India’s JSW Steel Prunes Capital Expenditure for Current Fiscal

SEATTLE (Scrap Monster): India’s JSW Steel Limited has pruned its capital expenditure target to $1.85 billion in the fiscal year 2022-23, down from $2.47 billion, following more conservative expectations of cash flow, a company official said on Monday, November 28.

However, the company said that the lower capital expenditure will not impact JSW Steel Limited’s target of adding 10 million mt of new capacity over the next three years entailing an investment of $5.93 billion and this project “would remain intact”.

We have committed to a capacity increase of 10 million mt and we are on course. The outlay for this is $ 5.93 billion. But after having seen the impact on cash flows, we have moderated the spend in the current year,” JSW Steel joint manging director Seshagiri Rao said in a statement.

“The global economy is not doing that good… relative to India. So, India is looking better. The second half will be better for steel companies, but the export markets or our global markets are not that good,” he said.

Courtesy: www.steelorbis.com