Steel Mills

JSW Steel USA Reports Improved Sales, Earnings

October 20, 2023

India’s JSW Steel said lower steel prices and adverse market conditions affected the performance of its US operations in its fiscal-2024 second quarter ended Sept. 30. Still, the company posted improved results compared to the same quarter last year.

Additionally, the steelmaker anticipates a slowdown towards the end of calendar 2023 due to elevated interest rates, it noted in its quarterly earnings report.

JSW Steel USA Ohio

Q2’24 sales volumes improved year over year (YoY) at JSW’s flat rolled mill in Mingo Junction, Ohio. However, the operation still posted negative EBITDA for the quarter, albeit the loss was less severe than in the year-ago quarter.

Mingo Junction’s quarterly sales volumes totaled 59,136 metric tons of hot-rolled coil and 116,091 metric tons of slabs. Sales of HRC and slab were 11% and 82% higher year on year, respectively.

While the Ohio mill posted an EBITDA loss of $29.4 million, it was an improvement over the loss of $40.25 million in Q2’23.

Earlier this year, the company confirmed a $120-million investment at the Mingo Junction mill to make steel melted and poured in the US. A representative for the company in Washington, D.C., told SMU the investment would add a vacuum tank degasser and new caster capabilities to make slabs with the widths required for offshore wind.

JSW Steel USA Baytown

The Baytown, Texas, plate mill operated at 37% of capacity during the quarter. Plate sales increased 24% year over year, reaching 92,423 metric tons.

The mill’s pipe mill, meanwhile, operated at just 4% of capacity. Pipe sales volumes of 6,335 metric tons were 38% higher YoY.

The mill’s EBITDA, at $25.96 million, improved 5% over the year-ago quarter.

JSW Steel USA

Laura Miller

Laura Miller is a reporter and editor for Steel Market Update. She has held a variety of positions within the steel industry since 2007, including reporting and editing for Steel Business Briefing/Platts, the Association for Iron and Steel Technology, and Kallanish Commodities, as well as marketing for what was then known as ThyssenKrupp Steel USA (now AM/NS Calvert). After a five-year hiatus working across other industries, she returned to steel in 2021 and has covered the flat rolled, tubular, and trade areas of the industry. She is a member of the Association of Women in the Metal Industries and a past-president of the AWMI Pittsburgh Chapter. She holds a BA in Latin American Studies from Edinboro University of Pennsylvania. She can be reached at laura@steelmarketupdate.com or 724-759-7869.