JSW Steel produced 4.93mn mt of crude steel through its Indian operations in Q1 FY 2022, up by 62pc from the prior-year period.
The company’s standalone production was up by 39pc in Q1 to 4.10mn mt. Production, however, dipped by 2pc from the previous quarter.
The baseline figure of steel production for the previous year was low since the Indian government had imposed a nationwide lockdown on March 25, 2020, for 21 days, extended further to control the spread of the COVID-19 pandemic. In that period, domestic steel mills had reduced production amid weak demand.
The capacity utilization of the company was 91pc in Q1 FY22, down from 93pc in the preceding quarter, as it faced a shortage of oxygen. The company had diverted over 65,000mt of oxygen for medical purposes as the country grappled with a severe lack of cylinders.
Early this month, the company had decreased prices by Rs1,200-1,800/mt ($16-24/mt) for long and flat products in the domestic market.
($1=Rs74.45)