Midlevel Indian steel firms including Usha Martin, Electrosteel Casting, Bhushan Steel and Monnet Ispat are seen as attractive targets for joint ventures or acquisitions by foreign companies according to the New York Times. Smaller steel companies, which make up nearly half the industry in India, are attractive targets given their value-added steel capacity and their coal and ore reserves.
While global steel demand slumped by more than a tenth in the past year, India’s 55 million-ton steel market has seen nearly 10 percent growth as its $1 trillion economy focuses on building physical infrastructure and as auto sales revive.
