JSW Steel reports 60 pc fall in output at 5.63 LT in April

JSW Steel has registered a sharp fall of about 60 per cent in its crude steel production at 5.63 lakh tonne (LT) amid lockdown during April 2020.

The company had produced about 13.90 LT of crude steel during the same month in 2019.

"JSW Steel reports crude steel production at 5.63 LT for April 2020, clocking an average capacity utilisation of 38 per cent for the month," the company said in a statement.

To commence and scale up production in a healthy and safe state of operating conditions, the company could secure the requisite approvals and has accordingly commenced operations and is gradually ramping up capacity since then, it said. On March 25, the company had informed about its decision to scale down or suspend production during the lockdown due to the coronavirus pandemic.

The additional two-week lockdown till May 17 declared by the government with further relaxations to commence more economic activities is a step in the right direction in reviving the sentiment and in gradually restoring the confidence to rejuvenate the economy, JSW Steel said.

JSW Steel is part of USD 14 billion JSW Group and has a presence in sectors such as steel, energy, infrastructure, cement, sports, among others.

(Representative Image)(Image Credit AP)