In December 2024, JSW Steel had a 70% profit decline, missing JSW’s target. Low steel prices and global recession were pointed out as the reasons for the profit decline. A petition was made to the Indian Steel Association, which represents India's major steel properties such as JSW Steel, Nippon Steel India and Jindal Steel, to examine the imports of the steel.
In India, the world's second largest steel producer, the Ministry of Steel proposed a 25% safeguard duty on low-cost imports to protect the steelmakers. While JSW Steel's CEO expects a decision on the safeguard duty to be made in mid-February, market analysts think the decision may be postponed until later in the year.
It was stated that major companies such as JSW Steel, Nippon Steel India, Jindal Steel, and Tata Steel will provide steel to small and medium-sized entrepreneurs at lower prices, benefiting from low-priced imported steel. Chairman of Engineering Export Promotion Council of India, Pankaj Chadha, announced that registered manufacturers will be able to purchase raw materials at export prices approximately 20% lower than market prices.
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