Recovering economy, sprouting demand and improving prices raise hopes for the country’s battered steel sector as it steps into the new year after pandemic-induced disruptions turned 2020 into a “disaster” for the industry.
As the sector experiences signs of better times, the apex body of domestic steel makers, ISA, expects good days ahead and surely no more outbreak like that of coronavirus infections.The Indian steel industry grappled with tough times in running their operations as well as witnessed a sharp plunge in demand for steel soon after the coronavirus pandemic and subsequent lockdowns disrupted overall economic activities. Adverse market conditions forced steelmakers to cut down their operations by up to 50 per cent in April. There was a shortage of manpower as many workers migrated to their native places amid the lockdown as well as limitations on the number of staff working at an office or site after gradual unlocking.The nationwide lockdown came into force in late March and the relaxations began in a phased manner only in June. While terming 2020 as a “catastrophe” for the steel industry, Indian Steel Association (ISA) Deputy Secretary-General Arnab Hazra said there is a revival in demand now which will continue to grow in 2021.