PTI reported that JSL Limited has decided to go slow on its INR 2,887 crore overseas projects, while delaying the INR 10,000 crore expansion plan in India following a slump in demand for the alloy amid global economic slowdown.

Mr NC Mathur director corporate affairs of JSL said that "With demand for stainless steel going down, we would now go slow on the overseas projects and delay commencement of the proposed integrated plant in Orissa by a year."

Mr Mathur further added that "The plant in Orissa is primarily meant to cater to the global market, but as demand for stainless steel is on a low amid the financial crisis, we have delayed commissioning of the optimum capacity by a year to 2011."

JSL has proposed setting up a 260,000 tonne ferronickel plant in Indonesia and a 60,000 tonne ferrochrome unit in Vietnam.

It is also in the process of setting up a 1.6 million tonne integrated stainless steel plant in Orissa. It has already invested about INR 3,000 crore for putting up a 450,000 tonne coke oven, 250,000 tonnes ferromanganese and ferrochrome units besides a 250 MW power plant as part of the first phase of the proposed project in Orissa. JSL had earlier planned to reach the optimum production capacity by 2010, which has now been delayed to 2011.

(Sourced from www.ptinews.com)