Page 2 - Iron And Steel Industry

JSW Steel seeks ₹19,300 cr refund after SC cancels BPSL acquisition

Earlier this month, the Supreme Court cancelled JSW Steel's 2019 acquisition of BPSL, saying there were several non-compliances. The court also ordered that BPSL should be liquidated

India's dirty furnaces threaten global steel sector's net zero target

While China still dominates in terms of operating capacity, India is the most polluting steelmaker and has the largest pipeline, with more than 350 mn tonnes per year at various stages of development

Ashish Kacholia portfolio stock zooms 34% in 2 days on strong Q4 results

Man Industries (India) rallied 12% to ₹351.25 on the BSE in Tuesday's intra-day trade, extending its previous day's 20% up move after it reported healthy earnings for Q4FY25 and strong outlook.

Strong raw material strategy vital for growth, says Coal Minister Reddy

A robust raw material strategy is key to sustaining growth and the country must secure consistent availability of critical materials such as coking coal and iron ore, Union Minister G Kishan Reddy said on Saturday. Addressing the concluding day of the 6th edition of the India Steel 2025 Exhibition and Conference, hosted jointly by the Ministry of Steel and Ficci here, the Union coal minister also said that steel is the backbone of India's economic growth and key driver of the country's collective vision of Viksit Bharat. The three-day event saw the participation of over 1,000 delegates, over 200 exhibitors and featured nine sessions which included over 150 speakers from India and other countries, including the inaugural session, according to a release. During this period, three Memoranda of Understanding (MoUs) were also signed highlighting the growing opportunities and collaborations within the steel sector, it said. "If steel is the backbone of India's economy, then coal and mine

India urges firms to buy overseas iron ore, coking coal assets: Official

India, the world's second-largest producer of crude steel, aims to boost its overall steelmaking capacity to 300 million tons by 2030, up from about 200 million tons currently

MoUs worth Rs 17,432 cr signed in Chandrapur summit, seven with steel firms

Memorandums of Understanding worth Rs 17,432 crore were signed during the District Investment Summit in Maharashtra's Chandrapur, an official said on Saturday. The amount is higher than the Rs 14,000 crore target given to Nagpur division, of which Chandrapur is a part, and is possibly the highest for any district in the state, he added. 'During the summit, which was held on Friday, 12 MoUs were signed, including seven related to the steel sector. Nagpur division accounts for 60 per cent of the state's mineral wealth. Around 75 per cent of this mineral wealth is in Chandrapur and Gadchiroli," MLA Sudhir Mungantiwar said. "These MoUs are just the beginning. The district administration will provide full cooperation to entrepreneurs. These industries will help in generating employment in the district. An Investment Promotion Committee has been established in the district to solve difficulties," Collector Vinay Gowda said. "The MoUs were signed with Greta Energy (worth Rs 10,319 crore .

JSL Super Steel signs a deal with Sunsure energy to cut carbon emissions

The company has signed an agreement with Sunsure Energy to get 11 megawatts of solar power for its plant in Uttar Pradesh

Govt gets 73 applications under 2nd round of PLI for speciality steel

The government has received 73 applications under the second round of production linked incentive (PLI) scheme for specialty steel, Sandeep Poundrik, secretary in the Union steel ministry, said on Wednesday. The PLI schemes were launched as part of government's efforts to increase production of special steel in India to make the country self-reliant in high grade steel, the official said on the sidelines of 'Catalyzing R&D in Indian Steel Sector' event in the national capital. "We are ensuring that substandard steel is not imported into the country. So we are focusing on quality control orders so that both domestic and imported steel is of adequate quality and the products sold here are of adequate quality," he said. In addition to that the government launched two rounds of PLI. "We recently did a second round of PLI and we have received very good response in that. We have received 73 applications, 73 projects applications and this will add about 16.5 million tonnes of specialty ..

Nomura bullish on Indian steel industry; maintains 'Buy' on JSW Steel, JSPL

Nomura has set a target price of Rs 1,220 and Rs 1,080 for JSW Steel and JSPL, respectively.

Trump's steel tariffs raise concerns, may worsen glut of metal in Asia

Steelmakers from Asia to Europe and Latin America are already reeling from a flood of cheap Chinese steel, with the nation's 2024 exports touching a nine-year high above 110 million tonnes

Govt imposes mandatory quality orders for stainless steel pipes, tubes

The government has imposed mandatory quality orders for stainless steel seamless pipes, and tubes to curb the import of sub-standard goods, boost domestic manufacturing and ensure consumer safety. A notification 'Stainless Steel Pipes and Tubes (Quality Control) Order, 2025' was issued in this regard by the Department for Promotion of Industry and Internal Trade (DPIIT) on February 10. It will come into effect from August 1 this year. Under the order, the item cannot be produced, sold, traded, imported and stocked unless it bears the Bureau of Indian Standards (BIS) mark. According to the notification, this order would not apply for 500 kilograms of these goods imported for the purpose of research and development by manufacturers of stainless steel pipes and tubes per year with the condition that such imported goods and articles shall not be sold commercially and can be disposed of as scrap. Violation of the provision of the BIS Act can attract imprisonment of up to two years or a

Firms committed to investing Rs 27,106 cr under PLI scheme for steel: MoS

MoS for Steel and Heavy Industries Bhupathiraju Srinivasa Varma said that steel is deregulated sector and decisions such as investment, production are based on techno-commercial considerations

Tata Steel Q3 preview: Analysts estimate losses; revenue may fall up to 7%

On the bourses, Tata Steel shares closed 0.38 per cent lower at Rs 130. In comparison, BSE Sensex settled 0.43 per cent lower at 76,190.46 levels, on Friday, January 24, 2025

Jindal Stainless races 4% as Nuvama upgrades to 'Buy,' raises target price

The rally in Jindal Stainless shares followed an upgrade by Nuvama Institutional Equities (Nuvama), which raised its rating on the stock to 'Buy' from 'Hold' and set a revised target price of Rs 836

Malaysia imposes anti-dumping duties on iron, steel from four nations

The decision followed an investigation begun in August into the products from China, India, Japan and South Korea that started after a petition from a domestic producer

Kumaraswamy announces Rs 15,000 cr revival plan for Visvesvaraya factory

Union Minister for Heavy Industries and Steel, H D Kumaraswamy, announced on Sunday plans to revive the Sir M Visvesvaraya Iron and Steel Factory in Bhadravati with an estimated investment of Rs 15,000 crore. Speaking at the 87th All India Kannada Literary Conference in Mandya, the Minister stated that this decision aligns with the Modi government's efforts to address unemployment and focus on industrial growth in Karnataka. The Minister highlighted the historical significance of the Bhadravati factory, established under Mysuru Maharaja Nalvadi Krishnaraja Wadiyar and Bharat Ratna Sir M Visvesvaraya. Once a source of employment for thousands and a livelihood for lakhs, Kumaraswamy expressed confidence that the glorious days of the steel factory would soon return. "Prime Minister Narendra Modi has entrusted me with the critical responsibilities of the Heavy Industries and Steel portfolios. I am working diligently to ensure these responsibilities benefit Karnataka," said ...

World's biggest steelmakers failing to switch to renewables: Survey

Steel is responsible for 7% of global carbon dioxide emissions, around the same as India, with coal-fired blast furnaces producing 2 metric tons of CO2 for each ton of output

Steelmakers need to collaborate with IISc, IITs to boost industry: Minister

Union Steel Minister H D Kumaraswamy has said that steelmakers need to collaborate with leading institutions like Indian Institute of Science (IISc) and IITs for research to create a globally-competitive and technologically-advanced steel industry. He said India's steel sector stands as the backbone of its industrial strength and a cornerstone of nation-building. "From skyscrapers to highways, railways to defence, steel powers our progress and fuels our ambitions." Speaking on the occasion of the National Metallurgists Awards ceremony here on Wednesday, he said: "To create a globally-competitive and technologically-advanced steel industry, our steelmakers need to collaborate with leading institutions like IISc and IITs (Indian Institutes of Technology) for research." Specialty steel, Kumaraswamy said, is also a crucial sector where research and innovation is the need of the hour. The Minister said that under the leadership Prime Minister Narendra Modi, the country is on a path t

Port delays and red tape strain India's 10,000 steel user units: GTRI

Over 10,000 steel user units are facing a crisis due to prolonged port delays and burdensome regulatory requirements, and the government should look at streamlining import processes and digitise systems to help the sector, think tank GTRI said on Monday. The Global Trade Research Initiative (GTRI) also said that policies aimed at protecting domestic steelmakers, including import restrictions and quality control measures, have unintentionally penalised industries dependent on imported steel. Over 10,000 units are struggling with operational and financial challenges, threatening their production and export capabilities, it added. It also said that Free Trade Agreements (FTAs) need careful scrutiny as some FTAs allow Indian firms to partner with foreign producers and re-import steel at concessional rates, raising concerns about competition. "Port delays and red tape are choking India's steel user industries. Over 10,000 steel user units face financial strain due to delays at ports and

Jindal Stainless Q2 results: Net profit down 21% at Rs 611.31 crore

The share of exports was 10 per cent of total sales in Q2 FY25 compared to 13 per cent in Q2 FY24. Overall, exports in H1 FY24 had stood at 15 per cent