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India’s JSW Steel expects a significant reduction in its capacity utilization rates during the country’s 21-day lockdown following its move to suspend or scale down operations across various locations, it said on Thursday March 26.
“The company has taken the decision to scale down/suspend production to support the cause of containment of the Covid-19 pandemic, notwithstanding the exception to manufacturing units with continuous operation and the units producing essential commodities,” it said.
The steel sector is listed under India’s Essential Services Maintenance Act, 1981.
JSW did not specify what the suspensions or cuts to manufacturing operations would amount to, and added that the “adverse impact on the operations and financials is not ascertainable at this stage.”(metalbulletin)
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