Jindal Will Produce 19% More Steel This Fiscal
Jindal Steel and Power Ltd (JSPLexpects to produce a record 7.5 million tonnes of the alloy this fiscal year, as it expects an eight-fold increase in its export orders, The company is likely to export 2.5 million tonnes of steel in 2020/21, up from 300,000 tonnes the previous year, thanks to higher orders from the world's top consumers such as China and Vietnam, which need semi-finished products, as well as Europe and Saudi Arabia which require flat products,. As the world grapples with a steel shortage, demand is robust from other leading consumers as well, he said. JSPL has already shipped more than half of its export target for this year. Since August, the company has also added more customers in Europe, South Africa, Saudi Arabia and the United Arab Emirates, where demand for flat products, especially steel plates has gone up sharply. Indian steel mills more than doubled their exports in April-July to hit their highest level in at least six years, boosted by a surge in Chinese buying, despite tensions between New Delhi and Beijing over a disputed Himalayan border.
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