India’s steel sector is showing early signs of stabilisation but underlying stress remains firmly in focus. Mr. Navin Kanjwani, Executive Director, Areion Fincap, analyses why margin pressure, import-led price distortions, and stretched receivable cycles continue to challenge secondary and MSME steel producers, even as capacity expansion and infrastructure demand stay strong. The article examines the shift from cyclical volatility to structural stress, the role of global oversupply and trade remedies, and how recent policy measures are beginning to rebalance the market. As the sector moves into FY26, it highlights why timely restructuring, disciplined capital deployment, and responsive credit frameworks will be critical to preventing further value erosion and enabling a sustainable recovery. Read the full article to know more about the forces reshaping India’s steel industry.