Vote on Account 2014: Coal block allocation, easy land acquisition to benefit common man

From 2004-2008, Indian iron and steel industry saw a rapid growth. The industry benefited from the strong demand for steel in US and China, which led to sharp rally in the global iron and steel prices, benefiting the Indian steel manufacturers.

From 2004-2008 was a very good period for the steel industry. But, the global meltdown 2008 hit the Indian steel manufacturers hard. Falling steel prices and falling demand impacted the topline as well as bottom line of these companies. After the global slowdown from 2008 onwards, the focus of most of the companies shifted to India as Indian economy was still doing well relatively.

However, this did not benefit much as Indian GDP also started declining. In addition the iron ore mining got banned in states such as Karnataka and Goa to stop the illegal mining, which created more problem for the steel companies. The huge debt that has piled up with the companies started facing trouble. This led to a lot of companies file for corporate debt restructuring. Read more
By Jwalit Vyas

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Categorised in: Power, Sector News

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