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The UK government took effective control of Britain's last remaining factory that makes steel from scratch from its Chinese owners, after lawmakers approved an emergency rescue. Prime Minister Keir Starmer summoned lawmakers for the unusual Saturday sitting, only the sixth since World War II, to back a bill primarily aimed at blocking British Steel's Chinese owners, Jingye Group, from closing the two massive blast furnaces at its Scunthorpe plant in the north of England that are key in the steelmaking process. The bill, which was debated over several hours and which is now law after being given royal ascent by King Charles III, gives Business Secretary Jonathan Reynolds the power to direct the company's board and workforce, ensure its 3,000 workers get paid and order the raw materials necessary to keep the blast furnaces running. Jingye has said the Scunthorpe plant is losing 700,000 pounds ($910,000) a day as a result of challenging market conditions and increased environmental ...
India being a net importer of steel is a matter of concern, Tata Steel CEO & MD T V Narendran said Tuesday. The government has assured of intervention, if the imports remain on a rise, Narendran said at the ISA Steel Conclave event in the national capital. "I think it's a little bit of a concern because internationally steel prices are still a bit soft because of China... You heard the (commerce) minister Piyush Goyal saying that if imports increase the government will look at what it can do to help us," he said replying to a question on India being net importer of steel in October. Commerce and Industry Minister Piyush Goyal on Tuesday assured the domestic industry that India will not accept such unfair taxes and will fight to get a fair deal for producers and exporters. He said India has already flagged its concerns over the carbon tax with the European Union (EU) and in the WTO (World Trade Organization). The CBAM (Carbon Border Adjustment Mechanism) or carbon tax (a kind of ..
India's steel capacity has crossed 161 million tonnes and the industry is poised for continued growth, Steel Secretary Nagendra Nath Sinha said on Tuesday. As per the National Steel Policy, India has an ambitious target of installing 300 MT steel capacity by 2030. "We have already crossed 161 million mt of capacity, comprising 67 MT by blast furnace-basic oxygen furnace (BF-BoF) route, 36 MT by electric arc furnace (EAF) and 58 MT by induction furnace (IF) route," Sinha said addressing the '4rth Indian Steel Association (ISA) Steel Conclave' event in the national capital. He further stressed that the steel sector in India is poised for continued growth. Sinha said, India is the world's fourth-largest automobile market, and it is expected to grow at a CAGR of 8-10 per cent over the next 10 years. Moreover, the manufacturing sector saw a Compound annual growth rate (CAGR) of 7-8 per cent and this is driving demand for steel in both the sectors. The production-linked incentive scheme
Steel makers in India and globally stare at a sharp 30 per cent increase in the production costs to manufacture 'green steel' for meeting their net-zero targets, experts said. Right now, there is no single definite technology for producing 'Green Steel' and whatever is available is based on different production process lines with different timeframes, said steel experts at the Singapore Green Steel Forum on Tuesday. India's steel mills along with their global peer groups and consultants are seeking a major technology breakthrough to produce green steel, according to experts. Present estimates put production of 'Green Steel' 30 per cent higher compared with conventional steel that is being produced currently, said a consultancy group official anonymously. The debate is using electric arc furnaces based on green energy, which would be costly, and Blast Furnace (BF), which uses comparatively cheaper coal, the official said. BF also offers large volume output compared to EAF, he ...
Jamshed J Irani, known as the steel man of India, died in Jamshedpur late Monday night, Tata Steel said. He was 85. Irani was associated with Tata Steel for over four decades. He retired from the board of Tata Steel in June 2011, leaving behind a legacy of 43 years, which won him and the Company international acclaim in various fields. Born on June 2, 1936 in Nagpur to Jiji Irani and Khorshed Irani, Dr Irani completed his BSc from Science College, Nagpur in 1956 and MSc in Geology from the Nagpur University in 1958. He then went to the University of Sheffield in UK as a J N Tata scholar, where he secured a Masters in Metallurgy in 1960, and a PhD in Metallurgy in 1963. He started his professional career with the British Iron and Steel Research Association in Sheffield in 1963, but always yearned to contribute to the Nation's progress. He returned to India to join The Tata Iron and Steel Company (now Tata Steel), as it was then known, in 1968, and joined the firm as Assistant to th