Steel is one of the most important raw materials in the modern world and forms the backbone of every industrial economy. India being one of the fastest growing economies in the world cannot deny the strategic importance of the steel sector. Steel finds its extensive application right from construction, infrastructure, and power, aerospace and industrial machinery to consumer products. The Indian steel sector has grown exponentially over the past few years to be the third largest producer of steel in the world. However, the steel sector is currently going throughtough times with domestic supply greater than demand and yet India largely being a net importer of steel for last couple of years. The steel producers are also facing challenging financial times, reflected in negative profit growth rates. As of March 2017, the steel industry accounts for almost 22 per cent of the total debt under CDR cases in India.