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Thrust on urbanisation augurs well for the steel industry: JSPL MD

He said that while removal of the export duty on steel was a welcome move, there was enough unmet domestic demand, and producers do not really need to export.

February 03, 2023 / 22:15 IST
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Bimlendra Jha.
Bimlendra Jha.

“It is urbanisation, more than low-cost housing, that augurs well for the steel industry,” said JSPL MD Bimlendra Jha, in a post-budget and earnings interview with Moneycontrol's Nickey Mirchandani.

Budget 2023 has outlined avenues to upgrade Indian cities through investment in urban infrastructure and development projects, including by use of the Urban Infrastructure Development Fund (UIDF).

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“The thrust of this budget is the urbanisation of B and C class towns and cities, for which steel and cement are naturally the materials of choice,” he added.

Speaking of the company’s margins, the JSPL MD said that he expected to protect if not increase margins in the next quarter because of the industry’s ability to pass on the price hikes due to growing demand.