Several other manufacturers too said that even if there was an eventuality of employees testing positive, they will follow the standard operating procedures (SOP) and inform the local authorities, but production will continue.
After hitting a historic low in April, domestic steel demand is only expected to climb back to 25-30% of normal levels this month. While demand across the country had shrunk in the aftermath of the first three phases of the lockdown, business is expected to revive toward the latter half of the financial year.
The government imposed a nationwide lockdown on March 25 to prevent spread of the coronavirus pandemic which has impacted production, demand and supply of steel in India. The country had produced 9.02 MT of crude steel during the same month a year ago, the World Steel Association (worldsteel) said in a report.
"The domestic sales loss has been offset by companies adroitly exporting more, thanks to high cost-competitiveness that stems from improved sourcing and lower input costs,” said the report.
M&M had 51% in the JV and Sanyo 29%, while the remaining 20% was held by Mitsui. However, in 2018, Sanyo bought around 22% in Mahindra Sanyo, increasing its holding to 51%. Consequently, MSSSPL ceased to be a subsidiary of M&M.
Oommen's appointment comes in the wake of the recent resignation of T V Narendran, managing director of Tata Steel from the position of President, Indian Steel Association.
“The first half of FY 2021 is expected to be challenging for steelmakers. Many buyers could prefer to sit at the sidelines, given the uncertain demand environment and liquidity pangs of steel consumers, amid dwindling sales and fixed cost obligations,” said ICRA’s senior vice-president, Jayanta Roy.
JSPL is the first company in India to build the coal gasification plant and the first in the world to produce DRI/Steel via coal gasification process, Jindal said. "We have been requesting it for a long time and last year the Prime Minister too had stressed on its importance," he said.
Domestic steel production fell by a record 69.5% year-on-year basis in April 2020 as per provisional figures. The country produced a mere 2.8 million tonne of crude steel during the month, according to data released by Joint Plan Committee (JPC). Steel has been classified as an essential commodity and permitted to operate during the lockdown period.
The stimulus package announced by Prime Minister, Narendra Modi along with the roadmap for a more atmanirbhar Bharat (self-reliant India) is in line with the industry expectations, Anil Chaudhary, chairman, Steel Authority of India Limited has said.
"Today's proposed divestiture preserves competition in the market for aluminum automotive body sheet and protects automakers and American consumers by requiring the full divestiture of Aleris' North American aluminum automotive body sheet operations," Assistant Attorney General Makan Delrahim of the Justice Department's Antitrust Division said on Tuesday.
With the British arm of the company reportedly seeking state support of £500 million, or about ₹4,700 crore, “a breakup would appear to be inevitable to make sure British taxpayers’ money does not end up in the Netherlands”, a recent Dutch media report said.
The National Company Law Tribunal has refused to admit an insolvency petition filed by India Resurgence Asset Reconstruction Company, a joint venture between Piramal Enterprises and Bain Capital, against Indian Steel Corporation, calling it “defective”.
The outbreak of COVID-19 pandemic followed by the lockdown has impacted production, sales and dispatch of steel in India, Rashtriya Ispat Nigam Ltd (RINL) CMD P K Rath told PTI.
The likes of Tata Steel and Jindal Steel & Power are exporting 80-90% of their production, while JSW Steel is looking at shipping out somewhere around 20-30% of its output.
Bids were submitted by CarVal Investors and Nithiya Capital Resources Advisors. The resolution plans involve settlement to financial creditors of Uttam Value Steels with a total upfront and contingent payment of Rs 1,078 crore and Rs 1,576 crore for Uttam Metallics.
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