JSPL steel output grows 6% in August; sales up 4%

Steelmaker Jindal Steel and Power Limited (JSPL) on Tuesday said its steel production increased 6% year-on-year to 6.6 lakh tonne in August.

Sales volume also increased 4% y-o-y to 7.1 lakh tonne during the month, JSPL said in a statement.

Part of the OP Jindal Group, JSPL has a presence in steel, power and mining sectors.

"Notwithstanding subdued construction activities due to the ongoing monsoons in August, the company has maintained strong momentum in sales and production," it said.

Shares of JSPL were trading at ₹393.35 on the BSE, up nearly 1% on Tuesday.

“JSPL is committed to achieving its yearly sales and production targets, we hope the domestic demand will rebound sharply once the monsoon season is over. The government of India is pushing its infrastructure projects, and this will help steel players to ride the growth momentum”, said VR Sharma, managing director, JSPL.

The company has investments worth ₹90,000 crore across the globe.

JSPL expects to pare debt and meet its carbon emission goals with the divestment of its entire stake in its thermal power unit to Worldone Pvt. Ltd, a promoter group company.