduce its dependency on merchant miners in Odisha.
JSW Steel’s manufacturing facility at Vijayanagar, Karnataka has an annual production capacity of 12mn mt.