Thursday, 05 Jan 2012
Business Standard reported that JSW Steel has shut down its 500,000 tonnes per year capacity in the United Kingdom and shifted the entire machinery to its Vijayanagar steel plant in southern India.
The plant has an annual hot rolled and cold rolled slitter and cut to length facility of 500,000 tonne at the Vijayanagar facility in Bellary district.
Mr Seshagiri Rao joint MD and group CFO of the company told BS that the service centre has now been shifted and commissioned at its upstate Karnataka plant.
The UK company was named JSW Steel Service Centre (UK) Ltd and had three slitting lines and one multi strand blanking line. JSW’s 100% Indian subsidiary, JSW Steel Processing Centres Ltd, bought these assets from the UK company for an undisclosed sum. In the last fiscal, the company processed 490,000 tonne of steel from this service centre. In FY09, the company processed only 304,000 tonne of steel due to the weak UK steel market.
As on date, the JSW Steel has completely exited the UK market, as the service centre was its sole operation in that European country. At present the company owns only the land where it had its service centre.
(Sourced from BS)
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