Steel Production at JSW Steel Surges 22% in Apr, Target Set for Next Phase

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Steel Production at JSW Steel Surges 22% in Apr, Target Set for Next Phase
Credit: © Reuters.

By Malvika Gurung

Investing.com -- The domestic steel manufacturing company JSW Steel (NS: JSTL ) has reported a 22% surge in steel production at 16.67 lakh tonnes in April 2022, compared to 13.71 lakh tonnes reported in Apr 2021.

The company’s long-rolled products line saw a 5% growth in production during April 2022 at 3.54 lakh tonnes, compared to 3.37 lakh tonnes in the year-ago month, while the output of its flat-rolled product line surged 25% on a YoY basis to 12 lakh tonne in the month.

India’s second-largest private sector steel company has informed that as per a long term power purchase agreement (PPA) signed with JSW Energy (NS: JSWE ), it has begun receiving power from renewable sources for Vijaynagar works, starting April 2022.

The company now set a steel capacity target of 37.5 MTPA, to be achieved by FY25, as part of its roadmap for the next phase of growth.

At the time of writing, JSW Steel’s shares were trading 5.14% lower at Rs 643.45 apiece.

In other news, JSW Group is expected to make a $7 billion bid for Holcim (SIX: HOLN ) AG's Indian subsidiaries Ambuja Cements (NS: ABUJ ) and ACC (NS: ACC ), as per an IANS report. It will acquire a 63% stake in Ambuja Cements.

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