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Primary steel producers in India are expected to reduce debt by Rs 35,000 crore, between FY21 and FY22, using the higher operating profits generated for prepayment, according to Crisil. This reduction in debt and a partial deferral of capex this fiscal will strengthen the balance sheets and credit metrics of five primary steel producers, which account for 55 per cent of domestic production. The outstanding debt of steel makers is pegged at Rs 2.15 trillion at end of March 2020. The reduction in debt is expected to be Rs 25,000 crore in this fiscal and about Rs 10,000 crore in fiscal 2022. Rating agency Crisil said domestic demand recovered strongly in the second half of this fiscal, growing nearly 10 per cent between October and January versus a 30 per cent on-year fall in the first half. Consequently, demand contraction will be less than 10 per cent for the whole of this fiscal. ....
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