JSW Steel clocks steel production at 5.63 lakh tonnes in April

"A right mix of fiscal and monetary stimulus measures, and various policy initiatives already undertaken or to be announced by the government and the Reserve Bank of India appropriate to the current business conditions in pump-priming the economy and reviving the sentiment will drive a gradual recovery in economic conditions," said the company.

JSW Steel, the flagship business of 14 billion dollar JSW Group, on Monday reported crude steel production of 5.63 tonnes in April, clocking an average capacity utilisation of 38 per cent.

The production of flat rolled products was 3.44 lakh tonnes and long rolled products 89,000 lakh tonnes, the company said in a statement.

While announcing the extension of nationwide lockdown, the government permitted certain additional activities from April 20 in non-containment zones.

The company said it proactively put in place comprehensive protocols on social distancing and work practices in deference to the guidelines issued by the government and local administration to ensure that all employees and workplaces remain safe.

"The swift and bold actions undertaken by the government which has led to achieving success in containing the relative spread of the virulently infectious COVID-19 is indeed commendable. A shifting of the gears presumably with similar vigour is now needed to revive the economy."

JSW Steel said it faces formidable challenges of disrupted supply chains, unparalleled drop in demand, uncertainty in seamless transportation of inbound and outbound goods through containment zones across the country, and inadequate credit flow to the industry.

It has undertaken multiple initiatives to reduce the fixed cost base, improve efficiencies, and find new markets and customers to remain competitive.

"A right mix of fiscal and monetary stimulus measures, and various policy initiatives already undertaken or to be announced by the government and the Reserve Bank of India appropriate to the current business conditions in pump-priming the economy and reviving the sentiment will drive a gradual recovery in economic conditions," said the company.

( With inputs from ANI )