JSW miner cuts investment plans due to falling prices
May 19, 2014
Coal and coking firm JSW has cut its planned CAPEX to 2016 by an estimated PLN 1.15 billion in reaction to falling coking coal prices, CFO Robert Kozlowski said Friday.
Kozlowski did not identify a 2014 CAPEX adjustment, saying management had opted to "look comprehensively at a three year period" given the "integrated" nature of investment spending in the industry.
"We are certainly below PLN 2 billion in average annual terms," he said. "Average annual spending in the period won't exceed PLN 1.8 billion."
Further CAPEX cuts could be made in the fall, if the market situation remains tough, JSW official said.