Jindal Steel stock up 2% as 3 mtpa BOF at Angul raises steel capacity; more details

Shares of Jindal Steel Ltd rose 2 per cent in Tuesday’s trade after the company commissioned a new 3 million tonnes per annum (MTPA) Basic Oxygen Furnace (BOF) at its Angul plant. The addition raises the company’s crude steelmaking capacity from 6 MTPA to 9 MTPA.

On Tuesday, Jindal Steel shares climbed as much as 1.9 per cent to touch a day’s high of Rs 1063.05 on the BSE, up from Monday’s close of Rs 1,042.90. By 10:37 am, the stock was trading 1.54 per cent higher at Rs 1,059, valuing the company at Rs 1.08 lakh crore.

In a filing with the stock exchanges, Jindal Steel said the expansion marks a major milestone in its steelmaking journey. “With the first heat now tapped, the company’s total capacity at Angul has risen from 6 MTPA to 9 MTPA—bringing Angul closer to its goal of achieving 12 MTPA within the current financial year,” it said.

The scrip registered a second straight session of gains and is trading about 46 per cent above its 52-week low of Rs 723.95.

The new BOF synchronises operations with Blast Furnace 2 at the Angul integrated steel plant, enabling higher throughput into downstream mills. The company said the move will ensure steady supplies of Indian-made steel for core industries such as infrastructure, energy, automobiles, oil & gas, and real estate.

Commenting on the development, Naveen Jindal, Chairman of Jindal Steel, said, “The new BOF is now running, and the first heat has been tapped. With this, Angul gains real muscle in steelmaking. Every tonne we produce here strengthens India’s ability to rely on its own capacity.”

Jindal Steel, formerly known as Jindal Steel & Power Ltd, operates on a mine-to-metal model and has invested over $12 billion in state-of-the-art steelmaking facilities across Angul, Raigarh, and Patratu, along with strategic operations in India and Africa.