Steel sector may get second financial bailout in one month

The steel industry may get a second financial bailout by the end of the month, Bloomberg TV India said in an alert, citing unnamed sources.

The industry met with Minister of State of Finance Jayant Sinha on Monday, to push for a second financial package.

The Ministry will also be forming a core committee of experts to address the disability factors surrounding the steel sector, Bloomberg TV India said.

This core committee will be formed under NITI Aayog and will have representation from environment ministry, steel ministry and the finance ministry. Members of the Railway Board will also be a part of the team being set up to address issues faced by the struggling steel industry.

Shares of Tata Steel were down 1.94%, JSPL was down 0.68%, SAIL was trading lower by 1.74% on Monday.