JSW Steel MD says rising steel imports disturbing

News was prepared under the information support of Online Daily Newspaper on Hellenic and international Shipping "Hellenic Shipping News".

30 Jun 2010

Rising cheap steel imports is 'very disturbing' and this along with higher iron ore exports will put the local steel industry an a disadvantage, JSW Steel Ltd Managing Director Sajjan Jindal said "We shall continue to impress upon the government to take appropriate steps and implement policies, which will arrest this trend," he told shareholders at the company's annual general meeting on Tuesday.
Steel prices have fallen in the past few months mainly on account of destocking, Jindal said adding "the real demand for steel is still intact."
JSW Steel, India's no. 3 producer of the alloy, is aggressively raising capacity and scouting for iron ore and coking coal mine for raw material security.
The company, which produces about 8 million tonnes of steel per annum, would raise its capacity to 10 million tonnes a year by March 2011.
On June 2, JSW Steel Joint Managing Director MVS Seshagiri Rao had said, the company would raise about 21 billion rupees by issue of warrants to promoters on a preferential basis to help cut debt.
The company has decided to start mining operations in Chile and expects its first consignment to be ready by October.
At 12:08 a.m., shares of JSW Steel were trading at 1,053.85 rupees, down 0.84 percent in a Mumbai market that was down 0.95 percent.

Source: Reuters