JSPL records highest-ever exports of steel in April 2020

Jindal Steel & Power Limited (JSPL) has reported its highest-ever exports of steel & related products during April 2020. It exported 2,48,000 MT of steel & related products, which is a growth of 109 per cent (MoM). Export contributes to 74 per cent of its total sales volume.

Despite the tough times led by COVID-19 pandemic, the company managed five per cent YoY growth in the production of steel & granulated pig iron to 5,50,000 MT during April 2020. The group has recorded 6,55,000 MT of consolidated steel production in April 2020.

India’s largest blast furnace at JSPL-Angul has recorded the highest-ever production of 2,98,000 MT of hot metal during April 2020. Blast furnace maintained an average production of ~10,000 MT+ on a working day basis.

JSPL got support of Indian Railways and various ports in the eastern part of the country like Gangavaram, Vizag, Paradip, etc. to achieve these numbers. It has developed R 260 grade of rails for Indian Railways. These rails have carriage capacities of 75 tonnes per wagon, as compared to 64 tonnes per wagon for ordinary rails. It is also catering to the prestigious export order of rail blooms from France for manufacturing rails in France for high-speed railways.

JSPL reported standalone sales of 3,35,000 MT. The balance production is under shipment and stocked at the port waiting for vessels, which will be accounted in the month of May 2020. It recorded consolidated sales of 4,56,000 MT during April 2020. Its Oman Steel plant reported 1,06,000 MT of steel production while, steel sales stood at 1,20,000 MT in April 2020.

On Tuesday, in the early morning session, the stock of JSPL surged 4.1 per cent to Rs 88.95 from its previous close of Rs 85.45.