On Friday, the Supreme Court cleared the deck for ArcelorMittal to enter India by buying out a stressed steel mill with 10 mt of capacity. With global steel consumption flailing, too, ArcelorMittal reported a net loss of $539 million for the September quarter, hit by lower sales and sticky prices. Local analysts expect that a third steel producer, after Tata Steel Ltd and JSW Steel Ltd, with both financial heft and expertise will be good for the domestic market. Dastur, had told Mint: “Traditionally, in a fragmented steel market like India, there are a lot of secondary producers. The global steel market is going through a protectionist phase, with the US and Europe erecting trade barriers against cheap steel coming in from China and Asia.

Source: Mint November 16, 2019 12:33 UTC