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In this issue

As the world officially enters a recession with the IMF declaring so recently, on the back of the rapid spread of the horrific COVID-19, the Indian steel industry has gone into respiratory distress, with almost the entire secondary sector having come to a standstill while the primary producers have curtailed output. Both moves have reduced capacity utilisation to a mere 30% at present. In any case, whom will the mills sell to? Both construction and automobiles, which contribute to over 70% of steel consumption, have come to a grinding halt. Analysts reason that demand is not going to pick up before Q3. Our Cover Story on pg. 16 explores the COVID-19 conundrum. In ExperTalk, on pg. 24, Dr Manish Lunker too dwells on the virus impact. Even at a conservative estimate, if there has been a 20-25% disruption in Chinese domestic steel consumption in three months, this would result in an extra inventory accumulation of 30-40 MnT, which is likely to find its way into nearby Asian markets soon. In Guest Column, on pg. 10, Dr Aruna Sharma, former Secretary, Ministry of Steel, GoI, explores what derailed India’s growth story - possibly, knee-jerk reactions to issues rather than long-term policy reforms. Intervista, on pg. 05, turns the spotlight on Mandeep Singh, CEO & ED, JSL Lifestyle, who talks about creating an aspirational stainless steel culture in India. Plus, we focus on a lot more. Enjoy the read!

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