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The Centre will take appropriate steps continuously to ensure that the stress in the domestic steel sector is addressed, Minister of Mines and Steel Narendra Singh Tomar told the Parliamentary Consultative Committee on Monday.
“We are aware that at present the steel sector faces many challenges. Imports increased by 75.5 per cent in 2014-15 and during April-September 2015 imports have increased 42 per cent. The domestic steel prices have maintained a sharp downward trend during the period,” Tomar told the Committee.
Rising debtsHe added that the rising debt of the industry is also a major concern and the share of stressed loans to the sector has been the highest, excluding the infrastructure industry.
“Steel companies are facing difficult financial situation and the net sales realisation of steel companies is decreasing…leading to financial strain due to reduced EBITDA and profits,” he added.
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