Morgan Stanley On Steel – media report · Increased discussions on imposing anti-dumping and safeguard duties to protect the domestic steel industry from imports. · Any additional import duty would be positive, as it could lead to higher domestic steel prices. · Entire industry should benefit, with companies having a higher share of flat products in their portfolio gaining the most. · A 15% safeguard duty could drive domestic hot rolled coil prices up by 10% and increase Ebitda for fiscal 2026 by 15-40%. · JSW Steel stands to benefit the most due to its high share of flat products and volume support. · Steel Authority of India to see the highest earnings impact, given its low base. Read 📚 Disclaimer & Disclosure