Stainless exports are increasing Jindal Strips' profits

Stainless exports are increasing Jindal Strips’ profits

India's largest stainless steel producer Jindal Strips has reported an almost fourfold growth of profit for the Q1 of its financial year, ending March 2004. The increase in the profits is related with the increase in the demand from Chinese market for the plant's stainless steel production, which is to be used for the construction work of 2008 Olympic Games and the 2010 Shanghai Expo. Meanwhile Jindal is reported to be planning to take over Salem Steel Plant (SSP), which is subsidiary of Sail(Steel Authority of India Ltd.). As Sail is still indecisive about the takeover, unless an official offer is made till August, the offer will expire. Moreover, the privatisation is oppossed by trade unions and by the state government of Tamil Nadu, where Salem is located.