JSPL Q1 India steel sales up 46% YoY, flat QoQ

JSPL Q1 India steel sales up 46% YoY, flat QoQ

10th july 2018

Jindal Steel and Power Limited said steel sales volumes in India rose 46% in Apr-Jun quarter to 1.18 mln tons compared to the year ago.
The sales number is at a similar level to the preceding Jan-Mar quarter, when the company had sold 1.18 million tons.
In terms of production, there was an increase of 36% on year at its two India locations, at 1.23 mln tons. This was slightly lower than the 1.26 mln tons reported for Jan-Mar.
On the global front, Jindal Shadeed – JSPL’s subsidiary in Oman, had its highest ever crude and finished steel production and sales during April–June 2018.
The company also has a 9 MTPA pellet production plant, billed as India’s largest single-location pelletization complex. The quarterly output of the plant was not disclosed.
“JSPL is on course to translate its blueprint for enhancing capacity utilizations and efficiencies across all its steel plants,” sadi NA Ansari, CEO of Steel Business for JSPL.
“While the ramp up at our 6 MTPA steel plant at Angul is on desired trajectory, the steel plant at Raigarh has set new benchmarks of exceeding excellence,” he added.
“We are confident of further accelerating the growth momentum, both in production as well as sales, in the forthcoming quarters to record FY 2018-19 as the best ever year in JSPL’s history.”
The company has a 6 million ton per year plant at Angul in Odisha, which it said achieved the highest ever billet and TMT rebar production in its history in the month of June 2018.
Its second plant, at Raigarh in Chhattisgarh, had the best ever monthly production at two units — Blast Furnace 1 and Medium & Light Structural Mill (MLSM). Moreover, the quarter also saw record sales by the Rail Mill and MLSM units during June.
Jindal Shadeed’s 1.5 MTPA Bar Mill – the largest in the world, set a new world record of highest single day production of over 5000 tons in June, it said.
Source: ULTRA NEWS