JSPL clocks 109% growth in export sales during COVID-19 pandemic

Jindal Steel and Power Ltd (JSPL) on Tuesday reported its highest-ever exports during April by shipping 2.48 lakh tonnes of steel and related products, marking a growth of 109 per cent month-on-month.

The exports contributed 74 per cent of its total sales volume. The COVID-19 pandemic surfaced in India and sparked off a crisis of significant proportions.

By the third week of March, this began impacting economic activity with the announcement of nationwide mandatory and complete lockdown.

Despite challenging times, JSPL India reported 5 per cent growth year-on-year in the production of steel and granulated pig iron to 5.5 lakh tonnes last month. The group recorded 6.55 lakh tonnes of consolidated steel production in April.

All plant operations strictly adhered to government guidelines and shop floor operations resorted o staggered working to ensure proper physical distancing.

India's largest blast furnace at JSPL Angul has recorded the highest ever production of 2.98 lakh tonnes of hot metal during April. Blast furnace maintained an average production of 10,000 tonnes on a working day basis.

"JSPL has effectively and appropriately addressed the domestic demand situation, formulated a business continuity strategy and subsequently secured full export order book to ensure continuous operations," said Managing Director V R Sharma.

With the continuous support of Indian Railways and various ports in the eastern part of the country (Gangavaram, Vizag and Paradip), the company continues with steel production to support the Indian economy by earning precious foreign currency by exporting products, he said.

JSPL is exporting steel to China, Malaysia, Germany, Spain, Italy, Denmark, France, Saudi Arabia, Oman, Qatar and the United Arab Emirates. "We are also catering to the export order of Railblooms from France to manufacture rails for high-speed railways," he said.

JSPL reported standalone sales of 3.35 lakh tonnes. The balance production is under shipment and stocked at the port waiting for vessels which will be accounted this month. JSPL recorded consolidated sales of 4.56 lakh tonnes during April.

The company's Oman Steel plant reported 1.06 lakh tonnes of steel production while sales stood at 1.2 lakh tonnes. 

-ANI

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