JSPL retains upward momentum in April-May 21 as steel production jumps 31% (Y-o-Y)

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Jindal Steel & Power Limited (JSPL) has continued to report strong production so far in FY22. According to the latest results, JSPL’s steel production increased by 31% y-o-y to 13.71 lakh tonnes in Apr-May 21 (April 6.81 lakh tonnes and May 6.90 lakh tonnes) as compared to 10.44 lakh tonnes in the same period last year.

The JSPL’s strong robust performance assumes significance in light of its stellar work in providing liquid oxygen to hospitals across India during the peak of the pandemic. JSPL Chairman Naveen Jindal had earned plaudits from several chief ministers cutting across party lines for coming to humanity’s rescue by continuing to supply liquid oxygen to hospitals around India.

The JSPL said that its firm belief in putting human lives ahead of economic gains during the pandemic resulted in the diversion of oxygen towards life-saving measures, impacting production. The JSPL supplied close to 3500 tonnes of Liquid Medical Oxygen (LMO) to date.

“With COVID-19 situation improving, we remain confident of achieving FY22 production target of 8.0-8.5mt,” the company said.

Steel sales also increased by 7% Y-o-Y to 10.58 lakh tonnes (April 5.59 lakh tonnes and May 4.99 lakh tonnes). However, the slowdown in domestic construction activities due to COVID-19 and logistical challenges faced owing to congestion at ports due to adverse weather conditions resulted in sales growth lagging production growth. JSPL continues to take measures to offset the impact of the slowdown in domestic demand by exporting in lucrative global markets.

Exports accounted for 21% of sales volumes in April, with the share rising further to 36% in May.

JSPL Managing Director VR Sharma said, “We at JSPL are very concerned about the health and well-being of citizens across the country. On the call made by the Ministry of Steel, Govt. of India, the entire steel industry came forward to supply Liquid Medical Oxygen (LMO) to various states. JSPL received 3500 tons capacity of empty tankers and all of these tankers were filled with Liquid Medical Oxygen by JSPL. We compromised our steelmaking capacity but our corporate philosophy of keeping “People First” is paramount for us. JSPL is also running a 300 beds modern hospital in Raigarh and a newly built modern Intensive COVID care centre at Angul. This was inaugurated by Hon’ble Minister Mr. Dharmendra Pradhan during the second wave of COVID-19. We will continue to support Govt.’s efforts in combating the Pandemic”

About JSPL

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.