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JSW Steel cuts output by 20%; shares slump 9%

JSW Steel cuts output by 20%; shares slump 9%
PTI
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First Published: Fri, Nov 07 2008. 10 56 AM IST
Updated: Fri, Nov 07 2008. 10 56 AM IST
Mumbai: JSW Steel shares plunged 9% to Rs273.50 on the bourses Monday after the firm announced it will cut output by about 20% to cope with the current market conditions.
On the National Stock Exchange, the scrip touched a low of Rs273.45, down 9.06%.
“The company is planning from November 2008 to rationalise the product mix as per the current market conditions and appropriately modify the production programme to effectively reduce the total production by around 20%,” JSW Steel said in a regulatory filing to the Bombay Stock Exchange.
Meanwhile, the metal and mining firm’s October crude steel production grew 5% over the year-ago period at 3.38 lakh tonnes, the filing added.
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First Published: Fri, Nov 07 2008. 10 56 AM IST