Jindal Steel & Power Says Output, Sales Hit Record In FY17
Jindal Steel and Power Ltd. (JSPL) said it clocked its best-ever production and sales of over 4.8 million tonne in the financial year ended March.
Naveen Jindal-led steel manufacturer's production in the fourth quarter went up 12.3 percent from the previous three months to 1.3 million tonne, the company said in a statement. Sales in the fourth quarter increased 11.2 percent sequentially to 1.34 million tonne.
The company's subsidiary in Oman, Jindal Shadeed Iron and Steel LLC, recorded over 20 percent higher annual production and sales in FY17 compared to the previous fiscal. It added 1.31 million tonne, or a little less than one-third, to Jindal Steel's total production and sales.
Jindal Steel's fortunes have turned as the company is the best performer among India's top 200 stocks. Overturning a six-year-long decline on weak sales and high debt, shares of Jindal Steel and Power have rallied 79 percent this year.
Indian steel mills had to rely on exports to tackle the flood of record cheap imports from the world's top steel producer China. Steel exports had surged almost 78 percent in the 11 months till February, while imports declined 39 percent, according to the Ministry of Steel. The government also imposed safeguard taxes and anti-dumping duties to stem the inflow from China.
The World Steel Association has projected India's steel demand to grow by 5.7 percent in 2017, and China's steel use to decline by 2 percent in the same period.
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