Indian steel and mining industry declares performance result for the Apr-Jan period 2014. SAIL, JSW and JSPL achieve growth in overall sales in Q3 FY14. CIL misses to achieve its monthly target increasing the gap for fulfilling its annual target of 482 MnT in FY14.
Recently, many Indian industries related to steel and mining sector have declared their performance result for the performance during Apr-Jan, 2014. Steel 360 has noted result of steel and mining industry of India.
Steel Authority of India Limited (SAIL) – SAIL achieved a 10 per cent growth on sales for the month of January, 2014 at 1.14 MnT. Its Flat Steel sales were up by 23.5 per cent. During the Apr-Jan period of FY14 its sales are up by 8 per cent to 9.8 MnT from 9.09 MnT of same period in FY13. The company produced about 10.7 MnT of saleable steel, thereby reporting a growth of about 4 per cent in Apr-Jan period of FY14.
According to C S Verma, the Chairman of SAIL, with the increase in sales in first month of 2014, the company is positive towards better growth in the near future.
Coal India Limited (CIL) – CIL targeted to achieve production target of about 383.8 MnT in Apr-Jan period of FY14 but produced about 366.6 MnT. It has achieved about 95 per cent of target for Apr-Jan period and 75 per cent of its annual target of 482 MnT. The company has two months to achieve the remaining target of about 116 MnT in FY14. It has produced about 47.4 MnT in January, 2014.
The company failed to achieve its targets because of the natural calamities like Phailin in the country. There is still hope to meet the target in the remaining two months if no such mishap crops up again.
JSW Steel – JSW Steel reported a growth of 52 per cent in Q3 FY14 with production of 3.2 MnT Crude Steel. The company made a turnover of 143.6 billion from 1 MnT steel exports. During Apr-Dec period of FY14, it has produced 9 MnT Crude steel reporting a growth of 41 per cent.
Despite the fact that domestic demand for steel is quiet low and with shortage in supply of raw material, JSW has achieved 100 per cent production target during Apr-Dec period of FY14.
Jindal Steel & Power Limited (JSPL) – JSPL has produced about 0.34 MnT of Sponge iron, 0.44 MnT of Pig iron and 0.81 MnT of other steel products in Q3 FY14. It earned a growth of about 4 per cent on sales of 0.76 MnT steel during Q3 FY14. The company has earned a consolidated turnover of INR 53770 millions in Q3 FY14 with a growth of 12 per cent compared to same period of FY13.
Indian steel industry has achieved 4th position in steel production globally and also increased its exports by 9.5 percent to 4.136 MnT in Apr-Dec period of 2013 compared to its imports. India’s imports in the same period went down by 29.2 per cent at 4.09 MnT. Prevailing economical conditions, and rupee volatility in global market helped growth in steel exports. Indian government is also taking steps towards improved supply of the raw material to the steel industry in the near future.