JSW Steel Output Slumps in April as Coronavirus Batters Economy
An advertisement for JSW Steel Ltd. near the company's manufacturing facility in Dolvi, Maharashtra, India.
Photographer: Dhiraj Singh/Bloomberg
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JSW Steel Ltd. posted a nearly 60% plunge in output in April as a nationwide lockdown stretched through the month, in a signal that supply may have fallen sharply in the world’s second biggest producer.
The first of India’s major steelmakers to report production in April, JSW’s crude steel output slumped to 563,000 tons last month, it said in an exchange filing Monday. Tycoon Sajjan Jindal’s flagship mill averaged capacity use of around 38% during the period, although with the government easing restrictions in many areas, JSW is gradually ramping up capacity, it said.