Domestic steel demand is likely to see a sharp dive in the first quarter of the coming fiscal due to stalled factories and production cutbacks across major user industries like auto and construction, Icra said.
Commenting on the new appointment, Vedanta Ltd chairman, Navin Agarwal said: "We extend a warm welcome to Sunil Duggal who has been a mature and proven leader and held key leadership positions, as our Interim CEO. We look forward to Sunil taking the company to greater heights."
JSW Steel, one of the country’s largest private steel companies, has decided to scale down or suspend production at its units in the wake of the global pandemic.
The move will affect the capacity utilisation which is expected to go down significantly during this period of lockdown, the statement added.
Moody's said its review for downgrade will primarily focus on five factors.
Biometric attendance recording system for employees has been suspended till further notice.Two help desks (24x7) have been created at Visakha Steel General Hospital (VSGH) and an Isolation Ward has also been set up in the hospital.
Metals and mining giant Vedanta Ltd on Sunday announced setting up of a Rs 100-crore fund to combat the coronavirus outbreak.
These firms operate plants, mines, stockyards and retail outlets across multiple locations in different countries and are scrambling to secure safety of personnel and maintain business continuity.
Concerns over global economic growth decelerating have only increased.
The 10-year-term loan would be used to refinance their acquisition of Essar Steel India, now known as ArcelorMittal Nippon Steel India Ltd. Other banks part of the loan pact are MUFG Bank Ltd , Sumitomo Mitsui Banking Corp, Mizuho Bank Europe N.V. and Sumitomo Mitsui Trust Bank Ltd (London Branch), Nippon Steel said in a statement.
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