Steel stocks slip up to 5% as Moody's changes outlook to negative

Moody's Investors Service says that rising input costs and an inability to pass on higher costs to customers are pressuring the profitability of Asian steel producers

Shares of steel companies were under pressure, falling by up to 5 per cent, in intra-day trade on Wednesday after global rating agency Moody's changed its outlook for Asian steel producers to negative on weakening profitability.

Jindal Steel and Power (JSPL), Steel Authority of India (SAIL), Tata Steel and JSW Steel from the Nifty Metal index were down in the range of 3 per cent to 5 per cent on the National Stock Exchange (NSE). At 10:45 am, Nifty Metal index, the largest loser among Nifty sectoral indices, was down 2 per cent, as compared to 0.39 per cent