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JSW Steel Cuts Output on Iron Ore Shortage in South India
Sep. 26, 2011 02:05PM PST
Base Metals Investing Bloomberg reported JSW Steel Ltd. (BOM:500228) cut production after the nation’s top court limited iron ore sales in South India to online auctions.
Bloomberg reported JSW Steel Ltd. (BOM:500228) cut production after the nation’s top court limited iron ore sales in South India to online auctions.
The market news is quoted as saying,
The Vijayanagar plant is operating at 30 percent of capacity after the nation’s top court rendered long-term iron ore purchase contracts with NMDC Ltd. (NMDC) void, Mumbai-based JSW said today in an e-mailed statement. NMDC, the only miner allowed to operate in the state, must conduct its sales through online auctions, the Supreme Court ordered on Sept. 23.
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