Jindal Steel 2021 production in line with guidance; posts strong recovery in steel sales sequentially

The company achieved production growth of 9% in the first nine months of FY 22 and have achieved 8 MTPA (80 lakh tons) for the first time in a calendar year.

Jindal Steel and Power, India’s leading Steel Producer, posted a strong recovery in steel sales sequentially in December 2021. The company reported steel sales of 6.85 lakh tons, up 27% month over month. JSPL’s steel sales would have been higher but for the impact of the non-availability of railway rakes for the third consecutive month. Steel sales of 18.2 lakh tons in Q3 FY22 were also constrained due to limited rake availability and unseasonal rains in several states. Exports accounted for 28% of steel sales in December 2021 and 23% for the quarter.

JSPL reported steel production of 59.04 lakh tons in the last 9 months of this financial year, which is a 9% rise as compared to last year for the same period.

“We are happy to share that we have been to achieve production growth of 9% in the first 9 months of FY 22 and have achieved 8 MTPA (80 lakh tons) for the first time in a calendar year. We are confident that in this financial year we will be able to achieve our guidance of 8-8.2 MTPA. The company is a firm believer in the India growth story and committed to GOI’s targets of Steel production”, said V R Sharma, MD, JSPL.

Key Points  

1. JSPL posts steel production of 5.904 million tonnes in the first 9 months of FY 22 and 8 million tons in the calendar year 2021.

2. Exports contributed 28% to the total sales volumes.

3. Steel production of 1.96 MT and Steel sales of 1.82 MT in Q3FY22.

The company offers a wide range of steel products which include plates & coils, wire rod & TMT rebar, track rails and structural steel products such as beams and columns, channels, angles, etc. It is a preferred supplier for speciality rail products to the Indian Railways and various metro projects in the country. 

Jindal Steel & Power closed at Rs 386.90, 0.35% up for the day.