JSPL posts record crude steel production in Mar

Private steel maker JSPL today posted its highest monthly and quarterly crude steel production as of March 31 at 0.45 million tonne (MT) and 1.26 MT, respectively.

The figures do not include the crude steel production at Jindal Shadeed, Oman, Jindal Steel and Power Limited (JSPL) said in a statement.

In India, the company has two integrated steel plants in Raigarh and Angul where it produces steel.

While the production during January-March was 38 per cent higher from 1.26 MT the company produced in the year-ago quarter, the output in March was 55 per cent higher at 0.29 MT during the same month a year ago.

With the recently-completed basic oxygen furnace (BOF) at 5 MTPA integrated steel plant at Angul going operational, the company has posted its highest-ever monthly crude steel production in March 2018, JSPL said.

"With the 250 MT basic oxygen furnace (BOF) going operational in December 2017 end, we are in a position to progressively harness the full capacity levels of our 3.2 MTPA blast furnace," N A Ansari, CEO Steel, JSPL said.

Now the company is aiming to surpass all its performance records with every passing quarter of FY 2018-19 by achieving 85 per cent plus capacity utilisation levels at Angul in 3-4 months time, he added.

"A series of measures, coupled with a delay-free track record of servicing its debt obligations, led to credit rating upgrade of JSPL's financial instruments to Investment Grade with stable outlook by leading ratings analyst firm CARE recently," JSPL said.

During FY 2017-18, JSPL infused fresh equity of Rs 1893 crore, Rs. 1200 crore through a successful QIP issue and Rs 693 crore through issue of warrants to promoter group, it added.

The company also divested certain non-core assets to enhance its liquidity position by over Rs 2,000 crore, it added.

Shares of the company were trading 1.17 per cent higher at Rs 242.95 on BSE.