Skip to content
Search

Latest Stories

Jindal steel boss says Chinese steel imports hurt margins

Domestic steel demand increased by 13.6 per cent in FY24, outpacing economic growth

Jindal steel boss says Chinese steel imports hurt margins

Increased Chinese steel imports are adversely impacting the margins of domestic players, JSW Steel chairman Sajjan Jindal stated on Friday (26).

Addressing the company's Annual General Meeting (AGM), Jindal noted that several countries have already imposed barriers against steel imports. The Indian steel industry is also engaging with the government to ensure a level playing field.


The domestic steel demand increased by 13.6 per cent in FY24, outpacing economic growth. This surge was driven by infrastructure development and robust demand from all major steel-consuming sectors, he said.

"However, global steel demand remains weak, leading to rising imports into India and affecting domestic steelmakers' margins. This is primarily due to elevated Chinese production and exports, which are pressuring global steel markets," Jindal said addressing the shareholders of JSW Steel.

Moreover, healthy demand for steel in the country also makes the domestic market vulnerable to imports amid weak global demand.

Sharing business updates for JSW Steel in FY24, Jindal said the company achieved its highest-ever crude steel production with a capacity utilization of 92 per cent during the year.

JSW Steel met 100 per cent of its production and sales guidance for FY24. Its revenue from operations reached ₹1,75,006 crore (£162.45 billion), with an earnings before interest, taxes, depreciation, and amortization (EBITDA) of ₹28,236 crore (£26.21bn) and a profit after tax of ₹8,973 crore (£8.33bn).

The board has recommended a dividend of ₹7.30 (£0.07) per share for FY24, subject to shareholders approval.

Further, the company plans to expand its capacity to 50 million tonnes per annum in India by FY31.

The board recently approved a 5 million tonnes expansion at Dolvi, in Maharashtra increasing the company's domestic capacity to 42 million tonnes and total capacity to 43.5 million tonnes by September 2027.

"We also plan to establish a green steel manufacturing facility, initially at 2 million tonnes per annum and expandable to 4 million tonnes," Jindal added. (PTI)

More For You

Campbell Wilson

Air India CEO Campbell Wilson steps down as Air India Express chair

Air India CEO Campbell Wilson steps down as Air India Express chair

AIR INDIA CEO Campbell Wilson is stepping down as chair of Air India Express, the airline’s low-cost subsidiary. He will be replaced by Nipun Aggarwal, Air India’s chief commercial officer, according to an internal memo sent on Tuesday.

Wilson will also step down from the board of Air India Express. Basil Kwauk, Air India’s chief operating officer, will take his place.

Keep ReadingShow less
Air India eyes Boeing jets rejected by Chinese airlines: report

Tata-owned Air India is interested in purchasing jets that Chinese carriers can no longer accept (Photo credit: Air India)

Air India eyes Boeing jets rejected by Chinese airlines: report

AIR INDIA is seeking to acquire Boeing aircrafts originally destined for Chinese airlines, as escalating tariffs between Washington and Beijing disrupt planned deliveries, reported The Times.

The Tata-owned airline, currently working on its revival strategy, is interested in purchasing jets that Chinese carriers can no longer accept due to the recent trade dispute. According to reports, Tata is also keen to secure future delivery slots should they become available.

Keep ReadingShow less
Infosys forecasts lower annual growth after Trump tariffs cause global uncertainty

The IT service firm said its revenue would either stay flat or grow by up to three per cent

Getty Images

Infosys forecasts lower annual growth after Trump tariffs cause global uncertainty

INDIAN tech giant Infosys forecast muted annual revenue growth last Thursday (17) in an outlook that suggests clients might curtail tech spending because of growing global uncertainty.

The IT service firm said its revenue would either stay flat or grow by up to three per cent in the fiscal year through March 2026 on a constant currency basis. The sales forecast was lower than the 4.2 per cent constantcurrency revenue growth Infosys recorded in the previous financial year.

Keep ReadingShow less
UK retailers

For many retailers, this has meant closing stores, cutting jobs, and focusing on more profitable business segments

Getty

6 UK retailers facing major store closures in 2025

In 2025, several UK retailers are experiencing major store closures as they struggle to navigate financial pressures, rising operational costs, and changing consumer behaviours. These closures reflect the ongoing challenges faced by traditional brick-and-mortar stores in an increasingly digital world. While some closures are part of larger restructuring efforts, others have been driven by financial instability or market shifts that have forced retailers to rethink their business strategies. Let’s take a closer look at six major UK retailers affected by these trends.

1. Morrisons

Morrisons, one of the UK's largest supermarket chains, is undergoing a significant restructuring in 2025. The company has announced the closure of several in-store services, including 52 cafés, 18 Market Kitchens, 17 convenience stores, and various other departments. This move is part of a larger strategy to streamline operations and address rising costs. Morrisons’ parent company, CD&R, has been focusing on reducing overheads and refocusing on core services.

Keep ReadingShow less
Starmer Trump

The UK is seeking an agreement with the US to remove Trump’s 10 per cent general tariff on goods and the 25 per cent tariff on steel and cars.

Getty Images

Industry warns Starmer: Strike deal with US or face factory job losses

FACTORY owners could begin laying off workers within months unless prime minister Keir Starmer secures a trade agreement with US president Donald Trump, MPs have been told.

Make UK, an industry lobby group, told the business and trade select committee that tariffs on British exports were reducing demand for UK-manufactured goods.

Keep ReadingShow less