The negative outlook for the steel sector remains the same

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Mumbai, Ta. 29 September 2020, Tuesday

Maintaining a negative outlook for the country's steel sector, India Ratings said that the situation in the sector will be similar to that of Kovid-12 in the last six months of FY 205. However recovery may be seen early in some large steel companies.

The second quarter of the current financial year has seen signs of improvement in domestic demand, but its survival will depend on what kind of reform measures the government takes and what kind of relief it provides. Steel demand is mainly dependent on investment in the infrastructure sector.

The government's Rs 100 trillion infrastructural investment plan could be a factor in boosting steel demand. Lending arithmetic is expected to reach the level of 2020 by the end of the financial year 2022, which will slow down the delivery efforts of the steel sector players. Until the cash flow through operations is fully recovered, steel companies will pay special attention to maintaining liquidity and defer capital expenditures, the agency's report said.

The liquidity position of large integrated players will be favorable but medium-sized and secondary steel companies under stress will face liquidity crunch. Steel companies that do not have their own iron ore mines may face iron ore shortages and high prices in the short term.


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