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Industrial Products India, Industrial Manufacturers & Suppliers
 




 
   
 
 
 

JSW Steel to raise output at .....

JSW Steel to raise output at K'taka plant


JSW Steel, the country's third-largest steelmaker, said on Monday it planned to raise production at Karnataka plant after the Supreme Court partially lifted an iron ore mining ban imposed in a key region of the state.
It now plans to operate its plants in south India at about 80% capacity. It had cut production at its Karnataka plant by 30-35% last week after the court had imposed an interim ban on mining in Bellary, from where it sources most of its ore requirement for the 10-million tonne plant.
The Mumbai-based steelmaker has a capacity of 11 million tonne per annum, with plants in Karnataka and Tamil Nadu, and requires 18 million tonnes of iron ore to operate them at full capacity, it said.
"JSW Steel plans to operate its plants at present at around 80% capacity; with an expectation of further relief in the availability of ore from the Supreme Court to enhance the capacity utilisation beyond 80%," it said in a statement.
On Friday, the court allowed state-run miner NMDC to mine up to 1 million tonne per month of the steel-making ingredient from August 6 in Bellary.
State-run NMDC mines about 6 million tonnes of iron ore annually from the region.
On July 29, the court had imposed an interim ban on mining activities in the region, citing environmental degradation.
The iron ore mined by NMDC will be sold to domestic steelmakers in consultation with the federal ministry of steel, JSW said.

Shares of JSW Steel, in which Japan's JFE Holdings owns 14.8%, have fallen about 39% since July 29. The stock was also hit when it was named in allegations by an anti-graft watchdog of illegal iron ore purchase. The steelmaker has denied any wrongdoing.

 
     
 
   
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