Mumbai, Nov. 9 -- At the beginning of 2025, Maharashtra-based mining company Lloyds Metals and Energy Ltd made headlines for granting stock options to its blue-collar workers, including some former Maoists, as it sought to foster a sense of ownership in its workforce.

The company's gesture made for a heartwarming story. But what didn't garner as much attention was the news that Lloyds Metals and Energy is one of the few companies to have entered the steel sector in the last two decades. The company is setting up steel plants in Gadchiroli and Chandrapur districts in Maharashtra at a cost of Rs.20,000-25,000 crore.

Lloyds is not alone; many other companies have entered the steel sector, lured by the prospects of a rapidly growing India n...