Steel Markets
JSW USA Results Mixed in Q3
January 24, 2023
JSW Steel USA operating results were mixed in its fiscal third quarter of 2023, with operations at Mingo Junction, Ohio, posting a decline, while the Baytown, Texas, plate and pipe mill improved in the quarter vs. the previous year.
Mingo Junction swung to a loss on EBITDA of $22.77 million in its third quarter ended Dec. 31, compared to EBITDA of $42.12 million a year earlier on revenue that slipped 68% to $65.58 million vs. $203.53 million, according to results from Indian parent company JSW Steel Ltd.
The plate and pipe mill at Baytown reported operating EBITDA of $17.17 million in the quarter, up 28% from $13.38 million in the year-ago period, on revenue from operations that also increased 28% to $147.55 million from $114.35 million.
Mingo Junction produced 91,962 net tonnes of crude steel in the quarter, down sharply from 180,112 net tonnes a year earlier. Slab sales decreased 40% in the quarter to $44.8 million vs. Q3 2022, and sales of HRC declined 53% to $43.9 million in the same comparison.
Baytown’s plate and pipe production increased in the quarter, with the company reporting 80,753 net tonnes and 8,489 net tonnes, respectively, produced in Q3, compared to 76,621 net tonnes and 1,261 net tonnes, respectively, a year earlier.
By Ethan Bernard, ethan@steelmarketupdate.com
Latest in Steel Markets

Week in Review: Sept. 29 -Oct. 3
Let’s take a quick tour of some key stories from SMU in the week of Sept. 29 - Oct. 3.

Hot-rolled coil sources lament stagnant conditions
Participants in the hot-rolled sheet market expressed frustration with the continuing lack of demand this week.

Plate market sources critique mill hikes amid current market conditions
Following spot market plate price increase notices issued by domestic mills this past week, participants are contemplating the rationale behind the increases and whether they will stick. Some sources anticipate that current market conditions will shift in November and believe the increases may set a new "pricing floor."

ITC’s final ruling: Dumped, subsidized CORE imports are harming domestic market
The US International Trade Commission (ITC) finds that corrosion resistant steel (CORE) imports from 10 countries have caused material damage to domestic product producers, according to the ITC’s statement.

HR buyers report mixed market conditions
Hot-rolled coil market participants said they’re staying on their toes amid a market that continues to be characterized by uncertainty. A veteran Midwest-based service center operator contends that current conditions are unprecedentedly volatile. Being flexible with customers and strategic with mills is the only way to navigate through the uncertainty, he said. “No one wants […]