China Must Cut Steel Output Deeper and Faster, India's JSW Says
- JSW Steel executive Seshagiri Rao says prices unsustainable
- Import threat continues even as countries close borders: Rao
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China’s plan to cut its annual crude steel capacity by about 13 percent by 2020 won’t be enough to revive an industry reeling under a slowdown in the world’s second-biggest economy, a top official at India’s third-biggest producer said.
“There’s excess surplus, so they have to cut production,” Seshagiri Rao, joint managing director of JSW Steel Ltd. and chief financial officer for the group, said in an interview in Mumbai. “Almost every country has taken one step or the other to close its borders, but the import threat continues.”