JSW gains, company's steel production up 25%

JSW Steel's production in May this year grew by 25 percent to 7.24 lakh tonnes over the same month a year earlier.

[caption id="attachment_340863" align="alignleft" width="380" caption="The company's share was up 0.39 percent on BSE. Reuters"][/caption]

The Mumbai-based company had produced 5.77 lakh tonnes of crude steel in May, 2011. Besides, its flat product output grew by 31 percent to 5.12 LT and long product by 27 percent to 1.49 LT during the month over May last year, JSW Steel said in a statement.

Flat products are used for consumer durables and fast moving consumer goods sector, while long products are meant for the construction sector.

"The capacity utilisation at Vijaynagar works remained at around 80 percent in May 2012 due to constraints in availability of iron ore in Karnataka," JSW said. The company operates a 10 million tonnes (MT) steel plant at Karnataka's Vijaynagar and a one million tonne capacity at Salem in Tamil Nadu.

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For the current fiscal, the Sajjan Jindal-led company has kept a target of producing 8.75 MT of crude steel, while its production in the last fiscal was 7.43 MT.

Shares of JSW were trading at Rs 641.25 up 0.39 percent on BSE.