JSW Steel slashes planned capex, delays projects on lockdown problems

Indian steelmaker JSW Steel will reduce its planned capital expenditure in 2020/21 to 90 billion Indian rupees ($1.19 billion), down from the previous figure of 163.4 billion rupees, and will also delay several projects, the company said in a recent results statement.

It will also delay several of its projects because of the effects of the Covid-19 pandemic. The continuing lockdown in the country has meant that there were not enough workers available domestically while foreign experts were not allowed to enter the country.
The statement covered the January-March fourth quarter and the full year of JSW’s 2019/20 financial period, and was released on May 22.

In October last year, the company revised the capex for its 2019/20 financial year, which ran from April 2019 to March 2020, down to 110 billion rupees, from 157 billion rupees announced in May 2019. The actual...

Published

Carrie Bone

May 29, 2020

14:07 GMT

London