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Steel firms playing ‘Monopoly’, passing on cost to consumers

DNDEL10365 | 10/11/2017 | Author : Dipu Rai | WC :449 | Business & Economy

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High NPAs burden, yet big firms gobbling up debt-ridden smaller players
DNA INVESTIGATION
The steel sector in India often twists the natural order of demand and supply. Defying economic logic, five hugely debt-struck steel companies -- owing Rs 1.4 lakh crore to banks and facing insolvency proceedings -- are being eyed by dominant players in the steel sector. The five companies are Bhushan Steel, Essar Steel, Monnet Ispat, Bhushan Power and Steel and Electrosteel Steels. Sources said, these are likely to be sold to dominant players – thereby further strengthening the monopolization of the steel sector in India.
Rohit Sadaka, an analyst with India Ratings & Research, said, “Consolidation in Indian steel industry is likely as large companies may look to acquire stressed asset for expansion -- which may lead to further le
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