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.

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

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.

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.

The Telegraph reported that British Steel bidder Jingye is set to axe 400 jobs at the embattled firm's Scunthorpe plant as it closes in on a takeover.

China's policymakers will strike a balance between containing the novel coronavirus pneumonia outbreak and facilitating the resumption of regular business activities as a prolonged economic standstill could trigger greater risks, economists said.