
Steel industry's operating profits to contract 45-50% in FY23: ICRA
Indian steel companies face a bumpy road ahead as the external environment becomes more challenging due to elevated inflation, energy prices and rising interest rates.
Indian steel companies face a bumpy road ahead as the external environment becomes more challenging due to elevated inflation, energy prices and rising interest rates.
Shares of JSW Steel, Hindalco, Tata Steel, Jindal Steel & Power dropped up to 2% even after the government rolled back export duty on steel and iron ore products.
The EBITDA per tonne of steel companies declined primarily due to steep fall in steel prices
Escalating energy costs in the U.K. burden the steelmaker
The Ministry of Corporate Affairs on Tuesday approved the demerger of NMDC Steel from NMDC
The export duty on finished steel products to tame inflation has made Indian companies lose out to global rivals.
Sajjan Jindal took his company places by acquiring struggling companies during market downturns and focusing on costs and exports.
Steel companies are now staring at a significant decline in earnings over the next twelve months.
PM Modi said it is a strange situation that iron ore is exported from India, which subsequently imports steel products from the same countries where iron ore is exported.
In a meeting held with the steel industry representatives and the actual steel users, Goyal has said that special care of MSMEs needs to be taken for easier and cost-effective supply of steel.