Essar Steel India's flat steel production up 47% in FY17

Essar Steel India Ltd (EStIL) on Tuesday said it's total flat steel production registered a growth of 47 per cent at 5.6 million tonnes (MT) in FY 17 as compared to 3.8 million tonnes in the corresponding period last year.

"We have substantially improved our performance for the year ended March 31, 2017. The total flat steel production registered a growth of 47 per cent at 5.6 MT in FY17," the company said in a statement.

"Pellet production also grew by 60 per cent to 9.3 MT compared to 5.8 MT in the same period last year," it said.

During the fourth quarter, the company 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 to1.9 MT the corresponding period of last year, the statement added.

"We have made a quantum leap in our performance in the last fiscal. The value-added component in the product-mix has also jumped significantly and the downstream units are currently operating at capacity levels," Essar Steel CEO & MD Dilip Oommen said.

Various measures taken by Ministry of Steel in the last fiscal led to the performance improvement of the steel sector, added Oommen.