JSW Steel Ltd.

JSW Steel is planning to raise steel prices by Rs 500-750 a tonne effective March 1, 2014. At present, a tonne of steel costs around Rs 36,000-40,000 depending on the quality. The company is planning to hike steel prices due to the sharp rise in iron ore rates in Karnataka, mainly because of the huge shortage.

This will be the company’s third consecutive monthly price rise, despite weak demand. The hike would result in flat product prices touching the March 2012-level, while long products would still lag by 3.5 times. Even after the hike, the company’s steel would be cheaper than imports from Europe and the US.

JSW Steel is part of the JSW group which, in turn, is a part of the O P Jindal group. JSW Steel is one of the largest steel manufacturing companies in India having units in Karnataka and Maharashtra producing crude steel, long steel and flat steel products.