Page 9 - Essar Steel

Essar Steel to reach 12 million tonne pellet capacity at Paradip

The current capacity of the pellet plant is six mtpa

Essar Steel wants oversight panel to vet debt recast plan

RBI should take into account Essar's improved finances, Rs 3,500-cr interest payment to banks

Essar Steel moves court against RBI's insolvency move, hearing on July 7

Challenges RBI's 'arbitrariness' in selecting the 12 stressed accounts

Gujarat HC stays insolvency proceedings against Essar Steel

Directs RBI to explain how the 12 insolvency cases were accorded priority

Essar Steel eyes 25% market share in 2 yrs to follow new emission norms

Company has developed new product for automotive manufacturers in response to market requirements

Loan recast delay hits Essar Steel

Essar Steel's proposal was to bring in fresh equity of Rs 2,500 crore into the company

Lenders want Ruias to infuse Rs 2,500 crore in Essar Steel

To agree to debt-recast plan after Essar Steel gets fresh equity from promoters

Essar Steel to supply Posco over 1-mn-tonne flat steel products

contracted volume is 30% higher as compared to last year

SC rejects Essar Steel's plea seeking exemption from power dues in Gujarat

The state government had first refused Essar group's claims for duty exemption in 2003

Essar Steel logs 47% growth in flat steel output in FY17

Essar Steel India Ltd has logged 47 per cent spike in its flat steel production in 2016-17. Output of flat steel products moved up from 3.8 million tonne (mt) in FY16 to 5.6 mt in the last fiscal.Pellet production, too, moved up 60 per cent from 5.8 mt to 9.3 mt. For the quarter ended March 31, 2017, Essar Steel has recorded a growth of 25 per cent in flat steel production at 1.5 mt as against 1.2 mt in the same period last year. The company has registered a growth of 21 per cent in pellet production at 2.3 mt compared to 1.9 mt in the corresponding period of last year.Dilip Oommen, managing director, Essar Steel said, "We have made a quantum leap in our performance in the last fiscal. The growth clearly reflects the company's march towards full capacity utilization in the coming years. The value-added component in the product-mix has also jumped significantly. The downstream units are currently operating at capacity levels.""Various measures taken by Ministry of Steel and Government .

Essar Steel urged to seek consent for developing iron ore block

The Odisha State Pollution Control Board has asked Essar Steel to apply for consent to establish to develop its iron ore block in the state. Essar Steel has bagged the Ghoraburhani-Sagasahi block in the first ever iron ore auctions held in Odisha after outbidding contenders like Tata Steel, Jindal Steel & Power Ltd (JSPL) and Bhushan Steel Ltd. The block has 100 million tonne of high grade iron ore deposits and is supposed to feed Essar Steel's flagship operations at Hazira (Gujarat).Essar Steel has proposed a production capacity of 7.16 million tonne per annum (mtpa) run of the mine product from the iron ore block. As part of the project, the steel company is also setting up a crushing & screening plant and a beneficiation plant with a capacity of 6.7 mtpa over an area of 139.16 hectares (ha) at Ghoraburhani, Sagasahi and Kalmang villages situated in Sundargarh district.The Odisha government has issued the letter of intent to Essar Steel after it emerged as the preferred ...

Essar Steel develops special steel grades for defence applications

Essar Steel has forayed into the high growth defence manufacturing sector by developing steel grades which find applications in land and naval defence. The estimated expenditure in defence sector is projected at over $200 billion over the next five years.The company has developed several products which are import substitutes as well as innovated to develop indigenous armour plate for ballistic protection.Essar Steel's import substitute products have been used in the construction of advanced naval destroyers, offshore patrol vessels and floating docks. They also provide ballistic protection to combat vehicles and battle tanks. In addition, Essar Steel products are used in the construction of Coast Guard vessels and in the repair of naval ships.The steel company aims to participate in the indigenisation of products used in Naval defence, including naval destroyers, offshore patrol vessels used by both Navy and Coast Guard, rocket launchers, floating docks and submarines. In Land ...

Debt restructuring: Ruia stake in Essar Steel to fall to 40%

This will also be the largest debt restructuring in recent years, say bankers

Essar Steel faces delay in forest clearance to mine Odisha block

The govt's delay in identification of land for compensatory afforestation has put the brakes on expediting forest clearance

Essar Steel eyes passenger car segment for bullet proof steel

ESIL is the first Indian company to develop bullet proof steel

Ruias to shift focus to steel, power

However, sale of Essar Oil will result in a major drop in revenue and profit for the group

Banks may seek more bids for Essar Steel loans

Banks with loan exposure of over Rs 40,000 crore to Essar Steel have received a proposal from SSG Capital to buy the debt at half the price

Essar Steel readying to get nod for Odisha iron ore block

The mine Essar Steel has bagged has reserves of 100 mn tonne; firm plans to mine six million tonne a year

Banks to meet on Essar Steel debt recast today

Essar Steel carry's Rs 40,000 crore debt as on March 31, 2016

Essar's US unit files for bankruptcy

The filing follows Minnesota's decision to revoke Essar's mineral leases for non-payment of dues worth $66 mn