JSW Steel, the flagship business of the diversified, US$ 23 billion JSW Group, has announced that it has achieved its highest ever annual consolidated crude steel production of 26.43 million tons for the fiscal year 2024, surpassing its yearly production guidance. This marks a significant growth of 9% year-on-year.
In the fourth quarter of FY24, JSW Steel's crude steel production stood at 6.79 million tons, a 3% increase compared to the same quarter in the previous year. The capacity utilisation at Indian Operations level stood at 93% for Q4 FY24, while JSW Steel USA – Ohio reported better volumes on both a quarter-on-quarter and year-on-year basis.
The company's Indian Operations produced 25.55 million tons in FY24, an 8% increase from the previous fiscal year. JSW Steel USA – Ohio saw a substantial growth of 63%, producing 0.87 million tons in FY24 compared to 0.53 million tons in FY23.
Notably, JSW Steel achieved a combined annual production of 26.68 million tons against its guidance of 26.34 million tons, representing a 101% achievement. This figure includes the production from JSW Ispat Special Products Ltd. (JISPL), which merged with the company effective July 31, 2023.
JSW Steel has grown from a single manufacturing unit to become India's leading integrated steel company with a capacity of 29.7 MTPA in India and the USA. The company's next phase of growth in India will take its total capacity to 38.5 MTPA by FY25.
JSW Steel has a target of reducing its CO2 emissions by 42% from its steel-making operations and achieve net zero CO2 emissions at its subsidiary, JSW Steel Coated Products Ltd, by 2030.