Team News Riveting
New Delhi, March 10
Jindal Steel and Power (JSP) continues to post robust Steel sales in February 2022 with volumes up 8 per cent year-on-year (Y-o-Y) to 5.90 lakh tonnes (compared to 5.47 lakh tonnes in same period prior year).
Sales would have been higher if not for limited rake availability in the eastern part of the country. Railway Rake availability issue is not yet fully resolved, hampering Company’s sales efforts.
JSP’s steel production stood at 6.57 lakh tonnes in February 2022 which was modestly higher than previous year (+1% Y-o-Y). Exports contributed 24 per cent to the sales volumes.
“The World has started feeling the heat of the unfortunate Russia- Ukraine conflict. Brent &
energy prices are skyrocketing due to the full scale war in Eastern Europe. Input costs for Steam
coal, Coking Coal and Ferro alloys are witnessing substantial rise which has resulted in higher
steel prices. While we hope and pray for faster resolution of the conflict, it will take at least six
months for markets to stabilize post war. Higher input costs should therefore result in continued
rise in steel prices as the industry grapples with containing cost pressures,” said V R Sharma,
Managing Director, JSP in a statement.
JSPL is a leading Indian Infrastructure Conglomerate with a presence in the Steel, Power, and
Mining sectors. With an investment of approximately 12 billion USD (90,000 Crore Rupees)
across the globe, the Company is continuously scaling its capacity utilization and efficiencies to
contribute towards building a self-reliant India.
