JSL to export over 18,000 tn stainless steel in June

NEW DELHI: Jindal Stainless Ltd (JSL) on Thursday said it will export over 18,000 tonnes of stainless steel in June to its customers in Russia and a few European countries.

In May, the company had dispatched over 12,000 tonnes in export markets, JSL said in a statement.

With India yet to completely lift the lockdown, JSL’S strategic initiative to recapture volumes in the export markets is yielding encouraging results.

“In June, the company is slated to dispatch over 18,000 tonnes, taking the export volume back to PRE-COVID-19 period. In normal months, it (exports) hovers around 18-20 per cent (of total output),” it said.

The company said it will also be exporting stainless steel products to countries South Korea.

JSL Managing Director (MD) Abhyuday Jindal said, “We’re aggressively chasing export markets in the EU and

Russia, which constitute the bulk of our export volumes. Besides, we’re also looking afresh at markaets like Korea and South America to maximise exports.”

“We are optimising operations at our plants to align with the market conditions and we’ll be swift to respond to domestic demand upon revival,” he added.

The nationwide lockdown to contain COVID-19 spread had impacted production, sales and supply of stainless steel makers in the country.

Given the government’s focus on revival of MSMES along with planned relaxation of lockdown, JSL said the domestic demand for stainless steel is expected to pick up in the next few months.

JSL has gradually ramped up its operations since reopening its manufacturing facility in the first week of May.

By the end of May, its capacity utilization reached 40 per cent, and with the gradual easing of lockdown, the company plans to increase it further in coming weeks.

Jindal Stainless Ltd is country’s largest stainless steel manufacturer. Its plant in Jajpur, Odisha has an annual capacity of 1.1 million tonnes (MT).