Steel Mills
JSW USA Reports Improved Quarterly Results
Written by David Schollaert
January 24, 2022
JSW Steel (USA) Inc., the U.S. subsidiary of Indian steelmaker JSW Steel Ltd., reported pretax earnings of more than $55 million in its third quarter of fiscal 2022 ended Dec. 31, 2021, outperforming year-ago results.
JSW Steel’s EAF sheet mill in Mingo Junction, Ohio, reported third-quarter earnings of $42.12 million on sales of 92,557 net tons of hot rolled coil (HRC) and 74,212 net tons of slabs. The results were a big turnaround from the $21.25 million loss in the same period last year when the mill was idled, but slightly below the $48.28 million the company earned in the prior quarter. Average capacity utilization at the 1.5-million-ton Mingo Junction mill increased to 50%.
JSW Steel’s plate and pipe mill in Baytown, Texas, reported earnings of $13.38 million for Q3, up from $13.16 million in the second quarter, and a complete reversal from the $8.45 million loss posted during the same year-ago quarter. The Texas mill produced 76,621 net tons of plates and 1,261 net tons of pipe during Q3, the company said.
Parent company JSW Steel Ltd. reported global sales of 4.0 million metric tons in the quarter, a 6% increase from the prior quarter, matching its previous record in Q4 of FY2021. Company executives reported strong demand from the automotive, solar and appliance sectors.
The Baytown mill does not currently have melt capacity, but can roll slabs melted in Mingo Junction to meet the “melted and poured” requirements of U.S. government contracts.
By David Schollaert, David@SteelMarketUpdate.com
David Schollaert
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