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Jindal Steel's Production Rose In March Quarter of 2021-22

Jindal Steel's production rose in 2021-22
Jindal Steel's production rose in 2021-22

Jindal Steel and Power Limited (JSPL) on Monday posted a 2 per cent rise in steel production at 2.11 million tonnes in the quarter ended March 2022.

Its sales also registered a growth of 8 per cent at 2.07 million tonnes in the January-March period, according to a statement.

In 2021-22, the company produced a record 8.1 million tonnes of steel while sales were at a record 7.63 million tonnes.

Despite several challenges throughout the financial year, JSPL managed to meet its production guidance breaching the 8 million tonnes mark for the first time. For the fifth consecutive year, JSPL has also posted spectacular growth in annual steel sales on a year-on-year basis, the statement said.

JSPL Managing Director V R Sharma said, "we aim to produce more than 9 million tonnes in 2022-23. Our Angul plant expansion is on track and we expect to reach more than 15 million tonnes capacity by 2024-25. The company has significantly enhanced its raw material supply after winning four new coal blocks recently".

As part of its expansion, the company has plans to set up a coal gasification plant to manufacture steel through gasification technology.