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Jindal Steel & Power
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Chairman's Speech (Jindal Steel & Power) Year : Mar '13
Dear Shareholders,
 
 The aspirations of a growing India have not been impacted by economic
 roadblocks. In a participatory democracy, each and every person across
 the social pyramid can aspire for a better quality of life, and the I
 nation is committed to i make those aspirations a palpable reality.
 
 As more than a billion people move ahead in unison, JSPL believes in
 the strength of their aspirations and focuses its efforts to help
 accelerate sustainable socio-economic growth. We are aware ofthe
 challenges ahead, but our conviction in the nation''s long-term
 potential continues to be strong.
 
 The global economic landscape during FY 2013 did not demonstrate any
 uniform pattern. According to the IMF, the world witnessed a
 three-speed economic recovery in FY 2013.  While Europe languished
 under the burden of escalating debt and fiscal imbalances, the US
 economy continued to show signs of encouraging growth on all vital
 macroeconomic parameters.
 
 The developing economies represent another side ofthe spectrum. They
 were resilient to global headwinds and continued to grow during the
 year, even though moderately. China is still ahead ofthe race, followed
 by India and other BRICS nations.  India''s economic growth rate is
 still more than most parts ofthe world, and it has been achieved in an
 environment of persistent global economic volatilities. This is a
 commendable effort, although there is no room for complacency and
 efforts must be initiated to accelerate momentum in the core sectors
 ofthe economy, which will pave the way for tertiary sector growth.
 
 The steel sector has an important correlation with national prosperity.
 The demand for steel will continue to grow as economic growth touches
 the lives of millions of people across India. Our country''s total
 capacity is now 90 million tonnes and the production offinished steel
 is about 78 million tonnes. Steel demand is expected to increase by
 8-9% annually in the years to come. I believe, by 2020, India''s
 cumulative steel demand will be in excess of 130 million tonnes.
 
 The above factors justify our reasons for capacity expansion and the
 introduction ofvalue-added products in our portfolio.  Our proactive
 backward integration into coal and iron ore, and forward integration
 into value-added products like beams, rails, plates, rebars and wire
 rods, among others have propelled our business growth. The result is
 that from being a Rs. 450-plus crore enterprise in 2001, we have now
 emerged as a Rs. 20,000-crore Company.
 
 At JSPL, we have ambitious plans for the future. We plan to enhance
 steel production to 15 MTPA (from 3 MTPA) and power generation
 capacityto 10,000 MW (from around 2,500 MW) by 2020. This would be
 backed by our own coal and iron ore mines nationally and
 internationally. We are vigorously implementing our ''Vision 2020'' and
 foresee five times growth in terms of revenue and capacity. Operational
 efficiency will also continue to be high on the list of priorities.
 Moreover, we entered the retail market with TMT Rebars with the brand
 name Jindal Panther, envisioning huge opportunity in this segment.
 
 JSPL''s achievement is the triumph of our dedicated professionals, who
 remain our most valuable assets. We are initiating various programmes
 to enhance their skills and expertise. We have also created a culture
 of strong ethics and transparency in the organisation. This is a part
 of our heritage as an 0. P. Jindal Group Company.
 
 At JSPL, business initiatives and community efforts move ahead in
 perfect harmony. We drive multiple community initiatives, focusing on
 education, agriculture, animal husbandry, water resource management,
 infrastructure development, on-farm and off-farm livelihood
 enhancement, health and familywelfare, and women empowerment.
 
 We are a young Company and we are partnering the dynamism ofa young
 India, where more than half ofthe population is below the age of30. At
 JSPL, we will continue to focus on efforts to leverage the tremendous
 potential of our country''s youth brigade and help create adequate
 support infrastructure.
 
 Our green strategy will also play a key role in every aspect of value
 creation.
 
 On behalfofthe Board ofDirectors and the entire leadership team at
 JSPL, I want to thank our shareholders, customers, business associates
 and the wide fraternity of stakeholders for keeping faith in our
 ability to create value even in challenging times.
 
 Naveen Jindal
 
 Chairman
Source : Dion Global Solutions Limited
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