JSW Steel to import 10 mn tonnes of iron ore to meet domestic shortage

JSW Steel, the country's third-largest steel maker, will import 10 million tonnes of iron ore in the current fiscal year due to a domestic shortage, a senior official said on Tuesday.

The company, led by billionaire Sajjan Jindal, had earlier planned to import 6 million tonnes in FY15 through March 31.

"After having seen a severe shortage in India and unreasonable prices in the country, we have now decided to increase our imports to 10 million tonnes," JSW's Joint Managing Director Seshagiri Rao told CNBC TV18.

(Reuters)