JSW Steel ups capacity goal

India's largest steelmaker aims to achieve 56 mtpa by FY31 as the firm sees early signs of recovery in demand

- Dipali Banka & Nehal Chaliawala

The company plans to spend ₹1 trillion on expansion..

(REUTERS)

JSW Steel, India's largest steelmaker by capacity, is accelerating its expansion plans and now expects to reach around 56 million tonnes per annum (mtpa) by FY31, overshooting its earlier guidance of 50 mtpa, according to the company's top executive.

The higher target comes as the company emerges from a period of weak steel prices and margin pressure, even as it steps up efforts to secure raw materials and looks for early signs of a recovery in demand.

The 56 mtpa target excludes the company's recently inked joint venture with Japan's JFE Steel Corp., under which JSW sold half its stake in subsidiary Bhushan Power and Steel Ltd (BPSL). Including BPSL, the company was likely to top 60 mtpa by FY31, said Jayant Acharya, joint managing director and chief executive officer, in an interview with Mint.