Jindal Steel’s crude steel Q1 output outpaces other rivals
It was reported that the crude steel production of Indian steelmaker Jindal Steel and Power Limited (JSPL) reached 2.03 million tons in the first quarter of the current fiscal year 2021, which meant a year-on-year increase of 9.7% after economic activities resumed as India eased the blockade.
At the same time, the country rivals JSW Steel and Steel Authority of India Limited (SAIL) recorded crude steel output of 2.96 million tons and 2.52 million tons, a drop of 30% and 41% respectively, during the period. Another major steelmaker Tata Steel was yet to report its output numbers.
However, Jindal Steel’s CFO Seshagiri Rao expressed cautious on the demand outlook for the steel industry, saying that the recovery would take some time as steel-consuming industries such as machinery, construction, capital goods, and automotive sector have been impacted severely in demand.
