Archive · 14 Aug 2026
Jindal Steel targets 21 mt by 2032 with new CEO
Jindal Steel is a big company in India that makes steel, a strong metal used to build things.
The company is led by a very rich businessman named Naveen Jindal.
Recently, the company got a new boss named V.R. Sharma.
He said the company wants to make more steel, aiming for about 21 million tonnes every year by 2032.
But the company says it will grow slowly and carefully instead of trying to make the most steel in the world.
Instead, it wants to make special kinds of steel used for things like nuclear power plants and ships.
The new boss also wants to give more chances to long-serving employees to become leaders.
The company uses special factories called electric arc furnaces that make 'greener' steel with much less pollution.
Because of this, the company is not worried about a new European tax on carbon pollution.
The new special steel factory will be built in Angul, in the Indian state of Odisha.
Jindal Steel plans to expand its steelmaking capacity to about 21 million tonnes by 2032 under newly appointed managing director and CEO V.R. Sharma.
The company currently has 15.6 million tonnes per annum of total steelmaking capacity, of which around 12 mt is operational.
Jindal Steel will use the additional capacity for specialized steel used in sectors such as nuclear power plants and shipping, to be built at its Angul plant in Odisha.
The company is taking a cautious approach to captive mines and relies on Odisha Mining Corporation and National Mineral Development Corporation for 70% of its raw materials.
Sharma said Jindal Steel is not concerned about the European Union's CBAM carbon tax because its electric arc furnaces emit around 1 tonne of CO2 per tonne of steel, below the EU benchmark of 1.3 tonnes.
- Who
- Jindal Steel, led by billionaire Naveen Jindal, and its newly appointed managing director and CEO V.R. Sharma
- What
- Announced a measured expansion of steelmaking capacity to about 21 million tonnes by 2032, focusing on specialized steel and building internal leadership
- When
- Announced on a Thursday at the Metalogic 9th Annual Conference on Steel in New Delhi (specific date not stated in the article)
- Where
- India; the specialized steel capacity will come up at the company's Angul plant in Odisha
- Why
- To pursue profitable, sustainable and responsible growth without burdening the balance sheet with excessive debt, and to bring leadership stability after several senior-level changes
Jindal Steel's cautious strategy
Rivals' scale and raw-material security approach
Growth strategy
Jindal Steel's cautious strategy
Jindal Steel plans a measured, sustainable expansion to 20-21 mt by 2032, focusing on specialized steel and value rather than chasing volume, funded through internal accruals under an 'earn & invest' philosophy.
Rivals' scale and raw-material security approach
JSW Steel is targeting 80 mt by 2030 and the Jindal brothers aim for combined capacity of at least 100 mt, reflecting the broader industry race for scale.
Raw material sourcing
Jindal Steel's cautious strategy
Jindal Steel is cautious about steep auction premiums for captive mines and would be comfortable sourcing 100% of its iron ore from the open market if needed.
Rivals' scale and raw-material security approach
JSW Steel and Tata Steel prefer to maintain a significant captive iron ore base for raw-material security; Tata Steel currently meets its iron ore needs entirely through captive mines and plans a 50:50 mix of captive and market purchases.
- Capacity target by 2032
- About 21 million tonnes
- Current capacity
- 15.6 mtpa total, around 12 mt operational
- Specialized steel plant location
- Angul, Odisha
- Raw material reliance
- 70% from OMC and NMDC, 30% from own mines
- Electric arc furnaces
- Four - three in Gajapati and one in Angul, Odisha
- Carbon emissions
- Around 1 tonne of CO2 per tonne of steel vs EU benchmark of 1.3 tonnes
- Jindal brothers' 2030 target
- Combined annual capacity of at least 100 mt; JSW Steel targets 80 mt
- Share performance year-to-date
- Jindal Steel +2.95%; Nifty 50 -6.90%