Construction Industry News
Although a few companies said the slowdown in sales was temporary, the majority are worried. Ankit Miglani, deputy managing director, Uttam Galva, said: “Production cuts are imminent going forward. There is no possibility of price cuts as carbon steel is already being produced at cost levels."
While three major producers — SAIL, RINL and Tata Steel — grew production by 1.3 per cent during April-June, mid-sized companies such as JSW Steel, Essar Steel Jindal Steel and Power, Bhushan Steel and Ispat Industries, saw production grow by 6.1 per cent. Production of other smaller steelmakers grew 9.6 per cent, according to data of the Joint Plant Committee (JPC), a government body that tracks steel data in India.
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