: Coal crisis causes turbulence for recovering Small & Medium Steel firms #FinanceIndia #StockMarketNEWS Coal crisis causes turbulence for recovering Small & Medium Steel firms New Delhi, 25 Oct (KNN)

@StockMarketNEWS Mon 25 Oct, 2021

Posted in: #FinanceIndia #StockMarketNEWS

Coal crisis causes turbulence for recovering Small & Medium Steel firms #FinanceIndia #StockMarketNEWS
Coal crisis causes turbulence for recovering Small & Medium Steel firms New Delhi, 25 Oct (KNN) As per the data from Investment Information and Credit Rating Agency of India Limited (ICRA) and Joint Plant Committee, medium and small business in the steel sector have suffered more than larger firms with 31 per cent production loss and the ongoing coal crisis hinders its recovery.

The loss for large business account around 17-24 per cent owing to their financial ability to sustain circumstances brought by the 2nd wave of covid.

Regardless of the damage caused to small producers, they managed to reach a growth rate of 45 percent in production, which remains flat as compared to FY2020. Moreover, contribution of small, medium and secondary producers in the steel industry is for more than one-third of that of total steel produced which has been hit by the coal crisis.

This impact was first noticed in September and is expected to change in December.

Small businesses majorly produce long steel mainly used by construction and infrastructure sector such as bars, rods and structural.

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