• India’s crude steel output fell 3.4% to 9.089 million tonnes during October 2019 against 9.408 million tonnes during the same month last year, according to World Steel Association (worldsteel).
  • Global steel output stood at 151.494 million tonnes in October 2019, 2.8% down compared to 155.833 million tonnes in October 2018, as per the report of World Steel Association.
  • Global rating agency Moody’s expects the Centre’s fiscal deficit to touch 3.7% of the GDP. The Centre has targeted to keep the deficit at 3.3% for the current fiscal (2019-20)
  • Finance minister Nirmala Sitharaman promised more sector-specific steps to boost sagging economic growth and asserted that the 32 measures already initiated by the government have started bearing results.
  • Looking at the economy with a discerning view, growth may have come down but it is not recession yet, it won’t be recession ever, Sitharaman said.
  • The commerce ministry has sought views of all the ministries, including steel, shipping and others on the draft national logistics policy, which aims at promoting seamless movement of goods across the country, an official said. The draft policy also seeks to reduce high transaction cost of traders. The government wants to formulate the policy as the sector’s growth is critical to boost exports and economic growth.
  • Aditya Mittal is likely to chair the board that will run Essar Steel, with directors drawn from the two acquiring partners, ArcelorMittal and Nippon Steel Corp of Japan.
  • With the leases of 232 merchant iron ore mines expiring in March next year, the country may face a short-term disruption in supply of the main ingredient used in making steel, Acuite Ratings & Research Ltd said.
  • According to the report of Acuite Ratings & Research Ltd, the expiring leases can potentially curtail about 25-30% of the country’s iron ore production, taking into account the expiring leases of other states as well.