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Finished steel production zooms up - Views on News from Equitymaster
 
 
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  • Sep 14, 1999

    Finished steel production zooms up

    align=justify> The surge in the domestic production of finished steel has supported the view that the Indian economy is finally on the recovery path. However, concerns remain about the sustainability of growth in this sector.

    The cement industry has been growing at a breathtaking pace (YoY growth of over 22% during April July 1999) despite the much slower growth in industrial production, which increased by 5.6% YoY during the first quarter of the current financial year. These growth levels are being supported by the nascent economic recovery. Now, it is the steel sector that has turned in exemplary growth figures. With both cement and steel showing a sharp rise in production and despatches over the last couple of months, the clouds over the prospects of an economic recovery seem to be clearing.

    The growth in steel production has been supported by the strong growth posted by the consumer durables and automobiles sectors, both of which are large consumers of steel. Apart from this, the pick up in steel exports seems to have lifted the overall growth levels. Moreover, with Japan emerging from a recession, the likely improvement in the international steel scenario will further benefit Indian steel companies.


    Source: CMIE

    However, with the US and the European Union (EU) deciding to levy anti dumping duties on Indian steel wires and cables, the growth in steel exports is likely to be adversely affected. Moreover, the domestic steel markets are being protected from international competition by the Government, which has set floor prices for import of various steel products. Once these protective measures are diluted, it is uncertain whether domestic steel production will continue to grow at the same pace.

     

     

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