JSPL said its July steel sales and output increased as compared to the year-ago period with Managing Director V R Sharma noting that India Inc is getting back to normalcy. "India Inc is getting back to normalcy, as companies can mend supply chains, getting more workers back on the job, resulting in the increased domestic steel demand. Thanks to the Government's efforts to reboot the economy by announcing the stimulus package," Sharma said.
He made the remarks in a press release issued by Jindal Steel and Power Ltd (JSPL) sharing improved production and sales numbers for July. As per the release, JSPL's consolidated crude steel output rose 13 per cent to 7.40 lakh tonne (LT) in July 2020 from 6.56 LT in the same month last year.
During the month under review, the company's consolidated sales also improved to 7.62 LT, up 25 per cent from 6.11 LT in July 2019. As Prime Minister Narendra Modi said new opportunities always emerge during challenging times, JSPL followed the same path and successfully overcame the challenges, Sharma said.
JSPL further said on a standalone basis, its production grew 13 per cent to 6.03 LT in July 2020 as compared to the year-ago period. The standalone sales were at 6.37 LT, up 29 per cent from 4.93 LT in July 2019. JSPL is an industrial powerhouse with a dominant presence in steel, power, mining, and infrastructure sectors.