JSW Steel reported a 4% decline in its crude steel production in May at 20.98 lakh tonnes, the company informed in a release on Monday.
The crude steel production was lower year-on-year mainly due to a planned maintenance shutdown for one of the Blast Furnaces at Dolvi, the company said. The Blast Furnace has been restarted in the first week of June.
Capacity utilisation at its India operations stood at 86% in May.
JSW Steel is the flagship business of the diversified USD 24 billion size JSW Group. JSW Group also has business in energy, infrastructure, cement, paints, sports, and venture capital.
Over the last three decades, JSW Steel has grown from a single manufacturing unit to become India’s leading integrated steel company with a capacity of 29.7 million tonne per annum in India and the US.
Its next phase of growth in India will take its total capacity to 38.5 million tonne per annum by 2024-25. The company’s manufacturing unit in Vijayanagar, Karnataka is the largest single location steel-producing facility in India with current capacity of 12.5 million tonne per annum.
In another news, JSW Steel recently came up with an indigenous product Magsure, which is a Zinc-Magnesium-Aluminium alloy coated steel. This special kind of steel has significant usage in applications in high corrosive environments.
Such steel finds its usage across several applications like steel structures in solar installations, silos, guard rails, AC parts, requiring higher level of protection against corrosion. JSW Steel said it has patented the unique chemical composition of Magsure.
It will be available in the market immediately, and is expected to India’s reliance on coated steel imports.
Since 2020, the Indian market for Zinc-Magnesium-Aluminium alloy coated steel has grown more than 6x from approximately 15,000 tonnes to approximately 120,000 tonne in 2023-24. So far the entire market requirement was met through imports.
