Lot of distress in steel industry; haven’t heard of any measures to resolve NPA mess: JSW Steel

In an interview to CNBC-TV18, Seshagiri Rao, Joint MD and Group CFO of JSW Steel spoke about the latest happenings in his company and sector.

Drop in steel prices, volatility in raw prices plus dumping are the major reasons for distress in the steel industry, he said.

During the last financial year FY17, production for steel was high but demand did not grow. However, export markets were attractive therefore the industry could do well.

Speaking about government's assurance about resolving the NPA mess, he said, "There is no specific agenda regards to steel sector non-performing assets (NPA) problem. I have not heard any such measures".