India’s steel industry has marked a significant achievement in the fiscal year 2023-24, with both JSW Steel Limited and Tata Steel Limited recording their highest-ever crude steel production.
JSW Steel announced a substantial 9% increase over the previous fiscal year, with a production of 26.43 million metric tons (mt). During the last quarter of the fiscal year, they reported a production of 6.79 million mt, which is 3% higher than the same quarter of the previous fiscal year. Their capacity utilization in Indian operations was impressively high at 93%, and their Indian operations alone contributed 25.55 million mt, which is an 8% rise year-on-year.
On a similar upbeat note, Tata Steel Limited’s annual production reached 20.8 million mt, marking a 4% growth from the prior year. In the fourth quarter, the company’s production was stable at 5.38 million mt. Their international subsidiaries also posted strong numbers, with Tata Steel Netherlands producing 4.80 million mt and Tata Steel UK reporting a production of 3.02 million mt over the same period.
Both companies released these statements on Monday, April 8, 2024, indicating a robust growth trajectory in the Indian steel sector despite the challenges posed by the global market and emphasizing their operational efficiencies and expansions.
Source: The Coal Trader, AI generated
