Companies

JSW Steel output dips 13% on weak demand

Our Bureau Mumbai | Updated on September 11, 2019 Published on September 11, 2019

Sajjan Jindal-led JSW Steel has reported 13 per cent fall in crude steel production at 12.53 lakh tonnes in August against 14.48 lt logged in the same period last year. Flat products output dipped by similar percentage point to 8.51 lakh tonnes (9.81 lakh tonnes) while that of long products were down five per cent to 2.91 lakh tonnes (3.05 lakh tonnes).

Production was down due to planned shut down at Vijayanagar unit in Karnataka and severe monsoon impacting output at the Dolvi unit in Maharashtra, said the company in a statement on Wednesday.

Saddled by huge inventory, the steel industry has been hit badly by the current economic slowdown and is waiting for government to restart spending on infrastructure projects to kick start demand. Due to weak demand, JSW Steel started the September quarter with an inventory of 12 lakh tonnes against 3 lakh tonnes logged in the same quarter last year.

Shares of the company were up 4 per cent at Rs 228 on Wednesday.

Published on September 11, 2019
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