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Record steel prices help firms acquired under insolvency code out of red

Tata Steel BSL has posted a profit of Rs 913.19 crore in the December quarter, its highest since its acquisition by Tata Steel in 2018

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According to ICRA’s latest metals sector outlook, the sector is poised to report its best annual performance in recent times as prices reach multi-year highs.

Ishita Ayan Dutt Kolkata

5 min read Last Updated : Jan 30 2021 | 6:10 AM IST

A rally in steel prices to an all-time high has resulted in a stellar showing for bankrupt steel assets that were among the earliest to be auctioned under the Insolvency and Bankruptcy Code (IBC) in 2018: Tata Steel BSL (formerly Bhushan Steel) and JSW Ispat Special Products (formerly Monnet Ispat & Energy) and Vedanta-owned ESL Steel.

Tata Steel BSL has posted a profit of Rs 913.19 crore in the December quarter, its highest since its acquisition by Tata Steel in 2018. EBITDA per tonne at Rs 14,153 was an all-time high, ahead of market estimates. Tata Steel BSL had clocked a

Topics : steel prices Insolvency and Bankruptcy Code Steel Industry