JSW Steel reports fall in production for Q2FY20
JSW Steel, part of JSW Group and a leading manufacturer of steel in India, on Friday, reported that it has registered a fall in production activity for the second quarter of FY20.
JSW Steel has reported crude steel production of 3.84 million tonnes (MT) for Q2FY20, registering fall of 8 per cent over 4.18 MT in the corresponding quarter of FY19. The production of rolled products (long) decreased to 0.82 MT in Q2FY20 as compared to 0.91 MT in Q2FY19, representing a fall of 9 per cent. The production of rolled products (flat) stood at 2.71 MT in Q2FY20 as compared to 2.96 MT during same quarter last year, representing a fall of 8 per cent. Low production numbers may have negative impact on the profitability in near term.
The decline in crude steel output is negative for the company. Owing to prolonged slowdown in the steel sector, it received a rating downgrade from CARE to negative from stable.
JSW Steel is one of the largest steel manufacturing companies in India having units in Karnataka and Maharashtra. It is engaged in production of crude steel, long steel and flat steel products.
On Friday, the stock touched an intra-day high of Rs. 220.80. At 13.00 hours, the stock traded at Rs. 215.20, higher by 0.60 per cent on BSE.