homevideos Newsmarket Newscommodities NewsCorrection in steel due to softening input costs; will be debt free by Q2FY23: JSPL
Correction in steel due to softening input costs; will be debt free by Q2FY23: JSPL
VR Sharma, managing director of Jindal Steel & Power (JSPL), on Wednesday, said that steel prices are going down because the input cost has gone down substantially.
VR Sharma, managing director of Jindal Steel & Power (JSPL), on Wednesday, said that steel prices are going down because the input cost has gone down substantially.
The company’s production and sales data for the month of November are out. While steel production is up 10 percent year-on-year (YoY), sales are down 5 percent for the same period. The company said it is gearing up to achieve the annual target of 8-8.2 million tonne of steel production.
Sharma further said that the steel prices have corrected 4.5-5 percent over the last 2 weeks.
On demand, he said that the construction ban in National Capital Region (NCR) has resulted in lower demand for rebar and construction steel.
However, he is optimistic that steel demand will bounce back as normalcy returns.
The company expects to be debt-free from the current figure of Rs 11,000 crore in Q2 of FY23.
For the entire management interview, watch the video
First Published: Dec 8, 2021 9:40 AM IST
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