Iron And Steel Industry

India's steel companies look forward to recycle mandate for automakers

Proposed mandate will help steel scrap availability and in reducing emissions, they say

New mining cess may increase cost pressures for steel industry: ICRA

The power sector, which is heavily dependent on coal, may see a rise in the cost of supply by 0.6 per cent to 1.5 per cent, potentially leading to higher retail tariffs, ICRA added

Congress slams govt over bid to privatise steel plants, suffocate industry

The Congress on Saturday attacked the government over attempts to privatise steel plants, alleging the country's industrial base is being "suffocated" and Union Steel Minister H D Kumaraswamy is party to it. Congress general secretary in-charge communications Jairam Ramesh cited a written reply in the Rajya Sabha by Kumaraswamy. "Yesterday in the Rajya Sabha, the Minister for Steel revealed that the Modi Government has attempted and failed to privatise 4 steel plants and is currently attempting to privatise another 2," Ramesh said on X. None of these six privatisations were necessary, he argued. "Perhaps the Government's incompetence in enacting its own decisions, however ill-founded, is a small mercy," he said. However, these PSUs are now in a state of inactivity, and will be for an indeterminate period of time, Ramesh said. "The Government will not invest in them - in fact, there is evidence that the Government is actually systematically trying to further throttle these units t

Germany's proposed low emission steel standard may hurt India biz: GTRI

Germany's proposed Low Emission Steel Standard (LESS) is expected to pose new challenges to Indian industry which is already reeling with lower exports, higher imports and Europe's carbon tax, think tank GTRI said on Friday. India's steel exports have dropped by 31.2 per cent from USD 31.7 billion in 2021-22 to USD 21.8 billion in 2023-24, while imports have increased by 37 per cent, from USD 17.3 billion to USD 23.7 billion, making India a net importer, it said. The Global Trade Research Initiative (GTRI) said that the Indian steel industry is not legally bound to follow the new German steel standard, but ignoring it could hurt domestic exports. "Global markets are demanding low-carbon products, and Indian steel producers not aligning with LESS may struggle to compete," GTRI Founder Ajay Srivastava said. He added that India's steel industry must prepare to comply with new steel standards introduced by Germany, but may soon be adopted by other developed countries. LESS is a volunt

Steel exports from China making business unsustainable: ArcelorMittal

Steel consumption in China could even contract, according to ArcelorMittal, which lowered its 2024 forecast to a range of -1 per cent to +1 per cent

India's domestic steel production likely to cross 300 mn tonnes by 2030

Expressing optimism in steel demand amid headwinds, a senior central government official said on Saturday that the domestic production is likely to cross 300 million tonnes by 2030. The ministry also does not foresee any hurdles in capacity addition due to decarbonisation efforts in the steel sector and will soon release a draft roadmap seeking public opinion to reduce the carbon footprint in the steel sector, which accounts for 12 per cent of total emissions, Steel Secretary Nagaendra Nath Sinha said. "The current steel demand remains strong with infrastructure push from the government and expecting a growth of about 10 per cent. The GDP is also growing robustly, and with continued emphasis on infrastructure from both government and private sectors, steel demand will continue to stay strong," Sinha said, while addressing members of the Bharat Chamber of Commerce (BCC). Finished steel output during 2023-24 was 138.5 million tonnes, up 12.4 per cent year-on-year. To achieve 300 milli

Steel ministry knocks on finance ministry's door for RINL support

The request to finance ministry is to help RINL continue as a going concern

Roadmap for decarbonisation of steel to be out for public consultation soon

India's steel sector accounts for about 12% of total greenhouse gas emissions, with an emission intensity of 2.55 tonnes of CO2 per tonne of crude steel compared to a global average of 1.9 tonne

Steel industry in talks with govt for level-playing field: Sajjan Jindal

Cheap imports affecting domestic companies' margins, says chairman and managing director of JSW Steel

Industry discussing trade measures against imports with govt: JSW Steel CEO

JSW Steel continues to look for coking coal assets overseas, including Australia, and Canada, Acharya said

Vraj Iron and Steel's Rs 171 cr IPO subscribed 16.9 times on Day 2 of offer

The initial public offer of Vraj Iron and Steel got subscribed 16.90 times on the second day of bidding on Thursday. The Rs 171-crore initial share sale received bids for 10,37,65,824 shares against 61,38,462 shares on offer, as per NSE data. The quota for non-institutional investors received 32.51 times subscription while Retail Individual Investors (RIIs) portion got subscribed 19.35 times. The category for Qualified Institutional Buyers (QIBs) fetched 91 per cent subscription. Vraj Iron and Steel on Tuesday said it raised a little over Rs 51 crore from anchor investors. The IPO is entirely a fresh issue of equity shares with no offer-for-sale component. Shares will be available for public subscription in the range of Rs 195 to Rs 207 per scrip. The company will use the IPO proceeds for expansion projects at the Bilaspur facility in Chhattisgarh and general corporate purposes. Raipur-based Vraj Iron and Steel is into manufacturing sponge iron, MS (Mid Steel) billets, and TMT (

Ahead of IPO, Vraj Iron and Steel pockets Rs 51 cr from anchor investors

Vraj Iron and Steel on Tuesday said it has raised a little over Rs 51 crore from anchor investors a day before its initial share sale opening for public subscription. Those who have been allocated shares are -- Volrado Venture Partners Fund IV, Capri Global Housing Finance, Ashika Global Securities, Rajasthan Global Securities, Leading Light Fund VCC - The Triumph Fund and Astorne Capital VCC-Arven, according to a circular uploaded on the BSE website. Vraj Iron and Steel has allotted 24,78,259 equity shares to six anchor investors at Rs 207 apiece, aggregating the transaction size to Rs 51.30 crore, it added. The Rs 171-crore initial public offering (IPO) is entirely a fresh issue of equity shares with no offer-for-sale component. Shares will be available for public subscription in the range of Rs 195 to Rs 207 per scrip during June 26-28. The company will use the IPO proceeds for expansion projects at the Bilaspur facility and general corporate purposes. Raipur-based Vraj Iron

India's plan for raw material curbs ignores Red Sea crisis: Arcelor-Nippon

The curbs planned by the world's second-biggest producer of crude steel could hit output, as they cap imports of a steelmaking fuel, low ash metallurgical coke

Vraj Iron and Steel's IPO to open on Jun 26, eyes to raise Rs 171 cr

Vraj Iron and Steel is set to raise Rs 171 crore through its initial share-sale, which opens for public subscription on June 26. The three-day initial public offering (IPO) will conclude on June 28 and the bidding for anchor investors will open for a day on June 25, according to the red herring prospectus (RHP). The company will use the IPO proceeds for expansion project at the Bilaspur facility and general corporate purposes. Raipur-based Vraj Iron and Steel is into manufacturing of sponge iron, MS (Mid Steel) billets, and TMT (Thermo Mechanical Treatment) bars. It operates through two manufacturing plants at Raipur and Bilaspur in Chhattisgarh. After implementation of the expansion project, the company expects to increase its aggregate installed capacity from 231,600 tonne per annum (TPA) to 500,100 TPA and captive power plants' aggregate installed capacity from 5 MW to 20 MW, the RHP noted. Aryaman Financial Services is the sole book running lead manager, while Bigshare Servic

Jindal Stainless buys remaining 46% stake in Chromeni Steels for Rs 278 cr

Jindal Stainless on Monday said it has acquired the remaining 46 per cent stake in Chromeni Steels Private Ltd (CSPL) for Rs 278 crore. Consequently, CSPL has become a wholly-owned subsidiary of the company, with effect from June 15, 2024, Jindal Stainless Ltd (JSL) said in a release. "Jindal Stainless acquires remaining 46 per cent equity stake in Chromeni Steels Private Ltd. The transaction entails a total outlay of Rs 278 crore, comprising payment towards equity transfer and payment of shareholders' debt," it said. Jindal Stainless earlier acquired a 54 per cent equity stake in CSPL through an indirect acquisition deal for Rs 1,340 crore. The overall acquisition of CPSL costs around Rs 1,618 crore to JSL. JSL CEO Tarun Kumar Khulbe said, "The acquisition of a 100 per cent equity stake in Chromeni will help us climb the value chain. Since we expect the facility to be operational soon, this strategic move will enable the company to capitalise on the robust domestic demand, which

April-May steel imports hit five-year high on buoyant domestic demand

Steel demand has been buoyant in India, the world's second-biggest crude steel producer

Tata Steel flags concerns over political slugfest ahead of UK's elections

The statement follows UK media reports on Labour urging the company to pause the restructuring process until next month's general election

2,500 job cuts inevitable in Tata Steel's UK operations: CEO Narendran

Loss of jobs for around 2,500 workers at Tata Steel's operations in the UK, which are in a transition phase, is "inevitable", the company's CEO T V Narendran said. Fear of job losses has attracted criticism of the workers' unions and they are continuously protesting against the company in the UK. India-based Tata Steel owns the UK's largest steelworks of 3 million tonne per annum (MTPA) at Port Talbot in South Wales and employs around 8,000 people across all its operations in that country. As part of its decarbonisation plan, the company is shifting to low-emission electric arc furnace (EAF) process from the blast furnace (BF) route which is nearing its end of life cycle. Speaking to PTI, Narendran said the transition to EAF with the UK government aid will make the company competitive in terms of reduced production cost, and also help in reduction of 5 million tonnes of Co2 per year. "But all this involves 2,500 job losses and that is what the unions obviously are not happy with.

SAIL watching Chinese steel imports post US tariff hikes: Chairman

The state-run SAIL has continued to buy steelmaking coking coal from Russia at 75,000 tons per ship

Govt developing policy for low grade iron ore beneficiation: Steel secy

The government is working on a policy for low grade iron ore beneficiation, a move that will increase the usage of iron ore with less iron content in steel production. Speaking to PTI, Steel Secretary Nagendra Nath Sinha said the Ministry of Steel along with the Ministry of Mines and the Ministry of Environment, Forest and Climate Change of India is working on the policy. When asked about the timeline, he said the policy on the beneficiation of low grade iron ore is expected to be completed within three months' time. "There may be some concessions on the royalty (on production of fines in the policy)," Sinha said without elaborating further. While lump ore or high-grade iron ore contains 65.53 per cent Fe (iron), fines are inferior grade ore and have 64 per cent and less Fe content. The use of iron ore with less iron content needs beneficiation which adds to the cost of steel production. Earlier, Union Steel Minister Jyotiraditya Scindia had asked the domestic steel industry to a