JSW Steel receives 'A-' issuer rating with stable outlook from R&I

JSW Steel Limited announced that Rating and Investment Information, Inc. (R&I) of Japan has assigned an 'A-' Issuer Rating with a Stable Outlook to the company, effective December 23, 2025. This rating reflects JSW Steel's position as a leading steel manufacturer in India, benefiting from robust domestic demand, competitive advantages in steel plants, and technological prowess. R&I noted that the company's strong earning capacity and investment capabilities are suitable for the A rating category.

The assignment of this rating indicates that JSW Steel's creditworthiness is supported by India's strong economic fundamentals, which underpin the steel industry's growth. Despite persistent uncertainties in the global economic environment, India's economy is expected to maintain firm growth, driven by domestic demand and government policy initiatives. Steel demand, particularly from infrastructure projects, is projected to expand over the medium to long term.

R&I highlighted JSW Steel's scale as the largest crude steel producer in India, maximizing economies of scale through large production capacities like the Vijayanagar steel plant. The company's diverse product portfolio, including value-added products, and technological cooperation with JFE Steel Corp. further enhance its competitive edge. Despite increasing debt from proactive investments, JSW Steel's financial balance remains adequate, and material deterioration is unlikely given its stable earning capacity and access to financial markets.