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.

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

China has full confidence to guarantee the energy supply and ensure that work resumes smoothly, the country's top economic regulator said on Sunday.

China has made considerable progress in speeding up coal production and resumption of work to contain the novel coronavirus pneumonia.

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.