Latest NewsMetals, Minerals, CoalNews Snippets

Top Five Indian Steel Producers to Reduce their Debt by 35,000 Crore- CRISIL

Independent credit rating agency CRISIL today in a report stated that India’s primary Steel producers JSW Steel, Tata Steel, Steel Authority of India (SAIL), Jindal Steel and Power Ltd. (JSPL) and ArcelorMittal Nippon Steel are expected to reduce their debt by 15% or Rs 35,000 crore, between fiscals 2021 and 2022. This has been possible owing to higher operating profit by Steel producers in India after the rise in demand post-pandemic.

The combined debt cut by the above mentioned five Steel makers could be around Rs 25,000 Crore in this FY-21. In the next fiscal (FY-22), despite capital expenditure rising by 15%, they are expected to reduce debt by another Rs 10,000 crore.