Vedanta's ESL Announces 17th Annual General Meeting

ESL Steel Limited (formerly Electrosteel Steels Limited), a subsidiary of Vedanta, has released a notice for its 17th Annual General Meeting (AGM). The AGM will be held on Wednesday, August 21, 2024, at 11:30 A.M. via Video Conferencing/Other Audio-Visual Means (VC/OAVM). Key financial highlights to be discussed include achieving the highest ever hot metal production of 1.473 MT, an 8% year-over-year increase, and the highest ever saleable production of 1.386 MT, also up by 8% year-over-year. The company reported a 7% rise in revenue from operations to ₹8508 crore, though EBITDA margins contracted by 32% due to market volatility, resulting in a net loss of ₹967 crore for FY24. Additionally, ESL is expanding its capacity from 1.7 MTPA to 3 MTPA and focusing on optimizing costs and increasing operational efficiency. The meeting will also address the positive outlook for the Indian steel market, projected to grow from 135 million tons in 2024 to 210 million tons by 2029.