December 03, 2008

JSW Steel statement on holding steel prices

JSW Steel Limited announced that the inflationary trends in the country in the last few months are a cause of concern and to ease the inflationary pressures in the system, JSW Steel has decided to maintain the current price levels for two to three months.

Its release said that “The input cost for steel making has seen an unprecedented increase in the last few months. Added to this is the fact that there is a restricted availability of raw materials on a sustainable basis. Despite a global cost push, JSW is voluntarily exercising restraints on the prices. The next few months should give clarity on whether there will be any respite to the steel maker on this front.”

Mr Sajjan Jindal vice CMD of JSW said that "Pro active policies should be put in place to improve the supply side of steel by putting the Greenfield steel plant projects on a fast track and ensuring adequate raw material linkages. This would ease the pressure on prices in the long term."