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Private steel player Jindal Steel and Power Ltd (JSPL) has said its consolidated crude steel production remained flat at 6.5 lakh tonne (LT) during April 2020. The company had produced similar amount (6.5 LT) of crude steel during the same month in 2019.
In April this year, its consolidated sales also reduced by 29 per cent to 4.55 LT from 6.42 MT in the corresponding period a year ago. The company said the outbreak of pandemic began impacting economic activity by the third week of March, leading to the announcement of the nationwide lockdown.
"However, despite challenging times, JSPL India has reported 5 per cent year-on-year growth in the production of steel and granulated pig iron to 5.50 LT during April and export of steel and related products at at 2.48 LT was about 66 per cent higher compared to 1.48 LT in April 2019," JSPL said. The export contributed 74 per cent of its total sales volume, it said.
The company's Managing Director (MD) V R Sharma had earlier said that as the demand was low in India due to COVID-19, the company is exporting steel to countries like Vietnam, Saudi Arabia, Thailand and Europe which had placed orders with JSPL.
The steel firm further said the blast furnace at its Angul plant has recorded the highest ever production of 2.98 LT of hot metal during April, while it maintained an average production of 10,000 tonne on a work-day basis. Part of the USD 25 billion-O P Jindal Group, JSPL has presence in steel, power, mining and infrastructure sectors.
Source: economictimes
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