Insolvency shakeout: New owners for steel assets to ease supply issues

Utilisation is expected to move up in the coming months, said industry officials

The supply-side wheel of the domestic market in steel is set to roll a lot more smoothly.

Three out of five companies in the segment which were taken to the National Company Law Tribunal (NCLT) for being insolvent are now on the verge of getting new owners. 

Over the past few weeks, the Neeraj Singhal-promoted Bhushan Steel has found its new owner in Tata Steel. The Sandeep Jajodia-led Monnet Ispat and Jharkhand-based Electrosteel Steels await a final decision – frontrunners in their cases being the JSW Steel-AION consortium and Anil Agarwal-led Vedanta Resources, respectively. “It would be a huge relief