Tuesday, 15 Nov 2011
Mr Seshagiri Rao CFO of JSW Steel said that JSW Steel Ltd is operating its main plant in southern India at 60% to 65% capacity as the shortage of iron ore persists.
Mr Rao told reporters that "We have iron ore stocks but we need to increase [them] adding that the company plans to increase the amount of ore it has been getting through court mandated auctions.”
JSW Steel has been hit by a ban on mining in three districts of Karnataka state which supplied most of the iron ore for its 10 million metric tonne factory in the town of Vijaynagar.
Since the ban came into effect a few months ago the company has depended on court-mandated auctions to buy iron ore, which it said isn't currently enough to run the plant at full capacity.
(sourced marketwatch)
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