Steel producers, led by JSW Steel and Tata Steel, have reported record production in the March quarter despite erratic domestic demand and unrest around the world.
According to Tata Steel, the slowdown in its global operations was a major factor in the minor increase in its consolidated production, which increased to 7.59 million tonnes (7.55 mt). To 5.15 mt, India’s output grew by 5%. (4.90 mt). Tata Steel’s overall sales volume in the fourth quarter of FY23 decreased by 3% to 7.59 mt (7.86 mt). Its sales in India increased by just 5.15 mt (5.12 mt).
Tata Steel’s consolidated output remained constant in FY23 at 30.45 mt (30.46 mt), but sales decreased slightly to 28.2 mt (28.62 mt). Nonetheless, India produced 19.9 mt (19.06 mt) of crude steel year, which was a record.
JSW Steel, which is run by Sajjan Jindal, recorded a 13% increase in Q4 production at 6.58 million tonnes (5.81 mt), while overall output for the fiscal year increased by 24% to 24 mt (19 mt). Similar to how it climbed this fiscal year, its output increased by 24% to 24.15 mt (19.51 mt) in India and by 25% to 23.62 mt (18.96 mt) in the United States. The amount of sales is not disclosed by JSW Steel.
