JSW Steel considers temporary shutdown at Chilean iron ore project

Indian steelmaker JSW Steel has announced that, as international iron ore prices have fallen substantially in the last 12 months, its Chile-based subsidiary Santa Fe Mining (SFM) has been evaluating the option of a temporary shutdown in May this year. Simultaneously, SFM is also working on reducing costs to make its mining operations viable.
 
SFM holds rights to develop the iron ore deposits in the Atacama region of Chile. JSW Steel holds a 70 percent stake in SFM through its indirect Chilean subsidiary Inversions Eurosh Limitada (IEL).