Page 2 - Iron And Steel Industry

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

Chinese stimulus to real estate checks steel price slide, worries persist

A BigMint analyst said China's latest economic stimulus measures provided a short-term boost to steel prices, driven by infrastructure spending and interest rate cuts

SAIL-BHP sign pact to work on low-emission steel-making strategies

SAIL on Monday said it has signed an agreement with global resources company BHP to work on strategies for low-emission steel manufacturing technologies. Both companies signed the memorandum of understanding to support decarbonisation in steel making, the Steel Authority of India Ltd (SAIL) said in a statement. "This collaboration is an important step for SAIL and BHP in promoting lower carbon steelmaking technology pathways for the blast furnace route in India. Under this MoU, the parties are already exploring a number of workstreams supporting the potential decarbonisation at SAIL's integrated steel plants which operate blast furnaces (BF) with an initial study to assess various strategies to reduce greenhouse gas emissions (GHG)," it said. These workstreams will consider the role of alternate reductants such as the use of hydrogen and biochar for blast furnaces, to build local research and development capability to support the decarbonisation transition. SAIL Chairman Amarendu .

Govt asks major steel companies to use iron ore fines also for steel making

To increase the usage of available raw materials, the Ministry of Steel has directed integrated steel players to make use of iron ore fines in steel making after its beneficiation. As per sources, the ministry has also suggested that players look at options like acquiring coking coal mines abroad. This is aimed at increasing the availability of raw materials at competitive prices, they said. "It has been conveyed to them that iron reserves are limited in the country and to preserve that, players must also use low grade ore through beneficiation process. They can also look for coking coal mines outside India," the sources said. Iron ore and coking coal are the two key raw materials used for manufacturing steel through blast furnace route. While iron ore is available in abundance, for coking coal, India remains heavily dependent on imports. Major players use only high grade ore (lumps), with 65 per cent and above iron content, to make steel through BF (blast furnace). Fines are low

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