Jindal Stainless has commissioned its nickel pig iron smelter in Indonesia, significantly ahead of schedule, ensuring a steady supply of nickel for stainless steel production.
Jindal Stainless has successfully commissioned its nickel pig iron smelter facility in the Halmahera Islands, Indonesia, eight months ahead of schedule. This milestone marks a significant achievement in the company’s joint venture (JV) with New Yaking Pte Ltd, ensuring a stable long-term supply of nickel for stainless steel production. The JV, announced in March 2023, saw Jindal Stainless acquire a 49 per cent equity stake for approximately US$ 157 million.
Commenting on this accomplishment, Abhyuday Jindal, Managing Director, Jindal Stainless, stated, “This JV represents a pioneering move by any Indian stainless steel manufacturer to secure raw material sources overseas, given India’s lack of domestic nickel reserves. This strategic initiative will help us meet part of our raw material needs in a market prone to nickel price volatility. Completing this project ahead of schedule underscores the strong collaboration we share with our partners, and we are eager to commence commercial production at the facility soon.”
In 2024, Jindal Stainless also announced a comprehensive strategic investment plan on May 1. As part of this strategy, the company has entered into a partnership with a Singapore-based entity to establish a stainless steel melt shop in Indonesia. Additionally, Jindal Stainless is enhancing and upgrading infrastructure at its Jajpur facility in Odisha and has completed the acquisition of Chromeni Steels Private Limited in Gujarat, aiming to boost the capacity of its cold-rolling operations. These investments align with the company’s long-term vision to increase the proportion of cold-rolled products in its portfolio.
In another development, Jindal Stainless Steel Tsingshan Group, a China-based stainless steel producer, have formed a joint venture with PT Glory Metal Indonesia (GMI) in the Morowali Industrial Park (MIP), in Indonesia. This JV is worth $180 million as per news reports.
The plant will have two 150-tonne argon oxygen decarburisation converters, a 150-t ladle furnace, a rotary kiln electric furnace and a continuous caster. The plant will start operations in November 2025.
