Steel News

Report: India's Central Bank Wants Essar Steel, 11 Others Ushered into Bankruptcy

6/16/2017 - India’s Essar Steel and Bhushan Steel reportedly are among 12 companies being recommended for bankruptcy by the country’s central bank, according to the Reuters news service. 

According to Reuters, the action comes as India attempts to address a debt problem that has stymied growth in one of Asia’s largest economies. Reuters said the debt held by the 12 companies accounts for about 25% of the country’s bad loans. 

Reuters has the full story here.