JSW Steel, one of the largest Indian steelmakers, has posted a 27 percent year-on-year increase in crude steel production to 2.14 million mt in the first quarter ended June 30 of the financial year 2012-13.
According to the company's statement, in the given period JSW Steel produced 1.61 million mt of flat rolled products, up 36 percent, while its long rolled product output amounted to 440,000 mt, increasing by 27 percent, both compared to the corresponding period of the previous fiscal year.
According to JSW, the capacity utilization at Vijayanagar works remained at 80 percent during Q1 FY 2012-13 due to constraints in availability of iron ore in the southern Indian province of Karnataka. As SteelOrbis previously reported, JSW Steel expects to operate its 10 million mt per year Vijayanagar plant at full capacity within the next two months expecting higher supplies of iron ore from mines in Karnataka.
As one of world's lowest-cost steel producers, JSW Steel has been sourcing its iron ore requirements to maintain production through e-auction conducted under supervision of the courts.