Seshagiri Rao, Joint MD and Group CFO of JSW Steel, while giving an overview of the company’s Q1 earnings, says there’s been weak demand for steel in India and globally. He says lack of credit for companies and muted government expenditure hit Indian steel industry. He says while production was in-line with guidance, inventories went up in Q1 due to sales slowdown. He says steel demand growth guidance at 7% for FY20 remains unchanged. Rao says the firm has Rs 48,000 crore capex plan till FY21.