[SMM Stainless Steel Market Flash] Jindal Stainless Indonesia 1.2 Mtpa Melt Shop Ramping Up, JV Now an Associate

Published: Aug 14, 2026 14:53

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On its Q1 FY27 earnings call on August 4, India's Jindal Stainless (JSL) said its recently commissioned 1.2 million t/yr stainless steel melt shop in Indonesia has begun ramping up after clearing local approvals and certifications, with sales volumes to start flowing gradually. Management targets 70-80% utilisation in the first year of operation. Separately, JSL confirmed the Indonesian entity PTGMI moves from subsidiary to associate effective July 1, 2026, as JSL gave up its right to appoint a board majority — control was retained only through the construction phase; earnings will now be equity-accounted rather than line-by-line consolidated. Management stressed slab availability into India and guidance are unchanged, and that it retains flexibility to import HR coil instead of slab.

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