Govt notifies steel scrap recycling policy: Dharmendra...
Transcript of Govt notifies steel scrap recycling policy: Dharmendra...
News Round Up - Indian
44 November 2019STEELWORLD
India Ratings has affirmed JSW Steel’s long term
issuer rating at IND AA but the outlook has been
revised to Negative from Stable since the last rating
was issued in March. Citing an expected increase in
the steel major’s net debt-based leverage. It said
“JSW Steel’s adjusted net debt to Ebitda is expected
to rise to 3.5 - 3.7 times this financial year on the
India Ratings revises JSW Steel's outlookback of a decline in per tonne Ebitda and outflows on
account of debt-led capital expenditure. In FY19 and
FY18, the leverage was 2.2 times and 2.6 times
respectively.”
The rating agency expects outflows relating to any
inorganic stressed asset acquisition in FY20 to be
limited to INR 5,000 crore and primarily to be executed
through ring- fenced financial structures with only a
minority stake byJSW Steel. India Ratings also expects
JSW Steel’s FY20 liquidity to remain adequate with well-
planned debt refinancing amid substantial capital
expenditure outflows.
JSW has announced reduction in the budgeted
capital expenditure by about INR 4,700 crore to about
INR 11,000 in FY20 as a measure to conserve cash in
the background of benign economic situation. The
company has also deferred capex at its Baytown, Texas
facility by around USD 240 million of the announced USD
500 million.
Govt notifies steel scrap recycling policy: Dharmendra Pradhan
The government has
notified a Steel Scrap
Recycling Policy (SSRP) to
provide for a framework to
facilitate and promote
establishment of metal
scrapping centers in India for
scientific processing and
recycling.
Union Steel and Petroleum
Minister Dharmendra Pradhan
said in Lok Sabha that the policy
framework provides standard
guidelines for collection,
dismantling and shredding
activities in an organised, safe
and environmentally sound
manner.
"The Steel Scrap Recycling
Policy has been notified in the
Gazette of India vide No. 354
dated November 7, 2019. The
policy provides a framework to
facilitate and promote
establishment of metal scrapping
centers in India for scientific
processing and recycling of
ferrous scrap generated from
various sources and a variety of
products," he said during Question
Hour.
Pradhan said the policy
prescribes guidelines for setting
up and responsibilities of
dismantling centre and scrap
processing centre, roles of
aggregators and
responsibilities of the
government, manufacturer and
owner. "The Steel Scrap
Recycling Policy does not
envisage setting up of scrap
centres in the country by the
government. The role of
government is to provide a
framework to facilitate and
promote establishment of
metal scrapping centres in the
country," he said.
The minister said the
government has not fixed any
incentive on sale of scrap. This will
be governed by guidelines and
market conditions prevailing at the
time of sale of scrap.
The other ministries involved in
sanctioning of scrap centres are
Ministry of Road Transport and
Highways and Ministry of
Environment, Forest and Climate
Change, he said.