India’s third- biggest steelmaker, JSW will put on hold the expansion of its pipe - making mill in Texas, which it acquired last year, after demand from oil companies slumped.
Since all oil companies have put their projects on hold demand has fallen sharply. The plan may be revived when “stability” returns. The global recession has hurt energy and metals prices, forcing companies to scrap expansion plans.
Arcelor Mittal and Nippon Steel Corporation, the world’s two largest makers of the metal, have delayed a $240 million plan to double capacity for producing auto steel sheets at their U.S. venture. Mumbai-based JSW had been planning to raise output of pipes at the U.S. mill to reach full capacity of 500,000 metric tons and take advantage of higher oil prices. The takeover of the plant was the company’s first U.S. acquisition. crackcrack
