JSW and rivals such as Essar Steel have been forced to import iron ore due to a ban on mining in two states of India, once the world's third-largest iron ore exporter that is expected to be a net importer this year.
"The lifting of the SC's ban is a positive for us and will help in increasing capacity utilisation," CMD Sajjan Jindal told CNBC-TV18. "It will also reduce cost overheads. JSW will not get access to good quality iron ore."
Meanwhile, Seshagiri Rao, joint managing director of JSW Steel said the company might have to keep importing iron ore, the main raw material for making steel, until domestic production ramps up.
India's top court last week canceled the leases of 49 iron ore mines in Karnataka because they were mining illegally. It said they may be assigned to the highest bidder among end-users.
JSW already has an iron ore joint venture in Karnataka with a production capacity of 2.5 million tonnes per year. The company has the capacity to produce more than 14 million tonnes of steel products per year, mainly for the domestic market.
Jindal said JSW Steel's capex plans for FY14 is at Rs 5,000 crore.
With inputs from Reuters
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