Steel Mills
JSW USA Posts Lower Quarterly Results
Written by Laura Miller
October 21, 2022
Flat steel and tubular producer JSW Steel (USA) Inc. saw lower operating results in the quarter ended Sept. 30, with plate and pipe production and plate sales the only areas showing signs of on-year growth.
According to Indian parent company JSW Steel Ltd.’s fiscal second quarter 2023 results, production and sales of slab and hot-rolled coil at JSW Steel USA in Mingo Junction, Ohio, all declined sequentially and on-year. Total crude steel production and HRC sales were down by roughly half.
Revenues from the Ohio operation, which produces HRC, were also down by nearly half, while operating EBITDA was down more drastically, with fiscal Q2 results in the red.
The company’s plate and pipe mill in Baytown, Texas, posted slightly better results for the quarter, with plate production and sales declining sequentially but showing year-on-year (YoY) growth. While production of pipe products was higher, sales were still lower.
The Baytown mill’s revenue from operations and operating EBITDA were lower than the previous quarter but showed YoY growth.
JSW’s Baytown mill produces carbon steel plate and large diameter DSAW pipes.
In its quarterly earnings report, JSW noted that consumer demand in the US is being impacted by declining real disposable incomes and rising interest rates.
By Laura Miller, Laura@SteelMarketUpdate.com
Laura Miller
Read more from Laura MillerLatest in Steel Mills
CMC Q4 profits rise on improved market conditions
CMC reported higher net earnings in its fiscal fourth quarter on "better market conditions" across its segments.
AISI: Raw steel production drops to multi-month low
After being historically strong for more than four months, US raw steel production fell for a second week.
U.S. Steel sues Algoma over iron pellet shipments
U.S. Steel is suing Algoma over the Canadian flat-rolled producer's rejection of iron pellet shipments, arguing it has breached its contract.
August US mill shipments slip but still higher than last year
The American Iron and Steel Institute reported a decline in the monthly shipments of US mills from July to August.
TransPod, Algoma, Supreme Steel linkup anchors Canadian steel in high-speed transit build
The three Canadian companies have announced a strategic partnership to support the development of an ultra-high-speed transit line from Edmonton to Calgary.