India's two steel giants compared — capacity, geography, leverage and cycle positioning at Steel HRC of $90/t.
| Metric | Tata Steel (TATASTEEL) | JSW Steel (JSWSTEEL) |
|---|---|---|
| Crude steel capacity | ~35 Mtpa (incl. Europe) | ~28 Mtpa (India + US) |
| India capacity | ~21 Mtpa | ~26 Mtpa |
| Geography mix | India + UK/Netherlands | India-focused + small US |
| Iron ore | Largely captive | Mostly purchased |
| Net debt / EBITDA | ~2.0x | ~2.5x |
| Key risk | European loss-making operations | Higher leverage, ore costs |
| Cycle leverage | Moderate (captive ore softens) | High (full HRC exposure) |