Major private sector steel producers said that the capacity expansion plans were based on assumptions in the sales mix between domestic and export markets - which has now gone haywire.
Seshagiri Rao, joint managing director, and group chief financial officer, JSW Steel, said: "If exports of 18 million tonnes (mt) become uncompetitive and the domestic market cannot absorb those additional quantities, the industry has to shut down capacities." "Hence a serious review of expansion plans by each company in the industry is imminent," he said.
In FY22, Rao explained, India's steel consumption was 105 mt and the exports were 18 mt and the industry was operating at a healthy capacity utilisation of over 80 per cent.
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