ICICI Securities Ltd | Retail Equity Research Growing EAF production points to healthy demand prospects Due to stringent environmental norms, China has shut ~155-160 million tonne (MT) of largely unaccounted induction furnace capacity along with ~115 MT steelmaking capacity in 2016-17. These capacity cuts have led to steel export reduction by ~40% from the region, thereby encouraging steel production via EAF route in other countries. Industry sources indicate globally ~55 MT of EAF steel production was added in 2017. On...