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JSW Steel will reduce its capital expenditure for this fiscal by ?3,000-4,000 crore. The company postpones expanding blast furnace-3 at Vijayanagar to next year and transfers its slurry pipeline to JSW Infrastructure. JSW will spend ?16,000-17,000 crore on capex this year instead of the planned ?20,000 crore. View More

Mumbai : JSW Steel will cut down its capital expenditure in the current fiscal by ₹3,000-4,000 crore as it postpones the expansion planned for its blast furnace-3 at Vijayanagar to next year, and has transferred its slurry pipeline to JSW Infrastructure . India’s largest steel manufacturer will be spending ₹16,000 – 17,000 crore on capex this year as against ₹20,000 crore it had planned earlier, chief executive officer Jayant Acharya said. In July, JSW Steel transferred its slurry pipeline, which is currently under development, in Odisha to group company JSW Infra, effectively reducing its capex outgo, Acharya told ET in an interaction. JSW Infra will be purchasing the over 300 kilometre long slurry pipeline for ₹1,700 crore. JSW Steel has spent ₹7,850 crore on capital expenditure in the first half of the year, including ₹3,384 crore in the September quarter. Its consolidated net profit fell 75% on year in the first half, while it slumped 85% on year in the September quarter. “We did have a tight quarter,” Acharya said. While cash flows have been lower, Acharya said that the demand in the domestic market has been strong. “Our dependence on the external (market) is very low as a country. So for us to be able to be more self-sufficient, gives us the confidence to build the capacity,” he said. 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This compares to a consumption of 136 million tonne of steel in FY24. “We went through a very high level of stress during Covid too, but the phase two expansion of Dolvi was completed just after that,” he said. “We have gone through various crisis and kept adding capacity. In May this year, the company had said that it plans to spend ₹20,000 crore on capital expenditure in the current fiscal, ₹23,000 crore in FY26 and ₹21,434 crore in the FY27 as it pursues brownfield capacity expansion of more than 10 million tonnes at its Dolvi, Vijayanagar and BPSL plants. JSW Steel currently has an annual production capacity of over 34 million tonne in India, will have a capacity of 42 million tonne by FY27, and aims to have a capacity of 50 million tonne by the end of the decade. While the elevated imports of steel in the country remain a concern and have been impacting prices, Acharya said that the recent stimulus announced by China has helped improve sentiment and pricing to a certain extent in China. “We will probably see some improvements in the domestic demand (in China) with efforts being made to release the housing crisis which is there,” he said. “We are hoping for better demand, which should reduce exports, but till such a time, we will have to look at how we safeguard ourselves from dumping or cheap priced-imports which is coming into the country.” India has imported 3.18 million tonne of steel in the September quarter, up more than 42% as compared to the previous year, while its exports fell by nearly a third to 1.27 million tonne. This has made the country a net importer of steel, with net imports of 1.91 million tonne of steel in the September quarter, and 2.62 million tonne in the first half of the current fiscal. 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