Stainless Steel Industry

JSL says it is the first strategic partnership by an Indian company for securing a stake in a nickel reserve abroad

Jindal Steel and Power Limited (JSPL) will invest up to Rs 1,500 crore to make recently-acquired Monnet Power operational, its Managing Director Bimlendra Jha said. The investment will be made over the period of the next 12 to 18 months, he said. In December 2022, the steelmaker acquired debt-laden Monnet Power for Rs 410 crore through the insolvency route. The 1,050 megawatts (MW) under-construction coal-based power project is located near JSPL's steel plant in Angul, Odisha. "We will invest fresh investment of up to Rs 1,500 crore to make the plant operational. The amount will be invested over the period of the next 12-18 months," Jha told PTI. Once completed, the new asset will provide power to JSPL's steel plant in Angul, which is in expansion mode, he said. The coal for Monnet Power will be sourced from the Uktal B1 and B2 mines of JSPL. Last year, JSPL won the two coal blocks with approximately 347 million tonnes of reserves near Angul in an e-auction process. Part of OP

Firm's MD Abhyuday Jindal says next milestone after completing expansion would be to achieve 100% capacity utilisation, after which it may look at backward integration

When compared with its issue price of Rs 326 per cent, the stock has gained a massive 80 per cent in less than four months post listing.

The company had a net profit of Rs 305.84 crore in the same period of 2021-22, JSL said in regulatory filing.

The government's objective behind the move was to cool down steel prices. However, the prices anyway had started showing a downward trend, the industry expert said.

Given the dumping that is happening, the company is working towards increasing its share of exports to 30%-35%

Chinese stainless steel futures surged more than 4% on Tuesday, boosted by tight supply hopes as producers cut production

Removal of duty on ferro-nickel and stainless steel scrap is a long standing demand and the Ministry of Steel has also at times batted for zero duty on these items.

Steel, iron ore firms gain pricing power, hope for demand revival in base metals

High raw material costs prove a major hindrance in producers' efforts to increase per capita use