Jindal Steel And Power Reports Strong Q3 Steel Production, Sales Data
Steel ingots stacked inside a steel factory in India. (Photographer: Dhiraj Singh/Bloomberg)

Jindal Steel And Power Reports Strong Q3 Steel Production, Sales Data

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Jindal Steel & Power Ltd. on Thursday said its domestic production of crude steel and related products for the quarter ended Dec. 31 stood at 1.61 million tonne, up 22 percent from the year ago period.

The company's crude steel output had stood at 1.32 million tonne in the corresponding period last year, JSPL said in a statement.

According to JSPL, this is the "highest ever quarterly domestic production of crude steel and related products... as a result of the strong and consistent performance across all locations, especially in Angul operations,".

During the third quarter of fiscal year 2020, JSPL recorded a growth of 30 percent in sales at 1.66 million tonne, as against 1.27 million tonne a year-ago.

JSPL further said export shipments increased to more than 3 lakh million tonne.

In Oman, the sales of its subsidiary -- JSIS-Oman Steel -- increased by 27 percent to 0.572 million tonne and steel production increased by 10 percent to 0.502 million tonne.

"We are going to start our DRI- CGP (Coal Gasification plant) unit at Angul during Jan 2020, and together with a favourably evolving product mix, we expect to further drive growth in sales and profit," JSPL Managing Director VR Sharma said.

Sharma further noted that increased demand from infrastructure projects especially for segments like railways, defense, petroleum, and pipelines will certainly drive steel demands for JSPL.

Watch: Jindal Steel & Power's debt reduction plans

"As we begin 2020, we are excited about the prospects, and confident that the coming quarter would be even much better for JSPL Union finance minister Nirmala Sitharaman recently unveiled Rs 102 lakh crore of projects under National Infrastructure Pipeline, which is to be implemented in the next five year as part of the government's spending push in the infrastructure sector," Sharma said.

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