JSW Steel reported that its crude steel production was up two per cent in the March quarter at 2.11 million tonne (mt) against 2.07 mt.
Production of flat products, which are largely used in the automobile and consumer good sectors, increased 11 per cent to 1.65 mt (1.49 mt). Long product production was down six per cent at 0.44 mt (0.46 mt). Long products are used in infrastructure and real estate sector.
The company is facing a huge shortage of iron ore after the Supreme Court banned mining in Karnataka. Though the apex court lifted the ban on Grade A mines recently, supply is yet to normalise.
In the financial year 2012-13, the company’s crude steel production jumped 15 per cent to 8.52 mt against 7.43 mt recorded in the same period last year. It has a steel production capacity of 10 mt at Vijayanagar in Karnataka. Flat product output increased 17 per cent to 6.28 mt (5.36 mt), while that of long product was up 18 per cent at 1.80 mt (1.52 mt).
JSW Steel shares were down one per cent at Rs 671 on Monday.