JSPL Steel Production & Sale in April & May Surges YoY
Jindal Steel & Power Limited announced that its steel production in April-May 2021 increased by 31% YoY to 1.371 million tonnes (April 0.681 million tonnes and May 0.690 million tonnes) as compared to 1.044 million tonnes in the April-May 2020. Steel sales also increased by 7% YoY to 1.058 April-May tonnes (April 0.559 April-May tonnes and May 0.499 April-May tonnes). However, slowdown in domestic construction activities due to COVID-19 and logistical challenges faced owing to congestion at ports due to adverse weather conditions resulted in sales growth lagging production growth. JSPL continues to take measures to offset the impact of slowdown in domestic demand by exporting in lucrative global markets. Exports accounted for 21% of sales volumes in April, with the share rising further to 36% in May.
As the country grapples with the second wave of COVID-19, The Company's firm belief in putting human lives ahead of economic gains has resulted in diversion of oxygen towards life saving measures, impacting production. JSPL has supplied close to 3500 tonnes of Liquid Medical Oxygen till date. With COVID-19 situation improving, JSPL remains confident of achieving FY22 production target of 8.0-8.5 million tonnes.