(LiveMint)
The post-budget measures announced by the government and the ongoing festive season have renewed the hopes of alloy major JSW Steel of better days ahead, though it still remains cautious on investing in new mines. Since the past few quarters, the steel sector has been hit badly due to the slowdown in real estate, auto and infrastructure sectors. The long and extended monsoon season also played a large role in dampening demand.
“Demand slump is quite evident from the numbers given by the joint plant committee for the first half of the fiscal and it has been going down month after month. We are seeing demand slump not only from the auto industry but also from other key sectors like realty, infrastructure and general engineering,” JSW Steel joint managing director and group chief financial officer Seshagiri Rao.
