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Steel cos see double-digit growth

JSW Steel Ltd. | Steel & Iron Products | Metals & Mining | BSE: 500228 | NSE: JSWSTEEL

08 Mar 2010 Evaluate

India’s top private steelmakers including Essar and JSW posted double-digit growth in sales volume with Ispat Industries’ sales up by 70% in February 2010, over the year ago period, backed by robust demand from automobile, infrastructure and housing construction activities. Demand started gathering pace post April 2009 and steel consumption grew 8% in the first nine months of the fiscal ending March’10.

JSW, the country’s second largest private steel maker, posted robust growth in sales during the month. It produced 5.42 million tonnes of crude or basic steel in February 2010, 61% higher than the corresponding period last year. It has ramped up production capacity to 7.8 million tonne in the second half of last year from 3.8 million tonne early last year. So, monthly sales have moved up in line with production. Ispat Industries witnessed significant double digit growth in sales over February 2009 as the company was operating at a low production capacity last year. Meanwhile, Ruias-owned Essar Steel posted 10% growth in sales volume in February 2010.

Steel demand will continue to rise going forward because a lot of emphasis has been laid on infrastructure development in the budget. The government has proposed to invest Rs 1,73,000 crore in infrastructure in 2010-11, which will increase demand for metals and commodities like steel and cement. Robust demand absorbed the capacity addition that took place during the year and is reflecting in last month’s steel sales volume growth. More capacity addition is likely to happen in the next two years in domestic market. But overcapacity still exists in some markets of the world like China, Europe and the US.

Rise in demand has started reflecting in increase in metal prices. Most steel companies increased product prices by up to Rs 2,000/tonne to Rs 33,000-35,000/tonne in the domestic spot market in January this year. They further increased prices by up to Rs 1,000/tonne early this month as the government increased excise duty to 10% from 8%. Steel production is likely to reach 65 million tonnes in the FY11 compared to 60 million tonne for the fiscal year ending March’09, as per steel ministry’s estimates.

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JSW Steel Share Price

1217.80 2.25 (0.19%)

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Steel cos see double-digit growth

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