JSW Steel achieves a record for the whole year with a 3% increase in steel output in Q4
The flagship company of the US$ 23 billion, diversified JSW Group, JSW Steel, has revealed that, for the fiscal year 2024, it surpassed its annual production forecast to reach its highest ever annual consolidated crude steel output of 26.43 million tons. This is a noteworthy 9% annual increase.
JSW Steel produced 6.79 million tons of crude steel in the fourth quarter of FY24, a 3% increase over the same period the year before. At the Indian Operations level, capacity utilization was 93% in Q4 FY24; on the other hand, JSW Steel USA – Ohio recorded higher volumes year over year as well as quarter over quarter.
25.55 million tons were produced by the company’s Indian Operations in FY24, an 8% increase over the previous fiscal year. JSW Steel USA – Ohio produced 0.87 million tons in FY24 as opposed to 0.53 million tons in FY23, a significant increase of 63%.
Notably, JSW Steel exceeded its guideline of 26.34 million tons in annual output by 101%, achieving a combined annual production of 26.68 million tons. The output from JSW Ispat Special Products Ltd. (JISPL), which joined with the business on July 31, 2023, is included in this number.
With a capacity of 29.7 MTPA in both India and the USA, JSW Steel has expanded from a single production facility to become the top integrated steel firm in India. By FY25, the company’s total capacity in India will reach 38.5 MTPA as a result of its next phase of expansion.
By 2030, JSW Steel hopes to have achieved net zero CO2 emissions at JSW Steel Coated Products Ltd, a subsidiary, and a 42% reduction in CO2 emissions from its steel-making activities.
