Comments
JSW Steel said it has partially shut operations at some of its plants as a precautionary measure due to the Covid-19 outbreak. Consequently, the capacity utilisation is expected to come down significantly during the lockdown period.
The overall adverse impact on the operations of the company during the lockdown period and the expected financial impact cannot be ascertained at this stage, it said.
The decision to partially shut down operations was taken following the call given by Prime Minister Narendra Modi for a 21-day nationwide lockdown from March 25 and the various advisories issued by local Municipal Corporations, State and Central Governments, it said on Thursday.
Considering the evolving scenario of complete lockdown with exception to certain specified essential activities, the manufacturing operations in all the locations have been either scaled down or suspended.
Despite steel being classified as an essential commodity under the Essential Services Maintenance Act, 1981, the company had reduced operations considering the safety of employees.
The company would continue to monitor the situation and take appropriate action as per the directions issued by regulatory authorities, keeping in view the health and safety of all employees.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.