JSPL restarts 1.8 MTPA DRI plant
Jindal Steel and Power Limited (JSPL) has re-started its 1.8 MTPA Direct Reduced Iron (DRI) plant at the 6 MTPA Integrated Steel complex at Angul, Odisha. This was a part of its production ramp-up plan on the back of getting healthy demand for steel in the market.
Through the DRI route, the company is estimating production run-rate of 1 million tonnes of crude steel in FY20, through existing coal linkages. It plans to produce 6.5 Mt of steel in India in FY20. It aims to procure balance requirements for optimum capacity utilisation through e-auctions.
The company’s plant at Angul which is the first and largest of its kind in the world is powered by India’s largest coal gasification plant which converts high-ash coal into synthetic gas.
The management stated that it plans to focus on the debt reduction plan, going forward. Till now it has been successful in reducing consolidated net debt by Rs. 6,000 crore from the peak levels.
With the further ramp-up of its 4554 M3 Blast Furnace along with the DRI plant going onstream again, JSPL is optimistic of scaling up its capacity utilization significantly.
On Friday, the stock of JSPL had closed at Rs. 166.30 per share. On Monday, it opened at Rs. 165 and made intra-day low of Rs. 160.50 and got closed at Rs. 161.50.