JSW steel comes back from the brink and is now ready to face the challenges.
THE INDIAN steel industry was in a bad shape after the 2008 global financial crisis. Despite that, between 2009 and 2012, excessive capacities were created in anticipation of a boom in manufacturing. Contrary to the belief, the demand collapsed. Besides, the Chinese started dumping cheap steel. Restrictions on mining iron ore and coal after allegations of corruption in allotment of the mines had also aggravated the problems. The result was that many steelmakers went bankrupt.
This story is from the June 03, 2018 edition of Business Today.
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This story is from the June 03, 2018 edition of Business Today.
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