JSW Steel, one of the largest Indian steelmakers, has announced that it has commenced production of hot rolled plates from its hot strip mill, which has an annual capacity of five million mt, at its Dolvi plant in Maharashtra.
The Dolvi steel plant has an existing capacity of five million mt per year.
JSW is in the process of doubling the capacity of its Dolvi steel plant to 10 million mt per year, as SteelOrbis previously reported.
Meanwhile, international credit rating agency Moody’s has affirmed JSW Steel’s Ba2 corporate family credit rating, while its outlook for the company’s rating has changed to stable from negative.
The rating affirmation and outlook change to stable were driven by a solid recovery in JSW's operating performance in the third quarter of the fiscal year ending March 31 this year. Moody’s stated that it believes JSW will sustain the improvement over the next 12-18 months. The rating action also reflects JSW’s acquisition of financially stressed Indian steelmaker Bhushan Power and Steel Limited (BSPL). According to Moody’s, BPSL’s value-added product offering and proximity to JSW’s iron ore mines will further strengthen the company’s business profile.