JSW Steel Not To Hike Prices This Month - Aug 06 , 2008

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.

JSW Steel To Establish $42mn Greenfield Project In Georgia - June 17, 2008

JSW Steel will establish a 1.75-lakh tonne steel plant in Georgia. It has formed a 49:51 per cent alliance with an UK-based company for the $42-million plant and will infuse about $7 million. The debt-equity ratio will be 2:1 and the European Bank for Reconstruction and Development has come forward to finance 50 per cent of the debt portion of $28 million. The project was hoped to become functional in 2008-09 and would cater to the local market there. The venture was more a sort of hedging the company had resorted to as it sourced its iron ore requirements in the domestic market. In the last 18 months the company has made huge investments on takeovers and expansion projects of about Rs 10,500 crore. The gains of the investment will flow from this year and by 2010 the company would invest another Rs 14,000 crore in various projects. JSW Steel has mulled to enhance it capacity from 4.8 mpta to 32mpta by 2020, besides targeting to achieve self sufficiency in coking coal and iron ore.

JSW Steel Inaugurates Branded Showroom In Ahmedabad - June 13, 2008

JSW Steel inaugurated JSW Shoppe, an exclusive steel retail outlet in Ahmedabad on 12 June 2008. This exclusive showroom is JSW Steel''s first in Gujarat.This novel marketing initiative will go a long way in creating brand awareness about JSW Steel''s superior product quality and will ensure that the customers get full value for money. JSW Steel has two shoppes at Hubli Karnataka, one at Jaipur - Rajasthan and one in Kolhapur - Maharashtra. The company plans to open around 25 such shoppes in a short span and subsequently will have a pari-India presence with over 600 branded outlets.

JSW steel is in the midst of an exponential growth. Its steel plants in Karnataka and Tamil Nadu together produce around 4.8 million tonnes of steel per annum. By mid 2008, the capacity will increase to around 8 million tonnes per annum. With steel plants coming up in West Bengal and Jharkhand, JSW Steel aims to produce 31 million tonnes of steel by the year 2020. The company made this announcement during the trading hours today, 12 June 2008.