JSW Steel aims to attain 50MT capacity by 2030

Kolkata: JSW Steel is aiming to expand its capacity to 50 million tonnes from the existing 27 million tonnes by 2030, Sajjan Jindal, Group Chairman said on Wednesday. The expansion will be in both greenfield and brownfield projects, he added. JSW group will bid for PSUs like Rashtriya Ispat Nigam Ltd (RINL) and iron-ore producer NMDC Ltd's steel plant as and when they are divested, Jindal said.

"We must have an ambition in line with the country's vision. If the country is aiming at 300 million tonnes by 2030, our target should also be aligned with that. A realistic target is 50 million tonnes," he said, during an Indian Chamber of Commerce event. Delivering a speech, Jindal said he challenges himself and his team for achieving global scale capacities.

Commenting on diversifying business, Jindal said, "China-Plus-One is a global strategy in which companies avoid investing in China alone and diversify businesses to other countries."

Addiing to this, Jindal said that he sees stability in steel prices and hopes export duty is removed. The steel ministry has recommended removal of the export duty, he added.

Stating about steel exports, Jindal said, "JSW exports about 25 percent of its production and it has been hindered due to duties." To a question about ease of doing business, Jindal said it is an issue in the steel industry, but it will be overcome.

"I had planned a steel plant in Bengal earlier, but it couldn't happen as we didn't get iron ore mines and now that project has gone to Odisha. We have a cement plant in Bengal," he said.

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