Meltdown hits Jharkhand steel units

摘要

THE WOUNDS of the global economic slowdown, and India's own slump in the loan-driven automobile industry run deep. Sliding steel prices hit by cascading demand woes in autos has crippled scores of Sponge iron units and induction furnaces spread across the mineral rich twin Singhbhum districts of Jharkhand. Sponge iron is an alternative to steel scrap as a raw material for the manufacture of various steel products. Furnaces melt steel. Smaller ancillary industries linked to large companies like Tata Steel produce help produce goods that go into steel or fashion end-products based on steel.