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Stocks of major steel companies are seen slightly weak over the next few sessions as Fitch Ratings downgraded steel-giant ArcelorMittal's long- term issuer rating to 'BB+' from 'BBB-. The rating by Fitch (on ArcelorMittal) will drag sentiment in the steel stocks which were already posed for a profit booking due to some gains noted this week. Luxembourg-based ArcelorMittal is the largest steel producer in the world. The downgrade by the ratings agency reflects the more challenging than previously expected outlook for Western European steel markets in 2013.
JSW Steel has requested the Central, and Karnataka governments to take immediate steps to ensure the iron ore mined at the four operational mines in Karnataka is auctioned. It has also sought auction of low-grade iron ore lumps to address the shortage.The company produces steel at its Vijaynagar plant in Karnataka. JSW Steel produced 600,000 tn of crude steel in November, unchanged from the same period last year.
