Jindal Steel And Power Limited Sales Up 8% In February

Jindal Steel and Power Ltd (JSPL) on Thursday posted 8 per cent jump in sales at 5.90 lakh tonne for  February 2022.

In a statement, the company said it sold 5.47 lakh tonne (LT) steel in the same period a year ago.

Exports contributed 24 per cent to total sales volume last month.

"JSPL's steel production stood at 6.57 lakh tonne in February 2022 which was modestly higher than previous year's," the company said.

JSPL further noted that its sales would have been higher if rake availability was not limited in the eastern part of the country. The railway rake availability issue is not yet fully resolved.

“The world has started feeling the heat of the unfortunate Russia-Ukraine conflict. Brent & energy prices are skyrocketing due to the full-scale war in eastern Europe. Input costs for steam coal, coking coal, and ferro alloys are witnessing substantial rise which has resulted in higher steel prices," Managing Director V R Sharma said. 

It will take at least six months for markets to stabilize post-war. Higher input costs should therefore result in a continued rise in steel prices as the industry grapples with cost pressures, Sharma said.

JSPL is a leading conglomerate with a presence in steel, power, and mining sectors with an investment of approximately Rs 90,000 crore across the globe.