Indian steelmaker Jindal Stainless, India’s largest stainless steel manufacturer, has announced the commissioning of its Nickel Pig Iron smelter facility located in an industrial park in the Halmahera Islands in Indonesia – eight months ahead of the schedule.
Through its joint venture with New Yaking Pte. Ltd in March 2023, Jindal Stainless claims to have ensured the long-term availability of nickel for stainless steel production. The agreement with New Yaking Pte. Ltd. in March 2023, wherein the company acquired a 49% equity interest for around USD 157 million.
Jindal Stainless' managing director Abhyuday Jindal, commented, “This JV was the first bold step by any Indian stainless steel manufacturer to secure raw material reserves outside the country since India has no known sources of nickel. This move will enable us to fulfil some of our raw material requirements in a volatile market, which is largely dictated by fluctuating nickel prices. Achieving this milestone ahead of time showcases the resolve and collaboration we enjoy with our partners, and we look forward to starting commercial production from the facility soon.”
“This JV was the first bold step by any Indian stainless steel manufacturer to secure raw material reserves outside the country since India has no known sources of nickel."
Abhyuday Jindal, managing director of Jindal Stainless.
In May this year, Jindal Stainless announced three crucial strategic investments. The company entered into a collaborative agreement with a Singapore entity to set up a stainless steel melt shop in Indonesia and is also improving and upgrading its infrastructure in Jajpur, Odisha. Additionally, it completed the acquisition of Chromeni Steels Private Limited in Gujarat to increase the capacity of its cold-rolling facility in line with the company’s long-term vision of increasing the proportion of cold-rolled products in its product mix.
Founded in 1970, Jindal Stainless is India’s leading stainless steel manufacturer. In FY24, the company has a consolidated annual turnover of INR 38,562 crore (USD 4.7 billion) and is ramping up its facilities to reach 4.2Mt/yr of annual melt capacity by 2026. There are 16 stainless steel manufacturing and processing facilities in India and abroad, including in Spain and Indonesia, and a worldwide network in 12 countries in addition to 10 sales offices and six service centres. Jindal's product range includes stainless steel slabs, blooms, coils, plates, sheets, precision strips, wire rods, rebars, blade steel, and coin blanks.
Stainless steel is manufactured using scrap in an electric arc furnace.