JSW Steel Rallies 11% After Production Rises In March Quarter

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Shares of JSW Steel rallied as much as 13.62 per cent to hit fresh 52-week high of Rs 638.90 after crude steel production rose 6 per cent to 4.19 million tonnes in quarter ended March 2020. Its production of rolled products: flat advanced 4 per cent to 2.99 million tonnes and production rolled products: long rose 11 per cent to 1.05 million tonnes.

“The company’s average capacity utilisation improved from 91 per cent of 3Q’21 to 93 per cent for 4Q FY’21. However, the capacity utilisation during the month of March 2021 was 96 per cent,” JSW Steel said in a press release.

The production of flat rolled products moved up 4 per cent to 2.99 million tonnes in Q4 FY21 from 2.87 million tonnes in Q4 FY20.

On the other hand, production of long rolled products jumped 11 per cent to 1.05 million tonnes from 0.95 million tonnes in the same period last year.

“Even though the average capacity utilisation improved from 66 per cent in Q1 2020-21 to 93 per cent in Q4 2020-21, the crude steel production for FY 2020-21 was lower by 6 per cent mainly due to disruption in production caused by the outbreak of COVID-19 in Q1 2020-21,” JSW Steel added.

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