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.
By Jwalit Vyas