Aided by its recent acquisition of Bhushan Power and Steel under the insolvency and bankruptcy process, private sector steel major JSW Steel group has registered a 16 per cent QoQ growth in crude steel production at 5.07 million tonnes for Q1 FY’22.
The growth is even higher on a YoY basis at 65 per cent YoY, including the production at jointly controlled entities viz. Bhushan Power & Steel Ltd. and JSW Ispat Special Products Ltd. Last year, production in Q1 suffered due to nationwide lockdown in wake of Covid-19 pandemic.
While JSW reported standalone production of 4.1 million tonne (mt) of crude steel in Q1, BPSL added another 0.69 mt production while JSW Ispat Special Products added another 0.14 mt. The production from JSW Steel USA, Ohio stood at 0.14 mt in Q1.
BPSL came under joint control of JSW Group from March 26, 2021.
The company said that capacity utilization at standalone level was at a lower 91 per cent level in Q1’22 due to shortage of oxygen vis- a-vis 93 per cent in Q4’21, as the Company supplied over 65,000 tonnes of Liquid Oxygen during Q1’22 for medical purposes from the Steel Complexes of the Company across India.
JSW USA Ohio restarted Electric Arc Furnace in March 2021 after refurbishing and the capacity is being ramped up, the company said.