India’s steel giant Jindal Steel & Power Limited (JSPL), registered a sharp recovery in steel sales in July, returning back to its growth path. According to the latest data, steel sales were up 5% Y-o-Y and surged 21% M-o-M to 6.7 lakh tonnes as compared to 6.4 lakh tonnes during the same month in the previous year.
The JSPL reported monthly steel production of 6.5 lakh tonnes, up 8% Y-o-Y as compared to 6.03 lakh tonnes during the same month in the previous year. Exports accounted for more than 40% of the total sales volumes due to high spot demand from international markets.
Kuldeep Singh Bais, DGM- Corporate communications, JSPL, said, “Despite the second wave of COVID-related disruptions, we are on track to achieve our annual target of 8.25 mt for FY22. Further, we are seeing COVID cases come down, which will give a major relief to the industry and our customers. The effective vaccination campaign driven by the Government of India will encourage workers to return to construction sites and help speed up manufacturing, which will likely to boost domestic demand.”
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.