The upturn in the steel cycle is already in its second year. : The valuations fetched by the larger stressed steel assets — Bhushan Steel and Bhushan Power & Steel — are partly a reflection of the uncertainty associated with greenfield projects in India. So far, JSW Steel’s offer of Rs 193.5 billion for Bhushan Power & Steel, which has a commissioned capacity of 2.3 million tonnes (mt) of steelmaking, is the highest.