JSW's US ops swing to profit in fiscal Q4

India-based JSW Steel’s combined US operations swung to a slight profit in its fiscal fourth quarter of 2026.

The company’s US facilities posted EBITDA of $80,000 in the quarter ended March 31 vs. a loss of $3.14 million a year earlier, JSW reported in its earnings presentation on Thursday.

JSW Steel USA operates the Mingo Junction slab and hot-rolled sheet mill in Ohio and the Baytown plate and pipe and tube mill in Texas.

Mingo Junction reported a marginally narrower loss while Baytown’s profits increased.

Mingo Junction

At Mingo Junction, the company posted a net loss of $7.23 million in its Q4’26 vs. a $7.51 million loss a year earlier. However, revenue from operations declined 32% to $115.1 million in the same time frame.

Year-over-year (y/y) crude steel production fell 34% to 1.68 million metric tons (mt). Of that, 76,990 mt was slabs and 66,529 mt was hot-rolled coil.

Overall capacity utilization was 46% during the quarter.

The company said production was lower due to ramping up of operations in January, shutdowns for a caster upgrade, and the impact of extremely cold weather.

Baytown

For the Baytown operations, the company reported EBITDA of $7.31 million in fiscal Q4’26, up 67% from $4.37 million a year earlier. Revenue from operations rose 23% to $174.2 million in the same comparison.

JSW attributed the improved EBITDA result to higher plate prices.

Plate production decreased 6% to 1.22 million mt y/y in fiscal Q4’26, while pipe output increased 44% to 17,111 mt y/y.

Capacity utilization stood at 50% for the plate mill and 12% at the pipe mill during the quarter.

Outlook

JSW said the global economy continues to operate under “elevated uncertainty” but “remains resilient.”

“In the US, economic growth remains underpinned by tax incentives, robust private investment, and resilient consumer spending,” JSW said in its earnings statement.

However, the company added further interest rate cuts may be difficult because of inflationary risks.

Ethan Bernard

Ethan Bernard is managing editor for Steel Market Update. He previously worked for American Metal Market as a copy editor in the New York office for two years, starting in 2008. Later, he copy edited AMM’s monthly magazine on a freelance basis from 2015 until 2017. With experience in financial copywriting and textbook publishing, he holds a BA in Comparative Literature from UC Berkeley, and an MFA in Creative Writing from New York University. He can be reached at ethan@steelmarketupdate.com or 724-759-7871.