Naveen Jindal-led India’s leading Infrastructure conglomerate in the steel, mining and power sector, Jindal Steel & Power Limited, has registered an impressive 38% (YoY)
growth in consolidated steel sales (Inc. pig iron) with 8,36,000 tonnes in August 2020 against consolidated steel sales of 6,06,000 tonnes in the previous year.
The JSPL’s consolidated steel production (inc. pig iron) stood at 8,25,000 tonnes with a growth rate of 21% (YoY) in comparison to 6,81,000 tonnes of consolidated steel production in the previous year.
The JSPL’s standalone steel production also rose by 18% (YoY) with 6,25,000 tonnes (Inc. pig iron) in August 2020 in comparison to 5,29,000 tonnes of Steel production in the previous year. JSPL’s standalone sales (Inc. Pig iron) also increase by 37% (YoY) with 6,82,000 tonnes in August 2020 as compared to 4,96,000 tonnes of standalone steel production in the previous year.
Steel exports contributed to 42% of the total sales volumes. The JSPL’s Barbil pellet plant achieved the best-ever production of 7,00,600 tonnes of pellets in August, which is the highest-ever monthly production figure since its inception.
Reacting to the latest results, JSPL Managing Director VR Sharma said, “We are happy to share that at JSPL Angul, World’s First Coal Gasification based DRI plant is adding to higher production volumes. The Company has recorded its highest ever Gas based DRI production with over 72% of rated capacity in August 2020. JSPL is consistently working towards its goal of reducing overall debt to Rs. 15,000 crores by 2023. The company’s Steel export volumes have come down significantly with an increase in domestic sales post the lockdown period. Our target is to achieve Rs. 50,000 crore turnover by 2023.”
The JSPL has performed exceedingly well even during the global COVID-19 pandemic when India witnessed a prolonged period of lockdown. The company had reported a rise of 29% in standalone steel sales in July 2020 to 6,37,000 tonnes as compared to standalone sales of 4,93,000 tonnes in the previous year during the same period.
JSPL is a leading Indian Infrastructure Conglomerate with a presence in the steel, power, and mining sectors. With an investment of approximately 12 billion USD (90,000 Crore Rupees) across the globe, the Company is continuously scaling its capacity utilization and efficiencies to contribute towards building a self-reliant India.