Steel prices likely to see a surge from October

ETNow caught up with Mr Naveen Jindal of JSPL, for his outlook on the steel industry.

Excerpts:

ET Now: There have been reports that your company is going to restructure around INR 7,500 crore of loans on your books. Any update on that?

Naveen Jindal: Most of that INR 7,500 crores of debt has been restructured. It is not really restructuring; it has actually been brought under the 5/25 scheme.

ET Now: As for your operations, reports say you were looking for some partners. Some Japanese names have cropped up. Have you finalised any of them?

Naveen Jindal: There are many companies that are keen to invest in JSPL. We keep engaging from time to time with people. But I am not supposed to pulge this information. When something concrete happens, I will come back to

ET Now: What is your outlook on steel prices going forward? What major business objectives or targets does your company have this financial year?

Naveen Jindal: I think steel prices have been quite low for a very long time. Steel is a cyclical industry. Now given the good monsoons this year, I am very hopeful that from October onwards there will be an upsurge in the price of steel.

Source : ECONOMIC TIMES

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