By 2015, JSW Steel Limited had established itself as one of India’s leading steel producers. Since 2002, it had increased its capacity from 1.6 million tons per annum (MTPA) to 18.0 MTPA at a compound annual growth rate (CAGR) of 18 per cent; increased production from 1.30 MTPA to 12.36 MTPA at a CAGR of 19 per cent; and increased market capitalization by 59 times, from US$79.26 million to US$4.676 billion. The company’s innovative shared-value approach at its Vijayanagar plant contributed significantly to its success. The plant set an example of how to integrate social and environmental challenges into a business core and create an integrated value chain with many benefits. However, an adverse economic performance in financial year 2015-16 and a gloomy forecast for the steel industry in the next few years raised questions for top management about whether to continue with the shared-value and corporate social responsibility approaches.

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