Steel makers stuck with heavy debt, negative cash flow The net - TopicsExpress

Steel makers stuck with heavy debt, negative cash flow The net debt of India’s top six steel producers, already high at a combined Rs. 152,557.48 crore, is likely to balloon with the rupee’s depreciation against the dollar, making foreign currency loans and raw material imports expensive, analysts said. The woes of the steel sector, which began with the 2008 financial crisis, are likely to persist, giving the companies little respite. The top six Indian steel companies are Tata Steel Ltd, Steel Authority of India Ltd (SAIL), JSW Steel Ltd, Essar Steel India Ltd, Jindal Steel and Power Ltd and Bhushan Steel Ltd in that order. A 17 July report by Bhaskar N. Basu, research analyst at Bank of America Merrill Lynch projected Tata Steel’s net debt at Rs.63, 200 crore in fiscal 2014, and forecast net gearing, or debt to equity, to rise to 1.75x compared with 1.6x in fiscal 2013.

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