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JSW Steel and Tata Steel splurge to prepare for post-COVID demand

India's largest steelmakers begin to rebound despite subdued domestic demand

JSW Steel and Tata Steel plan large capital expenditures over the next few years because they see global demand rising as the pandemic recedes. (Source photos by Reuters)

MUMBAI -- JSW Steel and Tata Steel plan to spend around 850 billion rupees ($11.4 billion) on projects over the next few years, expecting global demand to pick up as the pandemic recedes.

India appears to be emerging from a second wave of infections that has killed thousands and stymied business activity. Despite the disaster, the country's steelmakers have been buoyed by demand from the U.S. and Europe. There is also hope that a government investment focus on infrastructure will bring the shine back to the domestic steel market.

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