Essar Steel logs 47% growth in flat steel output in FY17

Pellet production, too, moved up 60% from 5.8 mt to 9.3 mt

Essar Steel India Ltd has logged 47 per cent spike in its flat steel production in 2016-17. Output of flat steel products moved up from 3.8 million tonne (mt) in FY16 to 5.6 mt in the last fiscal.

Pellet production, too, moved up 60 per cent from 5.8 mt to 9.3 mt.

For the quarter ended March 31, 2017, Essar Steel has recorded a growth of 25 per cent in flat steel production at 1.5 mt as against 1.2 mt in the same period last year. The company has registered a growth of 21 per cent in pellet production at 2.3 mt compared to 1.9 mt in the corresponding period of last year.

Dilip Oommen, managing director, Essar Steel said, "We have made a quantum leap in our performance in the last fiscal. The growth clearly reflects the company's march towards full capacity utilization in the coming years. The value-added component in the product-mix has also jumped significantly. The downstream units are currently operating at capacity levels."

"Various measures taken by Ministry of Steel and Government of India in the last fiscal led to the performance improvement of the steel sector and there is a need for continuity of those measures to ensure steel sector is able to sustain the momentum gained in the last fiscal and moves forward towards continued growth of the sector and the nation", he added.

Essar Steel is a leading integrated steel producer with an annual production capacity of 10 million tonne per annum (mtpa) of steel supported by a 20 mtpa pellet facility. The s facilities comprise iron making, steel making, and downstream facilities, including a cold rolling mill, a galvanising and pre-coated facility, a steel-processing facility, an extra-wide plate mill and three pipe mills with coating facilities.