Insolvency Resolution to Alter Flat Steel Market Terrain
Steel Insights Bureau
The resolution of distressed steel assets under the Insolvency and Bankruptcy Code, 2016 (IBC) will alter the country’s flat steel landscape as more consolidation takes place and the number of players producing flat steel diminishes, CRISIL said in a report.
India’s flat steel market is currently dominated by six players that account for approximately 85 percent of the capacity with the rest being distributed between smaller players and re-rollers. With three out of the six undergoing insolvency resolution, the number will shrink to 3-4.
“As the dynamics of a more consolidated industry play out in India’s flat steel space, spreads between landed and domestic prices are expected to narrow,” said Rahul Prithiani, Director at CRISIL Research. Prithiani said that as the companies pass on to stronger hands, the capacity utilisation will go up, leading to better volumes as well as better pricing, which together will result in more profitability for the players.
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