India’s second largest steelmaker, JSW Steel, has reported a downturn of 4% in its Y-o-Y crude steel production. The company produced 1.06 MnT in Aug’15 compared to 1.12 MnT in Aug’14.
JSW’s report points to the persistent hard time for Indian steelmakers.
The company’s total production during Jan-Aug’15 was recorded at 8.66 MnT against 8.48 MnT in Jan-Aug’14.
The Sajjan Jindal-led steel making company has also reported 0.84 MnT production of flat rolled products during Aug’15 against 0.88 MnT in Aug’14.
However, a marginal growth of 3% to 0.20 MnT has been witnessed by the company in production of long rolled products against 0.19 MnT in Aug’14.
Steel companies in India, including JSW Steel, have been tussling with the influx of cheap Chinese steel in domestic market. The steelmakers are reducing prices in order to compete Chinese products, leading to narrowing down of their profit margins.
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