JSW Steel Posts Record Steel Output In 2016-17
The growth has come despite a relatively modest industry and gross domestic product performance, JSW Steel said in its annual report 2016 -17.
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Sajjan Jindal-led JSW Steel has recorded its highest-ever crude steel production at 15.80 million tonnes (mt) during 2016-17, surpassing earlier guidance. This is 25 per cent more than what the company produced in 2015-16.
The growth has come despite a relatively modest industry and gross domestic product performance, JSW Steel said in its annual report 2016 -17. The output is "its highest-ever crude steel production at 15.80 mt during 2016-17, surpassing the guidance of 15.75 mt".
During 2016-17, it achieved consolidated sales of 14.7 mt, a growth of 20 per cent year-on-year, driven by highest ever export sales of 3.80 mt covering more than 100 countries.
"This achievement comes against the backdrop of a sluggish steel demand growth at 2.6 per cent year-on-year in India," the company said.
In the first nine months of last year, the firm saw incremental domestic growth on the back of normal monsoon, domestic reforms, improved private consumption, higher automobile demand and better rural offtake.
"However, during the latter part of the year, some market segments faced temporary negative consumption shock due to demonetisation of high-denomination currency notes," it said.
"Against this backdrop, the company strategically enhanced export sales to offset domestic slowdown, with continued focus on enriching the product mix."
The flagship of over $11 billion JSW group, JSW Steel is one of India's leading integrated steel manufacturers with a capacity of 18 metric tonnes per annum (mtpa).