The National Stainless Steel Policy is set to be officially launched next year, according to Abhyuday Jindal, Managing Director of Jindal Stainless Limited (JSL). He revealed that the steel ministry is in the final stages of discussions to implement the policy, aiming to increase domestic stainless steel production to 10 million tonnes (MT) initially, aligning with the global average where stainless steel constitutes around 3% of total steel production.
JSL currently produces 6.6 MT of stainless steel annually. Jindal expressed concerns about the influx of cheap Chinese stainless steel imports into the Indian market, leading to significant profit reductions for domestic companies. He emphasised that smaller enterprises, particularly MSMEs, are bearing the brunt of this situation, as China sells stainless steel at prices lower than those in India.
Addressing queries about bidding for Vedanta mines, Jindal clarified that JSL has no interest in the matter. He also mentioned that the expansion plan for their Indonesia plant is progressing as planned and is slated for completion by May 2024.
In addition to policy developments, Jindal highlighted JSL's commitment to environmental sustainability. The company is actively working on decarbonisation efforts, focusing on transitioning to renewable energy sources. JSL has already invested in nearly 300 megawatts of renewable power and is dedicated to expanding its renewable energy initiatives. Their ultimate goal is to achieve carbon neutrality by 2050.
