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JSW Steel to augment capacity of crude steel to 27 million tonne

Monday, 27 Jul 2020

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JSW Steel will expand capacity to produce around 27 million tonne of crude steel by FY22 from about 18 million tonne in FY20.

The company will have 23 million tonne of production from increased capacities over and above the 3.5 million tonne from completing the acquisition of Bhushan Power & Steel and one million from the Monnet Ispat acquisition.

JSW Steel will focus on normalising operations and reducing costs in 2020 so that its earnings before interest, tax, depreciation and amortisation (EBITDA) will improve.

The C0VID-19 pandemic has resulted in a shortage of labour. The workforce number came down from 15,000 to 3,000 at its unit at Dolvi in Maharashtra between March and April 2020. However, it has since gone up to 4,900.

In Q2 and Q3/FY21, the company will focus on completing pending projects and acquisitions.

JSW Steel will invest Rs 4,000 crore in nearly doubling its downstream capacities, like tin plates, galvanised steel and the colour-coated segment to nine million tonne from five million tonne currently.

The company has operationalised four mines in Odisha, six in Karnataka, and it is working on operationalising three more mines in Karnataka, with a total capex of around Rs 1,250 crore.

Its Dolvi and Salem plants will have complete raw material security, while one-third of its requirements at Vijayanagar (Karnataka) will be met from operational mines.

The company has invested a capex of USD 27 million for modernisation of electric arc furnace plants.

The company is also planning to shut down its wire rod and bar mill at the Italian unit and focus on segments like railway mills.

The company is also seeing positive traction from the two-wheelers and tractors segment, packaging and solar, along with consumer durables like refrigerators, dishwashers and ACs.