JSW Steel Production Rises 5% To 23.23 Lakh Tonne In November

JSW Steel Ltd.'s consolidated crude steel production increased 5% year-on-year in November. The company produced 23.23 lakh tonnes in the month of November, compared to 22.04 lakh tonnes in the same period a year ago, according to an exchange filing on Monday.

The Indian operation also rose 7% to 22.53 lakh tonnes in November from 21.14 lakh tonnes in the year-ago period. The capacity utilisation for Indian operations stood at 94% in November. However, JSW Steel USA-Ohio produced 0.70 lakh tonne in November, compared to 0.90 lakh tonne in the same month the previous year.

The rise in production comes after it fell 1% in October due to maintenance activity at one of the blast furnaces in Dolvi. The Indian operation had also seen a 2% fall in October, while the capacity utilisation at Indian operations was at 89%.

JSW Steel reported an 85% decline in its profit at Rs 404 crore for the second quarter of fiscal 2025. However, this sharp drop was largely due to an exceptional item of Rs 342 crore, a provision made for the final closure and surrender of the Jajang Iron Ore Block. This provision accounts for the carrying value of related assets, inventory, and site restoration liabilities.

The company’s revenue also dropped by 11%, totalling Rs 39,684 crore, primarily due to lower steel prices and a 3% year-on-year decline in steel sales, which amounted to 6.13 million tonnes.

Shares of JSW Steel rose as much as 1.17% during the day to Rs 1,015.50 apiece on the NSE. It closed 0.81% higher at Rs 1,011.90 apiece. This compares to a 0.24% in the NSE Nifty 50 Index. It has risen 19.74% in the last 12 months and 15.30% year-to-date.

Out of 32 analysts tracking the company, 18 maintain a 'buy' rating, six recommend a 'hold,' and eight suggest a 'sell,' according to Bloomberg data. The average 12-month consensus price target implies a downside of 2.3%.