A day after SAIL announced that it has pulled itself out of Indian Steel Alliance (ISA) saying the body has “outlived its utility”, JSW on Monday also announced its withdrawal from ISA. Confirming the move Sajjan Jindal, vice-chairman and MD of JSW Steel, said, “The move is to support governments move to control inflation.” Jindal was talking on the sidelines of the press conference to announce the company’s financial results.
He further revealed that ISA is dissolved and not only JSW but other players are also likely to move out of it.
Essar Steel when contacted refused to comment on the same. Leading steel-makers were recently accused by the government of forming cartels to taking advantage of the rising demand.