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Jindal Steel MD Focuses on Middle Management Amidst Top Brass Exits
27 Jul
Summary
- New MD emphasizes 1,800-2,000 upper middle managers as company's strength.
- Several former executives return to senior roles to ensure leadership continuity.
- Company prioritizes capacity utilization, cost reduction, and profitability.
Vidya Rattan Sharma, the new Managing Director of Jindal Steel, is directing attention towards the company's approximately 1,800-2,000 upper middle management employees. He emphasized that this group forms the core operational strength, reassuring investors about strategic continuity following recent top-level exits.
To stabilize leadership, Jindal Steel has brought back several seasoned executives, including Sharma himself, who previously held roles within the Jindal Group's international steel businesses. New leaders for finance, operations, and human resources have also been appointed, drawing from across the steel industry.
Sharma outlined three immediate priorities: maximizing the installed 15.6 million tonnes crude steel capacity, reducing costs, and enhancing profitability through a focus on value-added products rather than aggressive expansion. Future capital expenditures will be financed through internal earnings, avoiding additional debt.
The company's recent consolidated revenue for the June quarter increased by 25% year-on-year to ₹15,501 crore, driven by improved steel prices and product mix. However, net profit saw a 44% decline to ₹844 crore due to increased raw material and interest costs.
