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Topic: Steel industry
India currently has 977 steel plants and is one of the few brights spots for demand globally as PM Modi's govt rolls out a plan to spend about $1.5 trillion to upgrade infrastructure.
Steel is responsible for about 7% of global emissions but even today the sector is mostly shielded from having to buy carbon pollution permits in Europe.
Tata Steel’s European operations are facing unprecedented severe market conditions & other steps will also be taken to cut costs.
JSW beat out rivals Tata Steel Ltd. & Liberty House Group with a bid of about Rs 19,700 crore, and now adds 3.5 million tons a year of capacity to its operations.
Steel companies are taking a battering this year as a crisis in the country’s shadow banking sector fueled a cash crunch, and economic growth slowed to a five-year low.
India's overseas purchases from South Korea, Japan and other Southeast Asian neighbours totalled 7.8 million tons, making it a net importer, and are likely to stay around that level this year.
Resolution process of bankrupt firms has been slowed as courts are inundated with appeals from founders, administrators, lenders & bidders.
Challenges from rival bidders & creditors have seen Mittal's firm make dozens of trips to court since an initial bid in Feb 2018 to acquire Essar Steel.
Addressing the Lok Sabha, he added that the government had set up two 'task forces' for the purpose.