>JSW Steel (KR CHOKSEY)

JSW Steel Ltd.
CMP Rs 184.25 Tgt Rs 239.52

Q3FY09 Result Update...........

Key developments:

• Restored the production to normal level in January 2009 by restarting the two furnaces temporarily shut down in November 2008.

• Already commissioned Sinter plant, Coke oven batteries, Wire rod mill, Raw material handling systems, Utilities forming part of the expansion project to 6.8 MTPA. It is scheduled to commission the Steel Melt shop, Blast furnace and the Bar mill in Q4 FY 2008-09. On commissioning of the expansion project JSW Steel will be the largest steel Company in private sector in India with 7.8 MTPA steel production capacities.

• The new hot strip mill with 5 MTPA capacities being implemented in two phases and the first phase is expected to be ready during the period December 2009 to March 2010.

• The expansion project to 10 MTPA at Vijayanagar works along with beneficiation plant and power plant will now be commissioned during the period October 2010 to March 2011.

• All other green field projects are currently under review and will be taken up at appropriate time on achieving financial closure and on improvement of market conditions.

To see full report: JSW