JSW Steel output up 2% in May

JSW Steel has reported a 2 per cent rise in crude steel production at 5,77,000 tonnes (5,65,000 tonnes) in May. The company's flat-product output grew just one per cent to 3,90,000 tonnes (3,88,000 tonnes) reflecting the slowing demand for steel from white goods and automobile companies. Long product, largely used in real estate and infrastructure sectors, grew 8 per cent to 1,19,000 tonnes (1,09,000 tonnes). Unable to pass on the increase in raw-material costs to end-consumers due to fall in demand, steel companies have been trimming down their production, said an analyst. The company's shares on the Bombay Stock Exchange were down by 1.83 per cent at Rs 923.85 on Wednesday.