Jindal Steel plans $2.4-billion spend in 6 yrs, double output

Jindal Steel & Power Ltd. plans to spend $2.4 billion over the next six years to ramp up capacity, joining its peers in announcing massive expansions as a recovery from the pandemic boosts demand. The steelmaker plans to raise total crude steel capacity to 15.9 million tons by March 2025 from 8.6 million tons, the New Delhi-based company said in an investor presentation on Tuesday. The expenditure also includes plans to more than double pellet production capacity to 21 million tons by 2024, it said.