JSW Steel Limited reported consolidated crude steel production of 24.75 lakh tonnes for January 2026, marking a 2% decline from the previous year's production of 25.18 lakh tonnes. The production figures reflect the impact of planned maintenance activities and capacity expansion projects across the company's operations.

Production Performance Analysis

The company's production breakdown reveals mixed performance across different operational segments:

*Including trial run production of 2.11 lakh tonnes

Operational Challenges and Capacity Utilization

The company's Indian operations demonstrated resilience with marginally higher year-on-year production despite significant operational constraints. Blast Furnace 3 (BF3) at the Vijayanagar facility has been under shutdown for capacity upgradation since September 2025, with commissioning expected by the end of Q4 FY26.

This shutdown significantly impacted capacity utilization metrics:

• Capacity utilization for Indian operations excluding BF3 capacity: approximately 93%
• Capacity utilization including BF3 capacity: 85%

US Operations Impact

Production at the USA Ohio operations experienced a substantial decline of 74%, primarily due to a scheduled outage for caster upgrades. The maintenance period extended from December 15, 2025, to January 11, 2026, affecting the facility's contribution to overall consolidated production.

Strategic Infrastructure Development

The ongoing upgradation of BF3 at Vijayanagar represents part of JSW Steel's broader capacity expansion strategy. The Vijayanagar plant serves as the company's largest single-location steel-producing facility in India, with a current capacity of 17.5 MTPA. The company maintains a consolidated crude steel capacity of 35.7 MTPA, including 1.5 MTPA in the US, with domestic crude steel capacity standing at 34.2 MTPA.

JSW Steel's next phase of growth targets consolidated capacity expansion to 48.9 MTPA over the next four years, positioning the company for enhanced market presence and operational efficiency upon completion of current upgradation projects.

JSW Steel Limited has secured overwhelming shareholder approval for three strategic corporate restructuring initiatives through a postal ballot process conducted on February 4, 2026. The resolutions, which received support exceeding 99.99% from voting shareholders, mark significant steps in the company's business reorganization and international partnership strategy.

Approved Resolutions and Voting Results

The postal ballot covered three major corporate decisions, all of which were passed with requisite majority. The voting was conducted entirely through remote e-voting, with 616,844 shareholders on record as of the cut-off date of January 2, 2026.

Joint Venture Arrangement with JFE Steel Corporation

The first resolution approved material related party transactions in connection with a proposed joint venture arrangement between JSW Steel, Piombino Steel Limited, JSW Kalinga Steel Limited, JSW Sambalpur Steel Limited, and JFE Steel Corporation, Japan. This partnership focuses on the steel business undertaking of Bhushan Power & Steel Limited, representing a strategic international collaboration in the steel sector.

Business Transfer and Restructuring

Shareholders approved the transfer, sale, and disposal of the steel business undertaking of Bhushan Power & Steel Limited, a material subsidiary, to JSW Sambalpur Steel Limited through a slump sale arrangement. This internal restructuring aims to optimize the group's operational structure and enhance business efficiency.

Shareholding Structure Changes

The third resolution authorized the reduction of Piombino Steel Limited's shareholding in JSW Kalinga Steel Limited to fifty percent. This change enables the exercise of joint control over JSW Kalinga and JSW Sambalpur Steel Limited by Piombino Steel Limited with JFE Steel Corporation, Japan, upon these entities becoming material subsidiaries of the company.

Voting Process and Participation

The postal ballot process was conducted in compliance with Regulation 44(3) of the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The remote e-voting period extended from January 6, 2026, to February 4, 2026, with Nilesh G. Shah, Practicing Company Secretary, serving as the appointed scrutinizer to ensure fair and transparent voting procedures.

The successful completion of these resolutions positions JSW Steel for enhanced operational efficiency and strategic international partnerships, particularly with JFE Steel Corporation, while maintaining strong shareholder confidence as evidenced by the overwhelming approval rates across all proposed measures.