JSW Steel to reduce import of iron ore from other states into Karnataka

The main drivers are the company's captive mines in the state coming on stream and a partial correction in the NMDC price

Steel major JSW Steel is planning to reduce import of iron ore to its Karnataka facility as it starts new captive mines in the state. A price correction made by NMDC is another key factor. The development comes at a time when local miners have been alleging that JSW is not procuring enough from Karnataka, leading to pile-up of inventory.

Seshagiri Rao, JMD and Group CFO for JSW Steel said the company is procuring iron ores from other sources due to high premium and pricing in Karnataka. In the last few years, there has also been a production shortage.

Company's