Business Line reported that India’s leading steelmaker JSW Steel has moderated its CAPEX plans for 2022-23 to INR 15,000 crore over weakening global commodity cycle, impact on cash flows because of steep correction in steel prices at the international level and fears of a global economic slowdown. The report quoted JSW Steel’s Joint MD & Group CFO Mr Seshagiri Rao as saying that “The planned CAPEX for FY23 was INR 20,000 crore. Of the committed INR 15,000 crore, nearly INR 7,000 crore has already been spent in the first six months and the remaining is scheduled for H2.”Mr Rao said “We have committed to a capacity increase of 10 million tonne and we are on course. The outlay for this was INR 48,000 crore. Of this INR 20,000 crore was for the current year. But after having seen the impact on cash flows, we moderated the CAPEX to INR 15,000 crore.”JSW‘s brownfield expansion of coke oven plant 1.5 million tonne per annum at Vijaynagar plant was commissioned in Q2 while the whole project will be completed by FY24. The expansion of Bhushan Power & Steel Ltd to 3.5 million tonne per annum was also completed. Going ahead, the second phase from 3.5 million tonne per annum to 5 million tonne per annum will be completed by FY24.
Business Line reported that India’s leading steelmaker JSW Steel has moderated its CAPEX plans for 2022-23 to INR 15,000 crore over weakening global commodity cycle, impact on cash flows because of steep correction in steel prices at the international level and fears of a global economic slowdown. The report quoted JSW Steel’s Joint MD & Group CFO Mr Seshagiri Rao as saying that “The planned CAPEX for FY23 was INR 20,000 crore. Of the committed INR 15,000 crore, nearly INR 7,000 crore has already been spent in the first six months and the remaining is scheduled for H2.”Mr Rao said “We have committed to a capacity increase of 10 million tonne and we are on course. The outlay for this was INR 48,000 crore. Of this INR 20,000 crore was for the current year. But after having seen the impact on cash flows, we moderated the CAPEX to INR 15,000 crore.”JSW‘s brownfield expansion of coke oven plant 1.5 million tonne per annum at Vijaynagar plant was commissioned in Q2 while the whole project will be completed by FY24. The expansion of Bhushan Power & Steel Ltd to 3.5 million tonne per annum was also completed. Going ahead, the second phase from 3.5 million tonne per annum to 5 million tonne per annum will be completed by FY24.
