It expects up to 6.5% growth in demand for FY23. A similar demand growth is expected in the upcoming calendar year as well, it said.
SEATTLE (Scrap Monster): Leading Indian steelmaker, Jindal Steel and Power Limited (JSPL) has urged the government to create a level playing field for the domestic steel industry in the upcoming Union Budget. It noted that 2022 presented multiple challenges to steel companies.
Bimlendra Jha, Managing Director, JSPL said that the company expects the country’s government to guard against dumping of steel into the country, which it termed detrimental to the future of the steel industry, which is already plagued with multiple challenges including declining exports, waning demand, falling commodity prices and shrinking profit margins. It must be noted that steelmakers in the country have been witnessing squeezed margins during recent quarters.
The company expects a better financial performance from steel industry, driven by return in demand, especially from construction, infrastructure and automotive sectors. It expects up to 6.5% growth in demand for FY23. A similar demand growth is expected in the upcoming calendar year as well, it said.
JSPL called for incentivisation for using low-grade iron ore and coal gasification and increased vigil by the watchdog to ensure that no dumping of steel products take place.
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