By IANS,
New Delhi : Rising raw material prices have squeezed profit margins of JSW Steel Ltd by 5-10 percent over the past few months, company managing director Sajjan Jindal said Wednesday.
“We have committed to the government to hold prices, but with rising ore and coal costs, our profit margin is definitely going to be impacted,” Jindal said during his first address to the media after taking over as president of industry body Assocham.
Many steel companies such as JSW steel, Steel Authority of India Ltd and Tata Steel have decided not to raise prices till July in order to control inflation.
However, Jindal said, “we cannot hold prices for long as the industry is facing lots of pressure on account of (rising) input costs and the devaluation of the Indian rupee”.