India’s JSW Steel reverses decision to surrender iron ore block

Friday, 17 November 2023 10:55:12 (GMT+3)   |   Kolkata

India’s JSW Steel Limited has decided to retain the iron ore block it had secured in 2020 via an auction, withdrawing its earlier notice seeking to surrender the asset, according to a company regulatory filing on Friday, November 17.

The company said that the decision to retain the block was based on current demand-supply dynamics in steelmaking raw materials in the country.

In September this year, the company had submitted a notice to the Odisha government seeking to surrender the Jajang iron ore block located in the state.

In November, JSW Steel had flagged the rising cost of domestic iron ore and its impact on the cost of production of steel.

The company has seven captive iron ore blocks across the states of Karnataka, Goa and Maharashtra acquired through auctions, and it has indicated that it will participate in more auctions of iron ore blocks as and when called for by state governments.

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