In summary, Fitch highlights that U.S. Tariffs on China steel products will lead to more of the product being available, and more cheaply, in Asia.
This will negatively impact Indian domestics steel makers, including JSW Steel and Tata Steel.
The agency expects both JSW Steel and Tata Steel to breach their rating thresholds for leverage of 3.7x and 3.0x respectively in FY'25 with limited headroom for FY'26 .