[Ferro-Alloys.com] Prices for steel billet were steady or moved downward in most regions over the week ended Friday August 9 because of reduced prices for iron ore and long steel products.Iron ore prices showed a sharp drop.
Prices for Brazil-origin steel slab remained unchanged in the week ended Friday August 9, with improved demand in the export and domestic markets helping to keep sentiment buoyant.
Tata Steel’s debt seems even more daunting as earnings are crimped at India’s oldest manufacturer of the primary infrastructure alloy.
In the June quarter, earnings halved at Tata Steel, paced by its European business. Debt to annualised EBIDTA, a ratio widely used to check the ability to meet debt obligations, has shot up to 4.7 times. It was near 3.2 times for FY19. Anything above 4 is considered risky.