Recession reports - Ferrochrome and steel units in Kalinganagar cut output
BS reported that most steel plants and ferrochrome units in Kalinganagar are shutting down furnaces due to global meltdown.
As per report, JSL Limited has shut down some of the furnaces and is taking cost cutting measures.
The report cited a Nilachal Ispat Nigam Limited source as saying that production at its plant had been curtailed and maintained to the extent needed to operate the furnace.
Rohit Ferrotech Limited a ferrochrome unit which has a production capacity of 300 million tonne per day had also shut down two of its four furnaces in the last 20 days. A source said that while production cost of the finished product was INR 61,000 per tonne, the selling price was INR 51,000 per tonne. It had also piled up an inventory.
Source: According to sources, Maithan Ispat Ltd's finished product prices have also halved. It has shut down one of its two furnaces.
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