Financial Daily from THE HINDU group of publications
Thursday, May 20, 2004
Financial Daily from THE HINDU group of publications Thursday, May 20, 2004 |
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Corporate
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Performance Jindal Stainless set to increase exports to China Our Bureau
New Delhi, May 19 LARGEST domestic stainless steel manufacturer Jindal Stainless Ltd is all set to increase its exports to China by another 50,000 tonnes during fiscal 2004-05 valued approximately at $60 million. For this, the company has entered into long-term marketing agreement with the Chinese State owned trading house, Minmetals Steel Company Ltd, which functions as a canalising agency for steel imports into China. Minmetals Steel is a group company of China Minmetal Group, which has interest in across various sectors. As per the agreement, Jindal Stainless will supply 50,000 tonnes of stainless steel to the Chinese company over a period of 12 months, which may be renewed with mutual consent. According to the company's Executive Vice-President, Mr R.K.Goyal, the value of the order is around $60 million. "The move will help us build up relationship with Chinese companies apart from consolidating our foothold in the Chinese market. In future we nay be able to source raw materials such as coking coal from there,'' Mr Goyal said. Jindal Stainless had imported 1.9 lakh tonnes of steel in 2003-04. This year, with the new order, the total export to China is likely to be around 2.5 lakh tonnes, he said. The company expects its turnover to cross the Rs 3,000-crore mark during the current fiscal as compared to Rs 2,600 crore during 2003-04.
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