India’s leading steel manufacturer Jindal Steel & Power Limited (JSPL) has reported growth in crude steel production and sales in Nov ’20.
Major key factors are mentioned below:
1. Standalone steel production recorded growth- The Company recorded a 15% growth y-o-y in standalone steel production with 0.614 mn t in Nov ‘20 as compared to 0.533 mn t in the previous year during the same period.
Also on monthly basis the same went up by 5% against 0.585 mn t in Oct ’20
2. Standalone sales up marginally- Company’s standalone sales were slightly up by 1% y-o-y in Nov ’20 with 0.562 mn t as compared to 0.557 mn t in the previous year during the same period.
Meanwhile on monthly basis the same reported decline by 6% against 0.600 mn t in Oct ’20
3. Exports sales- The export sales contributed to 21% of total sales volumes in Nov ‘20. Company’s exports also grew at a rate of 10% y-o-y in Nov ’20.
“Our performance is in line with the India Growth Story, Domestic Steel demand is rising in H2 FY ’21 and so is JSPL’s production. With domestic markets recovering the company is focusing more on value-added products. We believe the company’s portfolio will witness further strength in the Q3 & Q4 of the financial year” said VR Sharma, Managing Director, JSPL in a statement.
The Company is continuously scaling its capacity utilization and efficiencies to capture opportunities for building a self-reliant India.
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