Shares of JSW Steel Ltd. rose by nearly 3% to touch a day’s high of Rs 914.75 on 9th August after the company reported total production of 22.15 lakh tonnes of crude steel for July, marking 9% year-over-year growth.

According to its stock exchange filing today, the company produced 19.66 lakh tonnes of crude steel in July 2023.

JSW Steel’s Indian operations produced 21.40 lakh tonnes in July 2024, which was up 13% year-over-year, propped up by a capacity utilization of 91%, thus hinting at good operational efficiency.

Its US operations produced 0.75 lakh tonnes in Ohio in July 2024, compared to 0.67 lakh tonnes in July 2023.

Production figures for JSW Ispat Special Products Ltd., which merged with JSW Steel on 31st July 2023, are not included for the current year as the merger occurred after last year’s reporting period.

The total combined production, including the merged entity, was 22.15 lakh tonnes in July 2024, compared to 20.39 lakh tonnes in July 2023.

On 4th August, the company announced it would relinquish the Jajang iron ore block lease in Keonjhar, Odisha, due to uneconomic operations. This block was one of four acquired in an auction in 2020.

JSW Steel’s net profit for the quarter ending 30th June 2024 was Rs 867 crore, down from Rs 2,428 crore in the same quarter last year.

This decline was due to weaker export market realizations and increased competition from Chinese steel.

At 12:46 PM, the shares of JSW Steel were trading 2.62% higher at Rs 909.65 on BSE.

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