Steel Mills
JSW USA Fiscal Q1 Earnings Up on Higher Slab, Plate Sales
July 28, 2023
Indian steelmaker JSW Steel reported improved performance at its JSW Steel USA operations in the first quarter of its 2024 fiscal year.
Recall that JSW operates a sheet and slab mill in Mingo Junction, Ohio, and a plate and pipe mill in Baytown, Texas. The Mingo mill makes slabs not only for internal consumption but also for sale to third parties.
Overall crude steel output at the Ohio mill was up 54% year over year (YoY). Slab sales jumped 176% YoY to 181,164 tons, while HRC sales fell 31% to 75,199 net tons. Operating ebidta at Mingo more than doubled to $2.6 million vs. $1.14 million a year earlier, JSW said.
The Texas mill posted ebitda of $44.96 million, up 36% year over year. The plate mill operated at a capacity utilization of 49% and while the pipe mill reported capacity utilization of 8%. Plate sales rose 33% YoY to 108,519 tons. Pipe sales jumped 144% to 11,383 tons in the same comparison.
“We see some of the impacts of the global headwinds as a possible impact on our US operations, especially in Ohio,” JSW Steel CEO Jayant Acharya said in a FY Q1’24 earnings call. “But in Baytown, we continue to expect to do well on improved volumes and demand led by the renewable sector.”
Recall that JSW Steel USA said in May it plans to invest $145 million at Mingo Junction for upgrades to meet anticipated demand for steel that was melted and manufactured in the US.
Ethan Bernard, ethan@steelmarketupdate.com
Latest in Steel Mills
Algoma Aims To Ramp Plate Production by Year End
Algoma Steel Inc. plans to ramp up production at its modernized plate mill toward the end of the year. Operations Update The Canadian sheet and plate producer said it in the meantime continues hot commissioning at the upgraded facility and has begun cold commissioning as well. The company said it has also run trials through […]
Nucor Maintains Plate Prices
Nucor Corp. will keep plate prices unchanged with the opening of its November order book.
Sheet Lead Times Mixed, Plate Plummets
While lead times for sheet again had mixed movements this week, those for plate collapsed, according to SMU’s most recent market survey.
Nucor to Partner With Fusion Company To Power US Mill
Nucor has announced a collaboration with fusion power company Helion to develop a 500-megawatt nuclear fusion power plant.
USW Taps McCall as New President After Conway’s Passing
The United Steelworkers International (USW) executive board on Tuesday appointed David McCall as the union’s new international president. He will fill the remainder of Tom Conway’s term.