“The company is making all preparations to recommence operations at all locations on lifting of lockdown in the next few days,” the company said.
This comes after the company announced to stock exchanges on 25th of March about scaling down and suspending production in all it’s units.
Metals are considered a process industry and exempted from complete shutdown. However all the production units are running with lower capacities and lesser numbers of staff.
A recent report by KPMG said that if turnaround takes time, furnaces and smelters too will be shut down, which will have an adverse impact in the metals and mining industry.
JSW Steel also announced the quarterly production number and has registered a 5% decline in crude steel production to 3.97 million tonnes for Q4 FY 20 led by a sharp fall in March due to the unanticipated nationwide lockdown and production shutdowns.
The company’s revised production guidance for the FY19-20 stood at 16.50 MT and it achieved 97% of it to 16.06 MT. However, on a YoY basis, overall production has come down 4% as against 16.69 MT for the financial year ending March 2019.
“The company could have almost achieved the revised guidance if there were no such exceptional events Viz. COVID19,” said the company in a statement.
Flat rolled products production registered a 5% decline to 2.87 MT for the March quarter and long products registered a 4% decline to 0.95 MT.
Overall output of long products for the FY19-20 stood at 3.72 MT, a 4% decline as against 3.87 in the last financial year. Flat products declined 3% and clocked a total production of 11.35 MT as against 11.74 in FY18-19.