JSW Steel on August 5 said it will not increase prices of its products after the agreed moratorium with the government ends on August 7. The decision of the private company to hold the price line emanates from the fact that global steel prices have softened by $100 per tonne in the last 15 days. On May 7 steel makers had promised to the government to hold the priceline for three months ending August 7. The move was at helping the government tame inflation that stood at 11.98 for the week ended July 19.
Jindal had only on July 31 said certainly there will be some increase in steel prices from August 8 since the gap between the global and domestic steel prices had widened by $350 per tonne. JSW Steel had suffered a decline in its net profit in Q1 FY''09 to Rs 219.35 crore, against Rs 468.45 crore in the year-ago period on a net sales of Rs 3,671.49 crore, still an increase by 54 per cent over the same period last year. Jindal had attributed the dip in the company''s bottom line to the agreed moratorium.
Jindal had only on July 31 said certainly there will be some increase in steel prices from August 8 since the gap between the global and domestic steel prices had widened by $350 per tonne. JSW Steel had suffered a decline in its net profit in Q1 FY''09 to Rs 219.35 crore, against Rs 468.45 crore in the year-ago period on a net sales of Rs 3,671.49 crore, still an increase by 54 per cent over the same period last year. Jindal had attributed the dip in the company''s bottom line to the agreed moratorium.
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