Jindal Steel Eyes 50 Million Tonne Annual Output Within Seven Years

Jindal Steel & Power Ltd. aims to expand capacity to 50 million tonne per annum in India by the year ending March 2031 and reduce carbon emissions by 42% within 2030, according to Chairman and Managing Director Sajjan Jindal. According to him, the company is not just building the future with steel, it is also transforming the company, driven by growth, product enrichment, cost optimisation, and other measures.

"We are committed to research, innovation, and developing new products."

The Jindal Steel board recently approved a 5-million-tonne expansion at Dolvi, increasing the company's India capacity to 42 million tonne and total capacity to 43.5 million tonne by September 2027, he said.

The Indian steel major reported a decline in net profit in the first quarter of current fiscal, in line with analysts' estimates, dragged by losses in wholly-owned subsidiaries.

The company reported a 21% fall in the bottom line to Rs 1,338 crore in the quarter ended June, compared with Rs 1,692 crore over the same period last year.

The Delhi-based steelmaker aims to reduce carbon emissions by 42% and power 100% of their steelmaking operations with renewable energy by 2030, he said. The company is planning to establish a green steel manufacturing facility, initially at 2 million tonne per annum which will be expanded to 4 million tonne, Jindal said.

India’s outperformance is expected to continue, with rising capacity utilisation levels and healthy balance sheets boosting private capex, he said.

With elevated Chinese production and exports, global steel demand remains weak, leading to rising imports into India and affecting domestic steelmakers’ margins, he said.