Team News Riveting
New Delhi, August 5
Naveen Jindal-owned Jindal Steel and Power Limited (JSPL) has reported a sharp recovery in steel sales in the month of July 21, returning back to its growth path.
Steel sales were up 5 per cent year-on-year (YoY) and surged 21 per cent month-on-month (MoM) to 6.7 lakh tonnes as compared to 6.4 lakh tonnes during the same month in the previous year. JSPL reports monthly steel production of 6.5 lakh tonnes, up 8 per cent (YoY) as compared to 6.03 lakh tonnes during the same month in the previous year. Exports accounted for more than 40 per cent of the total sales volumes due to high spot demand from international markets.
“Despite second wave of COVID related disruptions, we are on track to achieve our annual target of 8.25 milion tonne for FY22. Further, we are seeing COVID cases come down, which will give a major relief to the industry and our customers. The effective vaccination campaign driven by the Government of India will encourage workers to return to construction sites and help speed up manufacturing, which will likely to boost domestic demand,” said V R Sharma, Managing Director, JSPL.
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.
