JSW Steel is drawing up a growth plan that will take its capacity to 38 million tonnes by 2024 from 23 million tonnes currently. In an interview, Seshagiri Rao, joint managing director and group chief financial officer, JSW Steel, tells Ishita Ayan Dutt that demand will be robust and India will quickly recover from Covid impact. Edited excerpts:
JSW recorded its best performance in Q4FY21, but steel prices in China appear to be correcting. What is the outlook on demand?
Structurally, the demand is quite strong, including in China. The kind of increase that China has seen, particularly on the commodity exchanges, is majorly driven by speculative buying. That’s why margin requirements are being increased, which has led to some correction. But fundamental factors have not changed.
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