JSPL Announced Major Expansion of Angul Integrated Steel Plant

SEATTLE (Scrap Monster): Jindal Steel and Power Limited (JSPL) announced major investment at its Angul, Odisha integrated steel plant. The announcement was made by Naveen Jindal, Chairman, JSPL after a meeting with the state Chief Minister Naveen Patnaik. The expansion of the steel plant will create hundreds of new job opportunities.

According to the company, it plans to invest over INR 1 lakh crore in the plant, aimed at boosting its capacity from 6 mtpa to 25.2 mtpa. It will make the Angul plant the largest single location steel plant in the world.

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The project is one among the five major industrial projects worth around INR 1.46 crore in metal and metal downstream sectors. These five projects together will almost double the state’s total steel production to 58 million tonnes. In addition, it will create about 27,000 new well-paid jobs. The projects are in line with the state’s vision to make it the steel hub of the country.

Meantime, the JSPL steel production for the June quarter witnessed marginal 3% decline from the sequential quarter to total 2.01 million tonnes. The total sales too were down significantly by 16% to 1.61 million tonnes. The share of exports in sales surged from 27% to 34% quarter-on-quarter. The monthly production stood at 0.64 million tonnes in June this year, said the company press release.