The future is back in the pits for steelmakers as demand falls rapidly

Iron ore extraction in a falling demand scenario due to cutbacks in steel production is weighing on its prices

It is not a day too soon that leaders of the global steel industry — including the biggest of them all, ArcelorMittal — did acknowledge the enormity of demand shrinkage and logistical challenges of moving raw materials to and finished products out of mills that coronavirus would inflict.

ArcelorMittal, which recently in partnership with Nippon Steel acquired Essar Steel, and Tata Steel, which has integrated steelmaking operations in four Indian centres, have under Covid-19 pressure been idling steelmaking capacity and downstream finishing assets.

What options do steel groups have when orders from vehicle makers, auto component producers, construction and infrastructure