Dear Stakeholders,
As I assume the role of Chairman, I am honoured and inspired to
continue the legacy established by our esteemed Chairman Emeritus, my respected father.
This legacy is being carried forward with a fresh vision and renewed goals, crafted in
collaboration with my beloved brother Ramesh.
Despite a challenging global economic scenario in FY 2023-24, India has
emerged as one of the world?s fastest-growing major economies. This growth is driven
by robust capital formation, particularly through public investment, and supported by
strategic reforms, infrastructure investments, and initiatives like ‘Make in
India? and the Production-Linked Incentive (PLI) schemes.
Our country?s economic trajectory is also bolstered by a dynamic
domestic consumption base, and three transformative mega-trends: global offshoring,
digitalisation, and energy transition. In line with the National Steel Policy?s
ambitious goal to boost crude steel production capacity from 160 MnTPA in FY 2022-23 to
300 MnTPA by FY 2030-31, we are advancing India?s growth narrative through our
significant presence in the alloy steel and castings industry. Our position is further
strengthened by our exceptional mining assets, a key differentiator.
We are focused on reducing our financial leverage and improving our
external credit rating, while promoting holistic growth through strengthening corporate
governance, internal control, proactive risk assessment & mitigation, enhancing
transparency and integrity, impactful CSR initiatives and a firm commitment to ESG goals.
These combined efforts are aligned with our vision for sustainable and responsible growth.
Arvind Jayaswal
Chairman