Sunday, June 28, 2015

#JSW Steel to reduce iron ore imports

JSW Steel will be importing 2-3 million tonnes (mt) of iron ore in the current financial year-lower than six million tonnes last fiscal-since the iron ore production in country has improved. Currently, JSW Steel is not looking at further capacity enhancement rather focusing more on value added products.

At the 38th Annual General Meeting (AGM) of Bangalore Chamber of Industry and Commerce (BCIC) Sajjan Jindal, Chairman and Managing Director of India's third-largest steel producer JSW Steel, said that JSW Steel is in touch with Govt. of Karnataka for development of a port in the Karwar region of Uttara Kannada district in Karnataka. 'I had a meeting with Karnataka CM Siddaramaiah in this regard and he was quite positive about it,' said Mr. Jindal.
Surging imports of steel from countries like China is putting pressure on the profits of Indian steel producers like-JSW Steel, Tata Steel etc. 'China is dumping steel products everywhere and steel export market is not looking very positive at this point,' added Mr. Jindal.