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JSWISPAT - JSW Ispat Steel News Story

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Last Trade - 10/06/13

Basic Materials
Micro Cap
Market Cap £n/a
Enterprise Value £n/a
Revenue £n/a
Position in Universe th / 3107

UPDATE 1-India's SAIL scales back production, has orders cancelled under lockdown

Thu 26th March, 2020 1:05pm
* Manufacturing ops in all plants rationalised - SAIL
    * SAIL's production marginally hit due to lockdown - source
    * SAIL's inventory piled up at ports - source

 (Adds company notification to stock exchange)
    By Neha Dasgupta
    NEW DELHI, March 26 (Reuters) - Steel Authority Of India Ltd
 SAIL.NS  said on Thursday it had scaled back its manufacturing
operations with the country under a 21-day lockdown to prevent
the spread of coronavirus but could not yet say how much of a
hit it would take.  
    Earlier, a source directly involved with the situation said
some customers had cancelled orders because of the slower
handling at ports as the lockdown hobbles movement of goods.
    The country's largest state-owned steel company faced a
marginal hit to production and some of its inventory was piled
up at ports, the source said, declining to be identified due to
the sensitive nature of operations.
    In a notification to the stock exchange, the company said
its manufacturing operations in all plants have been
"rationalised as warranted by the difficult circumstances". (https://reut.rs/39mzUPw)
    However, it said the overall adverse impact on the company's
operations during lockdown was "not immediately ascertainable".
    Most steel companies have faced similar disruptions and have
suspended operations at some of their plants.
    People queued in some Indian cities for essential items,
while trucks were stranded at state borders and public transport
was suspended two days after Prime Minister Narendra Modi
ordered the 21-day lockdown to protect a population of 1.3
billion.  urn:newsml:reuters.com:*:nL4N2BJ1Z6
    On Wednesday, JSW Steel Ltd  JSWI.NS  said manufacturing
operations in all of its locations have since been either scaled
down or suspended.

 (Reporting by Neha Dasgupta; Editing by Jan Harvey, Kirsten
 ((neha.dasgupta@tr.com; +91-11-49548058; Reuters Messaging:
neha.dasgupta.thomsonreuters.com@reuters.net (Twitter: @neha_5))
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