Steel Mills
"Formidable Challenges" Result in Losses for JSW
Written by Sandy Williams
July 24, 2020
India-based steelmaker JSW Steel posted its first loss in six years in Q1 of FY 2021 after what it called “formidable challenges” related to the COVID-19 pandemic. The quarter was marked by “disrupted supply chains, unparalleled drop in demand and activity levels in the domestic markets, uncertainty in seamless inbound and outbound logistics movement, and liquidity constraints.” Net loss for the company was INR 582 crore ($77.8 million).
The company’s U.S. divisions contributed to the quarterly loss as COVID 19 and a weak energy market impacted operations in Texas and Ohio.
JSW Baytown posted an EBITDA loss of $11.4 million on revenue of $46.35 million. The plate mill operated at 23 percent capacity producing 57,035 tons for the quarter and posting sales of 53,210 tons. Baytown’s pipe mill operated at a 3 percent utilization rate producing 4,611 tons for the quarter.
Hot rolled coil production at the Mingo Junction, Ohio, mill totaled 26,954 tons with HRC sales of 48,865 tons. Revenue was $29.39 million for an operating loss of $12.54 million. The operations in Ohio are temporarily idled for a furnace upgrade that will improve reliability and lower conversion costs, the company said.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills
Nucor’s Topalian lauds Trump’s trade policies, downplays impact
Nucor’s top exec Leon Topalian said the benefit of the current administration’s aggressive trade policies “trumps” any risk of potentially higher raw materials prices.
SSAB reports higher production, shipments
But profits slipped vs. last year.
Nucor earnings slump in first quarter, but better times seen ahead
Nucor’s profits fell precipitously in the first quarter, but the company has a rosier outlook for the following quarter.
Nucor names Batterbee, Bledsoe to HR roles
Nucor Corp. has promoted Thomas J. Batterbee to the position EVP of human resources and talent and appointed Elizabeth Bledsoe to the newly created position of president of human resources and talent.
Millett sees tariffs, CORE case benefiting SDI
Steel Dynamics' top exec thinks Trump’s tariff policies, as well as the results from the recent CORE case, will prove advantageous to the Fort Wayne, Ind.-based steelmaker and aluminum company.