New Delhi: Tracing a downward trend, JSW Steel has again recorded a 13 percent drop in crude steel production in August 2019. In a regulatory filing, JSW Steel said that crude steel production for August stood at 1.25 million tonnes compared to 1.45 million tonnes in the same period last year.
The output of flat-rolled products went down by 13 percent to 851,000 tonnes. Long-rolled products, on the other hand, declined by 5 percent to 291,000 tonnes.
JSW Steel said that the decline in production was due to a planned shutdown at Vijaynagar works and severe monsoon impact at Dolvi works. With a capacity to produce 12 million tonnes, Vijaynagar is the largest single-location steel producing facility of JSW Steel. Dolvi works is also undergoing expansion and is in the last leg of the process of pushing its output from 5 to 10 million tonnes. The expansion is scheduled to be completed by March-April 2020, JSW Steel said.
Even though JSW Steel said that its crude steel production has dropped due to a planned shutdown, it had seen its steel output decline in the previous month as well. In July, JSW Steel's crude steel production dropped by 4 percent year-on-year to 1.
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32 million tonnes.
The entire steel industry, too, has been facing high inventory levels with the slowdown in user industries. Rating agencies have rated the outlook for the sector to be weak for the rest of financial year 2020.