28
Nov
13:05
JSW cuts spending plans amid global slowdown, uncertainties
JSW Steel has reduced its capital expenditure plans by INR 5,000 crore ($612.70 million) to INR 15,000 crore for the current fiscal year ending 31 March 2023 (FY23), the Indian steel major confirms to Kallanish.
The reduction in capex follows a weakening global commodity cycle, as well as cashflow being impacted by a steep correction in steel prices at the international level and fears of a global economic slowdown.
“The planned capex for FY23 was INR 20,00…
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