JSPL Steel Sales Volume Surged to Hit New Peak

SEATTLE (Scrap Monster): Jindal Steel and Power Limited (JSPL), in an exchange filing, said that its steel sales during the July-September quarter of the current fiscal year have hit a new record.

For the first time in the company’s history, the quarterly steel sales breached the level of 2 million tons. The sales for the quarter stood at 2.13 million tons, which is significantly higher by 32% over the prior quarter and 10% higher than those during the same quarter a year before.

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Also, JSPL’s steel production has surged by 5% year-on-year during the second quarter of the ongoing fiscal year to total 1.93 million tonnes. During the initial six-month period of the fiscal, the company has produced a total of 3.94 million tonnes of steel. The steel sales during the half-yearly period totalled 3.74 million tonnes. The rising steel sales volume led to reduced inventory levels during the quarter, the company said.

The share of exports in total sales surpassed 40% during the quarter, compared with 34% in the prior quarter and 38% in the same quarter a year before.

V.R. Sharma, Managing Director, JSPL stated that attributed the robust production and sales performance to its dedicated team of employees. The increased raw material security, on account of the company being selected as the preferred bidder for Kasia iron ore mine in Odisha, will in turn add significant value to the company, he added.