India’s JSW Steel Limited will expand its domestic steel making capacity to 37 million mt per year by the end of 2025, from 27 million mt per year at present, company chairman Sajjan Jindal told shareholders on Thursday, July 21.
“By 2025, we expect our consolidated India steelmaking capacity to be at 37 million mt per year from 27 million mt per year at present. These additions are being complemented by growing our downstream capacities, which have increased significantly in the past two to three years and are creating substantial value for JSW Steel,” he said.
“The current macro challenges notwithstanding, the future of the Indian steel industry is healthy, with demand expected to grow at a steady rate through the decade. In 2021-22, India’s steel consumption grew to 106 million mt from the pre-pandemic level of 100 million mt,” Jindal said.
On the recently imposed 15 percent export tax he said,” it is a significant, but short-term headwind. We continue to engage with the government on this matter and believe that the duties were imposed only to rein in inflation and will be withdrawn once inflation moderates.”