Essar Steel India Limited (EStIL) has substantially improved its performance for the year ended March 31, 2017. The total flat steel production registered a growth of 47 per cent at 5.6 million tonnes (MT), compared to 3.8 MT in the corresponding period last year. Pellet production also grew by 60 per cent to 9.3 MT compared to 5.8 MT in the same period last year.
The production of value-added steel has risen by 20 per cent to 2.8 MT as against 2.3 MT in the corresponding period of last year.
During Q4 ended March 31, 2017, Essar Steel has recorded a growth of 25 per cent in flat steel production at 1.5 MT as against 1.2 MT in the same period last year. The company has registered a growth of 21 per cent in pellet production at 2.3 MT compared to 1.9 MT in the corresponding period of last year.
Commenting on the performance, Dilip Oommen, CEO & MD, Essar Steel said, “We have made a quantum leap in our performance in the last fiscal. The growth clearly reflects the company’s march towards full capacity utilisation in the coming years. The value-added component in the product mix has also jumped significantly. The downstream units are currently operating at capacity levels. Various measures taken by Ministry of Steel and the Government of India in the last fiscal led to the performance improvement of the steel sector and there is a need for continuity of those measures to ensure (the) steel sector is able to sustain the momentum gained in the last fiscal and moves forward towards continued growth of the sector and the nation.”