Exports increased by 113 per cent to 4.43 lakh tonnes as against 2.08 lakh tonnes in the same corresponding period last year, a press release said adding that the company has maintained its postion as the largest Indian exporter of hot rolled (HR) coils for the fifth year in succession.

The production of HR coils has grown by over 21 per cent at 8.73 lakh tonnes during the current half year. ESL produced 7.21 lakh tonnes during the same period last year, the company stated.

The company's sales volume increased 29 per cent at 4.5 lakh tonnes in the second quarter of the fiscal 2000-01, from 3.63 lakh tonne last year. Production improved by 10 per cent from 3.63 lakh tonnes in the second quarter last year to 4.5 lakh tonnes in same period this year.

ESL's exports have also increased by 162 per cent at 2.28 lakh tonnes in the second quarter, up from 0.87 lakh tonne, in the same period last year.

"We are satisfied with the performance of the company especially in the second quarter which is traditionally marked by a demand slump due to the slowdown in the activity during the monsoon.

The production growth achieved by the company is sustainable and we will produce over 2 million tonnes during the current year," said managing director Jatin Mehra.

The company has embarked on a four-point programme to enhance shareholder value through capacity enhancement, contribution enhancement, reduction in finance cost and enhancing value of intangibles.

Essar Steel is also in the midst of a major debt restructuring exercise. The company has worked out a two-pronged strategy to reduce its burden by around Rs 1,200 crore in the current fiscal. While the company proposes to bring down the size of its debt, it has also proposed to lengthen the maturity profile.