Aftermath of Russia-Ukraine war dims the sheen on steel industry

But strong domestic demand and cooling raw material prices encourage manufacturers to stay the course on capex plans

“Steel is a volatile industry. So somebody who enters the business must have nerves of steel,” said Sajjan Jindal, chairman and managing director of JSW Group, at a recent event in Kolkata, with a hint of a smile.

Jindal, who can be counted among one of India’s most successful entrepreneurs, knows all too well about the ups and downs of steel. After all, the flagship company of his $22-billion empire, JSW Steel, just posted a consolidated net loss of Rs 848 crore in Q2FY23 after amassing a record profit of Rs 20,665 crore in FY22.

But even for a business