Steel companies, led by JSW Steel and Tata Steel, have announced a record production in the March quarter despite volatile domestic demand amid global uncertainty.
Tata Steel has reported that its consolidated production jumped marginally at 7.59 million tonnes (7.55 mt), largely due to the slowdown in its global operations. The output in India increased 5 per cent to 5.15 mt (4.90 mt). Consolidated sales volume of Tata Steel were down 3 per cent in Q4 FY23 at 7.59 mt (7.86 mt), largely due to flattish growth in Europe and Thailand. In India, its sales were up marginally 5.15 mt (5.12 mt).
In FY23, Tata Steel’s consolidated output was flat at 30.45 mt (30.46 mt) and sales were down marginally at 28.2 mt (28.62 mt). However, in India, it achieved the highest-ever annual crude steel production of 19.9 mt (19.06 mt), with a growth of 4 per cent by debottlenecking across sites and ramping up Neelachal Ispat Nigam.
Neelachal Ispat Nigam began operations in three months of the completion of acquisition and has steadily ramped up during the last two quarters. Currently, the run rate of crude steel plus pig iron is around one million tonne on annualised basis. Tata Tiscon rebars are being made from NINL billets, said the company.
On the sales front, Tata Steel consolidated deliveries in the FY23 were down marginally at 28.2 mt (28.62 mt) due to economic slowdown in global markets. In India it was up 3 per cent at 18.87 mt (18.27 mt).
Sajjan Jindal-led JSW Steel reported 13 per cent increase in Q4 production at 6.58 million tonnes (5.81 mt), while output in this fiscal was up 24 per cent at 24 mt (19 mt). Similarly, its output in this fiscal increased 24 per cent at 24.15 mt (19.51 mt) and in India, it was up 25 per cent at 23.62 mt (18.96 mt). JSW Steel does not announce its sales volume.