Elevated steel imports from China
India's Q2 imports jumped 43% YoY to 3.18M tons, driven by Chinese exports, pressuring domestic prices and market share.
JSWSTEEL / Q2-FY25 / risks
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JSW Steel · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
high
Iron ore cost inflation from NMDC price hikes
NMDC increased iron ore prices twice recently, which management deemed unwarranted, potentially squeezing spreads despite coking coal savings.
US operations profitability deterioration
Ohio and Texas combined posted an EBITDA loss of $11 million due to price drops and unplanned maintenance shutdown, with uncertain recovery timing.
Debt increase and working capital strain
Net debt rose ~INR 4,900 crore to ~INR 85,000 crore due to CapEx, acquisition, and working capital build; CFO expects release of INR 1,500-2,000 crore in H2.