Steel major Baoshan Iron and Steel Co Ltd is banking on its smart manufacturing and logistics strengths to sustain production even as the novel coronavirus outbreak forces several companies to suspend production.

China's steel industry, which has been facing a rough time due to rising inventories and falling product prices due to the novel coronavirus outbreak, is expected to recover rapidly during the second quarter of this year, experts said.

China is boosting efforts to ensure the energy supply for hospitals in Wuhan to fight against the novel coronavirus.

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IANS, citing sources, reported that JSW Steel is likely to pay INR 19,700 crore to acquire the bankrupt Bhushan Power and Steel Ltd by March 15.

The Shougang Tonggang Limited Company, an iron and steel company in Tonghua city, has also resumed work.

PTI reported that Kolkata based SAI Group is planning to invest INR 1,000 crore over the next 3-5 years in West Bengal for its steel business.

Authorities in Fuzhou, capital of East China's Fujian province, are stepping up efforts to help businesses resume production after the prolonged shutdown for the Lunar New Year holiday.