Reuters reported that Bhushan Steel has deferred plans to build a new plant and raise USD 1 billion through a share issue because of problems acquiring land in West Bengal and weak financial markets.

Mr Nittin Johari CFO of Bhushan Steel told Reuters that the company expects to maintain a 25% margin and increase sales this year as costs for inputs such as coking coal and iron ore ease.

Mr Johari said that "Demand is not strong, definitely not strong. It's okay. But we are not in a situation where we are not able to sell.”

Economic uncertainty and a sluggish demand has prompted many global steelmakers, including ArcelorMittal and TATA Steel, to cut production, mainly in Europe.

(Sourced from Reuters)