JSW Steel is eyeing sales of 15 million tonnes (MT) as well as a production of 15.75 MT per annum (MTPA) in the current fiscal. In his speech to the company shareholders on Tuesday, JSW Steel Chairman and Managing Director Sajjan Jindal said the firm continues to be confident of the India story.
Following the ramp-up of new facilities, JSW Steel will be well positioned to deliver around 25 per cent growth in volumes in the coming year, he said. “With a target of crude steel production of 15.75 MTPA and saleable steel sales of 15 MTPA in 2016-17, we are also aiming to reduce our cost of production even further, with economies of scale and consistent focus on efficiency improvement. We look forward to consolidating your Company's leading position in the industry in the year ahead,” he added. On capacity expansion, Jindal said the firm completed a few very low-cost and returns-accretive capacity expansion projects at Vijayanagar, Dolvi and Salem in 2015-16.
“This has resulted in a 25 per cent enhancement in capacity to 18 MTPA. This expansion has also enabled us to enhance the proportion of long products in our portfolio, well in time to capitalise on the upswing in infrastructure creation and construction activity,” he noted. He said despite temporary challenges, India’s long-term outlook for the steel sector continues to be bright.