JSW Steel puts expansion plans on hold, shares down 2%

Shares of JSW Steel slipped more than 2 percent intraday on Monday as the company has put on hold the expansion plans of its Vijaynagar plant.

This plant has 10 million tonne capacity. Expansion plans have been put on hold due to current iron ore shortage. The company had plans to expand its capacity by 2 million tonne, taking the total capacity to 12 million tonne per annum.

Crude steel production of the company grew by 11 percent year-on-year to 6.75 lakh tonne in February. Flat rolled products' production increased 14 percent to 5.14 lakh tonne whereas long rolled products fell by 14 percent to 1.32 lakh tonne during the same period.

At 12:19 hours IST, shares declined 1.5 percent to Rs 690 on Bombay Stock Exchange.

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