Gujarat, India-based steelmaker Essar Steel has announced that its flat steel production increased by 25 percent year on year to 1.5 million mt in the fourth quarter of the 2016-17 financial year ended March 31. In the full financial year, the company’s total flat steel production went up by 47 percent to 5.6 million mt compared to the previous financial year.
Meanwhile, in the fourth quarter Essar Steel's pellet output increased by 21 percent year on year to 2.3 million mt, while in the 2016-17 financial year its pellet output totaled 9.3 million mt, rising by 60 percent from the 2015-16 financial year.
Essar Steel's CEO Dilip Oommen stated that the growth in production clearly reflects the company’s march towards full capacity utilization in the coming years. According to Mr. Oommen, the company’s value-added steel production also jumped significantly in the 2016-17 financial year.