JSW Steel’s plan to build a 10 million tonne steel plant in Jharkhand remains uncertain as excess domestic capacity coupled with unabated influx of cheap imports from China, Japan and South Korea in the past one year proved to be real dampeners for future mega steel projects.
Sajjan Jindal-led JSW Steel’s Rs 35000-crore Jharkhand project is stuck on the drawing board since 2005 due to lack of direct supply of raw material iron ore mines and land acquisitions issues. But high imports from China have added another problem to the list. “Jharkhand is a long-term plan for JSW Steel. We are waiting for the right time. At present, there’s overcapacity in the steel industry and China is dumping steel into India,” said Jayant Acharya, Director for Commercial & Marketing at JSW Steel.