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Jindal Steel and Power Ltd, amongst the largest steel producers of India, reported record-high sales in FY22, up 5.03 per cent year-on-year, to 7.63 million tonnes mt). Production during the year stood at 8.0 mt.
The company said in a statement that March sales too were among record high, at 0.79 mt while production stood at 0.77 mt.
Steel production during the March quarter was at 2.11 mt (up 2 per cent y-o-y).
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Jindal Steel to operationalise four new coal mines in next 8-12 months
Supplies from the new mines are expected to save procurement cost considerablyExports accounted for 33 per cent of sales in March; in line with the FY22 share, the statement added.
Capex plans on track
According to VR Sharma, Managing Director, JSPL, the company has achieved its production target for FY22. The production target for FY23 is more than 9 mt. Capex plans - Angul plant expansion - are on track and JSPL is likely to reach more than 15 mt capacity by FY25.
“The company has significantly enhanced its raw material supply after winning four new coal blocks recently. “We are fully aligned with the Government of India’s targets to achieve carbon neutrality in the future and continue to work towards reducing our carbon emissions”, he said.
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