JSW Steel expects 60% increase in sales in 2009-10

JSW Steel is expecting up to 60% increase in sales volume in 2009-10 and plans to invest Rs 3,000 crore in expanding steel capacity and developing coal mines. The company is planning to fund half of the proposed investment through internal accruals and raise the remaining through debt. The private steel maker is planning to expand the capacity of its Vijaynagar plant and initiate work on upcoming steel projects in Jharkhand and West Bengal. In West Bengal it has laid the foundation for the plant, while in Jharkhand it is in the process of acquiring land.

According to the company, the steel demand will grow 8% in the country this year while also adding that JSW Steel will outperform the market. JSW Steel expects 55-60% growth in sales volume this fiscal.