Alarms sounds for India’s biggest steelmakers – Chicago Tribune

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The Tata Steel plant in Jamshedpur

The companies are suffering a triple blow from a glut of domestic production, soaring imports and prices at a six-year low, just as Prime Minister Narendra Modi seeks to spur growth in Asia’s third-biggest economy. The industry owes 2.87 trillion rupees($43.8 billion) of loans, an increasing amount of it close to delinquency, and the big four have the equivalent of $7.7 billion in bonds outstanding, reports Chicago Tribune

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