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Steel News October 27, 2021 01:15:37 PM

JSW Steel Invests in Major Expansion to its Steelmaking Capacity

Paul Ploumis
ScrapMonster Author
The capital for new projects will be arranged at a debt-equity ratio of 1:1.

JSW Steel Invests in Major Expansion to its Steelmaking Capacity

SEATTLE (Scrap Monster): JSW Steel announced plans to make fresh investment of around INR 28,000 crore to expand its steelmaking capacity by almost 50%. The investment will boost the steelmaking capacity from current level of 24.5 million tonnes to 36.5 million tonnes by March 2024. The capital for new projects will be arranged at a debt-equity ratio of 1:1.

According to Seshagiri Rao, joint MD and group CFO, JSW Steel, the capacity at its main plant in Vijayanagar, Karnataka will be expanded from 12 million tonnes to 19.7 million tonnes. The capacity of acquired Bhushan Power and Steel (BSPL) would be doubled to 5 million tonnes. The company had recently doubled its capacity at Dolvi, Maharashtra, he noted.

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Meantime, the company reported the highest quarterly consolidated net profit in its history during Q2 this year. The net profit surged to INR 7,179 crore, compared with INR 1,595 crore a year before. The revenue from operations surged higher significantly by 68.7% to total INR 32,503 crore. The bottom line witnessed notable boost, mainly driven by rising steel prices and increasing demand for value-added and special steel products.

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