JSPL steel output grows 6 percent in August; sales up 4 percent

Sep 8,2021

Steelmaker Jindal Steel and Power Limited (JSPL) on Tuesday said its steel production increased 6 percent year-on-year to 6.6 lakh tonne in August.

Sales volume also increased 4 percent y-o-y to 7.1 lakh tonne during the month, JSPL said in a statement.

Part of the OP Jindal Group, JSPL has a presence in the steel, power, and mining sectors.

"Notwithstanding subdued construction activities due to the ongoing monsoons in August, the company has maintained strong momentum in sales and production," it said.

Shares of JSPL were trading at ?393.35 on the BSE, up nearly 1 percent on Tuesday.

“JSPL is committed to achieving its yearly sales and production targets, we hope the domestic demand will rebound sharply once the monsoon season is over. The government of India is pushing its infrastructure projects, and this will help steel players to ride the growth momentum", said VR Sharma, managing director, JSPL.

The company has investments worth Rs 90,000 crores across the globe.

JSPL expects to pare debt and meet its carbon emission goals with the divestment of its entire stake in its thermal power unit to Worldone Pvt. Ltd, a promoter group company.

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