JSW Steel To Commission Karnataka Facility By December 2013


News: India-based JSW Steel has announced that its new auto steel facility in Karnataka will be commissioned by the end of December 2013, reports Steel Orbis. The company has invested US$1bn into the project, which is expected to have an annual production capacity of 2.3mn tonnes automotive steel once fully operational. Japanese steelmaker JFE Steel is a technology partner for the auto steel plant.

BMI View: Although we expect major roadblocks to remain in place in the steel sector, India is on track to become a steel powerhouse over the coming years. We expect steel output to reach 104mnt (million tonnes) by 2017, growing at a healthy rate of 6.3% per annum. Steel is the gateway to India's urbanisation and we believe the country has considerable potential to become an even more prominent player in the global steel industry.

This article is tagged to:
Sector: Metals
Geography: India, India, India, India

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