JSW Steel will be setting up a 50:50 joint venture with Japan-based JFE Steel Corporation and will be investing Rs 5,500 to set up a plant in Karnataka, the company said in a stock exchange filing on Tuesday.
JSW Steel in January reported its Q3 earnings. The steel company saw a significant increase in consolidated net profit, reaching Rs 2,450 crore in the December quarter of 2023-24, driven by robust domestic demand. This marks a five-fold rise compared to the net profit of Rs 474 crore in the corresponding period of the previous year. Quarterly income also rose to Rs 42,134 crore from Rs 39,322 crore year-on-year.
"The strong performance was driven by capacity utilisation rising to 94 per cent during the quarter vs 89 per cent in Q2 FY24 at the Indian operations," the company said in a statement.
