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JSW Steel cuts FY21 production guidance, slashes capex plans

city Mumbai 2020 guidelines economy
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Mumbai: JSW Steel, the country’s second largest steelmaker, cut its FY21 production guideline marginally from the previous fiscal and estimates that capacity utilisation at its plants would remain at around 89% for the full year.

JSW Steel has slashed its production guidance to 15 million tonnes (mt) of saleable steel and 16 mt of crude steel for FY21, down from FY20 actuals of 15.08 mt and 16.06 mt respectively.

The company said that workforce remobilization will be a key challenge for core sectors of the economy after the national lockdown is lifted; however, lower energy prices and expectations of a normal monsoon are positive for consumption outlook.

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COVID-19
United States
United States
Cases: 46 252 513
Deaths: 750 423
Recovered: 0
India
India
Cases: 34 321 025
Deaths: 459 652
Recovered: 0
Brazil
Brazil
Cases: 21 835 785
Deaths: 608 235
Recovered: 0
United Kingdom
United Kingdom
Cases: 9 215 683
Deaths: 141 607
Recovered: 0
Russia
Russia
Cases: 8 494 589
Deaths: 237 619
Recovered: 0
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