No plans to sell steel biz; to pass on hike in coking coal prices: Naveen Jindal

In an interview with CNBC-TV18, Naveen Jindal, Chairman, JSPL confirmed that they have no plans of selling the steel business. “We are in the business of selling steel,” he said.

He said coking coal prices, which is a major price component of steelmaking have almost doubled and so we will have to pass on this price rise. However, over the longer-term steel prices are expected to stablise, he added.

It is difficult to say if they will stabilise by the second half of the year, said Jindal because it is a dynamic situation and steel prices are dependent on raw material prices -sometimes iron ore and coal prices move up and then it is also a question of demand and supply, said Jindal.

To help the steel industry, the government will have to reduce regulatory hurdles and the taxes need to be competitive, especially for exports.

On the debt front, he said things are getting better with the company having divested all non-core assets.