【SMM Steel】India's JSW Steel reported consolidated crude steel production of 2.118 million tonnes in April, down 1% from 2.14 million tonnes a year earlier. Indian operations contributed 2.04 million tonnes, down 1% y-o-y, while its Ohio facility in the US produced 78,000 tonnes, down 7% y-o-y. The decline was primarily due to the shutdown of Blast Furnace 3 at Vijayanagar for a capacity upgrade, which is expected to restart in Q4 2026. Excluding BF3 from last year's base, production growth was approximately 10%.

【SMM Steel】India's JSW Steel Limited plans to merge its subsidiary BMM Ispat Limited to boost operational synergies and expand its long product portfolio, as announced in a May 15 regulatory filing. The integration will leverage BMM Ispat's expansion-ready land in Karnataka to achieve cost efficiencies and significant operational synergies. JSW Steel can achieve faster capacity growth at lower costs through this merger compared to building new facilities from scratch. The move will also strengthen its long products portfolio by adding rebar and billets, enhancing its market positioning.

[SMM Steel] India’s JSW Steel reported consolidated crude steel production of 2.12 million mt in April 2026, down 1% YoY, mainly due to the planned shutdown of blast furnace No.3 at its Vijayanagar plant for capacity upgrades. Capacity utilization at Indian operations reached around 94% excluding BF3, but fell to 83% including the furnace. JSW Steel currently has installed crude steel capacity of 35.7 million mt/year and plans to expand it to 48.9 million mt/year over the next four years.

[SMM Steel] Asian steelmakers are stepping up CBAM compliance efforts as the EU published its first CBAM certificate price at €75.36/mtCO2e for Q1 2026 and tightened steel safeguard quotas. Mills are increasing emissions reporting, third-party verification, and carbon cost optimization to remain competitive in the EU market. India’s HRC quota under EU safeguard category 1A was exhausted within days after April 1. JSW Steel said its HRC emissions intensity is 1.8-2 tCO2/mt, well below India’s default CBAM value of 4.7 tCO2/mt. Market participants expect steel pricing to increasingly diverge based on verified emissions intensity and carbon compliance.

JSW Steel delivered record production and sales in FY2024-25, but weaker steel realizations dragged down revenue and margins, creating a clear growth paradox: higher volumes but lower earnings quality. As India’s largest steelmaker, JSW’s next challenge is to turn its scale into more resilient earnings through higher VASP contribution, stronger raw material security, selective overseas improvement, technology partnerships, and decarbonization readiness.

[SMM Steel] JSW Steel and JFE Steel Corporation have officially formed JSW JFE Steel Limited, a 50:50 joint venture focused on an integrated steel plant in Odisha. The project, finalized on March 30, 2026, has an annual crude steel capacity of 4.5 mln mt and will produce both flat and long products for automotive and construction sectors. Backed by JFE’s investment of ~JPY 270 bn, the JV aims to capitalize on India’s strong demand growth, leveraging proximity to iron ore resources and established logistics to enhance cost efficiency and secure raw material supply.

JSW Steel and South Korea’s POSCO have finalized a landmark joint venture to construct a 6 million tonnes per annum (MTPA) integrated steel plant in Odisha, India. The greenfield project will focus on producing high-end flat products for the automotive and renewable energy sectors. The facility is expected to be fully operational by late 2028, leveraging POSCO’s advanced steelmaking technology and JSW’s domestic logistical network.

[SMM Steel] John Cockerill India secured a $32 million contract to supply a continuous galvanizing line to JSW Steel Coated Products Limited at its Khopoli plant. The project includes full engineering, supply, and commissioning, with completion scheduled for May 2028. In the short term, the deal reflects ongoing investment in value-added coated steel capacity, supporting future supply of higher-end products.

[SMM Steel] On March 30, 2026, JSW Steel announced that Japan's JFE Steel Corporation completed a ₹7,875 crore investment as the first tranche for a 25% stake in JSW Kalinga Steel. Following the share allotment and board restructuring, both companies now exercise joint control over JSW Kalinga and its subsidiary, JSW Sambalpur Steel. Under the joint venture agreement, JFE is set to acquire an additional 25% stake for another ₹7,875 crore to reach a total 50% holding.

Leading Indian steel manufacturer JSW Steel is set to commission a state-of-the-art blast furnace at its Dolvi Works facility in Maharashtra by the end of March 2026. Partnering with SMS group and Paul Wurth, the new furnace is designed to produce 4.5 million tonnes of hot metal per year and incorporates advanced technologies for carbon footprint reduction, including hot syngas and coke oven gas injection. This expansion is part of JSW's strategic roadmap to increase its total domestic steel production capacity from 34.2 MTPA toward a goal of 50 MTPA by 2030.