Jindal Steel & Power Consolidated Steel Output Surged 13%

SEATTLE (Scrap Monster): India-based leading steel producer, Jindal Steel & Power Limited (JSPL) recorded robust production and sales during the month of July this year, despite adverse market conditions on account of Covd-19 pandemic.

The consolidated steel production surged higher by 13% during the month to 7.4 million tonnes. The standalone steel output too was up by 13% over the previous year, at 6.03 million tonnes.

The standalone steel sales by the company reported 29% year-on-year surge to 6.37 million tonnes. This compares with 4.93 million tonnes during the previous year. The export sales accounted for 39% of total standalone sales. The consolidated steel sales rose by 25% over the year to 7.62 million tonnes.

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The production by JSIS Oman was 1.37 million tonnes, significantly higher by 11%, upon comparison with the previous year. The sales volume surged higher by 6% year-on-year to 1.25 million tonnes.

Commenting on the company’s impressive performance, VR Sharma, Managing Director, JSPL said that the stellar performance during challenging times is mainly attributed to the dedicated efforts of its workforce. The stimulus package announced by the country’s government is likely to reboot the economy, which in turn will boost domestic steel demand, he added.