After JSW Steel announced the $1 billion investment in its Texas and Ohio steel mills in the USA, the company on Wednesday said it's looking to expand capacities
in India and overseas markets.
Speaking to CNBC-TV18,
Seshagiri Rao, joint managing director and group chief financial officer, said JSW Steel is planning to expand capacity in India to seven million tonne in the next two years’ time, which is over 40 percent of our existing capacity in the country.
"Investment in the US doesn’t mean that we don’t acquire in India. So, we continue to look for opportunities in India. We are almost doubling our downstream capacity. So, there is Rs 45,000 crore investment we are making in India,”
Rao said.
“We have given the guidance of total sales volume of 16 million tonne, which is approximately three percent growth, so we are on track. We will be able to achieve our guidance both in terms of production and in terms of sales,” Rao added.
According to Rao, India's steel demand is quite robust and prices are stable in the global markets.
(Edited by : Jomy Jos Pullokaran)
First Published: Jun 27, 2018 11:48 AM IST