Escalating Gas Shortages Impact JSW Steel Plants, One Unit Faces Potential Shutdown

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JSW Steel faces shutdown threat amid gas crisis; Middle East conflict hits supply

JSW Steel faces shutdown threat amid gas crisis; Middle East conflict hits supply

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CNBC TV18•16-03-2026, 16:17

JSW Steel faces shutdown threat amid gas crisis; Middle East conflict hits supply

•Mounting gas shortages disrupt JSW Group steel plants; one unit, JSW Steel Coated Products, faces potential shutdown.
•India's worst gas crisis in decades stems from Middle East conflict disrupting supply routes and LNG shipments.
•JSW Steel Coated Products seeks 6-month extension for PLI scheme obligations due to supply chain issues and force majeure from Petronet LNG Ltd.
•Indian Steel Association warns of "huge adverse impact" on MSMEs and ancillary units due to propane and LPG shortfall.
•ISA urges government to fast-track subsidised spot imports from non-Middle East sources and prioritize allocation to steel clusters.

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JSW Steel | The company has become India's largest steel producer after having rapidly expanded its capacity from 8 MTPA in FY10 to 34 MTPA in FY25. It also has plans to raise it to 42 MTPA by September-2027, led by a 5 MTPA Dolvi expansion and de-bottlenecking. Expansions are also planned in Andhra Pradesh with an aim to take the capacity to 50 MTPA by financial year 2031. Jefferies said that India flat steel spot prices may see further improvement as Asian spreads bounce back. JSW Steel's EBITDA per tonne may expand to ₹8,500 in the December quarter to ₹11,600 in the March quarter and then to ₹14,000 by financial year 2027-2028, Jefferies said. Price target of ₹1,400 implies a premium to Tata Steel considering the former's higher India exposure, higher EBITDA sensitivity to rising steel prices and the absence of any mine-related overhang after 2030.

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