Steel Mills
JSW Steel USA Sees Higher Shipments, Sales in Q4
Written by Laura Miller
May 19, 2023
Indian steelmaker JSW reported its results for its fiscal fourth quarter and financial year ended March 31, noting a sequential rise in quarterly shipments and sales at its JSW Steel USA operations.
JSW Steel USA’s Mingo Junction, Ohio, mill operated at 64% of capacity during Q4, producing 86,203 metric tons of HRC and 231,908 metric tons of slabs. The mill’s HRC sales rose 66% sequentially to 72,776 metric tons while slab sales spiked by 179% to 125,124 metric tons. The mill still posted an operating Ebitda loss of $12.1 million, which was $10.7 million less than the prior quarter’s loss.
The company’s mill in Baytown, Texas, saw 50% higher Ebitda quarter-on-quarter at $25.7 million. The plate mill operated at 47% of capacity during the quarter, producing 104,439 metric tons, while the pipe mill ran at just 5% with output of 6,606 metric tons. Plate sales volumes were 17% higher sequentially at 86,323 metric tons, while pipe sales were 5,241 metric tons.
JSW said a more severe slowdown could happen in the US in the second half of this year, as growth in the economy decelerates and combines with high wage inflation.
Earlier this month, the company announced it will invest at least $119.4 million to upgrade the Mingo Junction plant so it can produce steel slabs that are melted and manufactured in the US – a key requirement of its customers in the infrastructure and renewable energy sectors in order to take advantage of government-funded projects.
By Laura Miller, laura@steelmarketupdate.com
Laura Miller
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