Page 4 - Iron And Steel Industry

Iron & steel stocks rally up to 11% on strong March quarter results

Surya Roshni, Gallantt Ispat, Sarda Energy & Minerals, Welspun Corp and Vardhman Special Steels (VSSL) have surged between 5 per cent and 11 per cent in Thursday's intra-day trade

AM/NS India will have 'robust financial discipline' while expanding: CFO

Acquisition is growth driver for AM/NS and its parent companies, ArcelorMittal and Nippon Steel, says Amit Harlalka

BSE announces 25 stocks eligible for T+0 settlement cycle from tomorrow

Several brokers, however, not yet ready to offer same-day settlement

Nippon Steel defends US deal after Joe Biden comes out against bid

Japan's largest steel company repeated its previous offer of an additional $1.4 billion in investment, and promised no layoffs or plant closures until at least September 2026

Venus Pipes soars 9% to new high on foray into fittings, capex of Rs 175 cr

Both the fittings business and the new product line of stainless and titanium welded tubes will be high-teens margin businesses, as per the company

'India's steel exports hit 1.1 mn tonne in January, an 18-month high'

India's monthly steel exports hit a 18-month high to 1.1 million tonne in January 2024 on increased demand from the European Union and supportive global prices, SteelMint said. Besides, competitive domestic prices of steel contributed to rise in export, the research firm said in its latest report. The outbound shipment of steel in January 2023 was 0.67 million tonne , as per SteelMint data. On reasons behind the surge in exports, SteelMint said, "good restocking demand from the European Union (EU) contributed 67 per cent of the 1.11 MT (export) in January. It was highest in last 18 months." While the price of hot rolled coil (HRC) in India's trade segment was at Rs 54,300/a tonne, the global rate was USD 710 per tonne (about Rs 58,000). This factor also contributed to the demand for Indian steel in the global markets. Overall, Indian steel exports may remain largely range-bound or fall slightly in the near term because of the "global trade lull induced by the Chinese lunar holi

Centre extends 'public utility' deadline for iron and steel industries

A public utility service refers to an industry or service considered essential for the community's well-being and functioning

Supply chain delays impact investment in speciality steel PLI: Govt

Investments in the steel sector have a long gestation period and depend on the procurement of various equipment. Often some of these equipment are sourced from abroad.

TDP MP urges Centre to review 100% equity divestment in Vizag Steel Plant

TDP Member of Parliament Kanakamedala Ravindra Kumar on Friday demanded that the Centre take steps for revival of Visakhapatnam Steel Plant and review its decision to divest government stake. He was speaking in Rajya Sabha during Zero Hour. The Cabinet Committee on Economic Affairs had in January 2021 given in-principle approval for 100 per cent strategic disinvestment of the government shareholding in RINL -- also called Visakhapatnam Steel Plant or Vizag Steel -- along with RINL's stake in its subsidiaries/joint ventures. "Subsequent to the decision of the government, there is much discontent among crores and crores of people of Andhra Pradesh. Employees and union of the plant are staging demonstrations and protesting against the decision. The request to reconsider the government decision has been made in different fora by people's representatives," Kumar said. He told the House that RINL was operating at 68 per cent of 6.3 MTPA capacity up to February 2023. Though the blast ...

IMFA Q3 results: Profit climbs to Rs 109 cr, total income at Rs 695.02 cr

Indian Metals & Ferro Alloys Ltd (IMFA) has posted manifold jump in its consolidated net profit to Rs 108.95 crore in the December quarter, pushed by higher income. It had clocked a profit of Rs 11.04 crore in the October-December period of 2022-23 financial year, the company said in an exchange filing on Tuesday. The company's total income rose to Rs 695.02 crore over Rs 631.84 crore in the year ago quarter. Its expenses reduced to Rs 549.44 crore from Rs 605.61 crore in the third quarter a year ago. Subhrakant Panda, Managing Director, IMFA, said, "The third quarter earnings numbers are creditable in a difficult global environment where stainless steel demand has been muted and ferro chrome prices have softened, though costs have come down significantly too. The moderation in the Chinese economy has had an impact across the commodities spectrum but we do not expect any further downside." Bhubaneswar-based IMFA is a leading integrated producer of value added ferro chrome with ...

Jindal Steel cuts export forecast on Red Sea crisis, weaker EU, US demand

The company is exploring "new options" and a "variable freight model", Jindal said, as part of efforts to deal with the challenges posed by attacks launched by the Iran-allied Houthi militia on ships

Tata Steel to close UK blast furnaces; up to 2,800 jobs may be affected

Tata said it would offer a 130 million pound support package to help affected employees retrain and find new jobs

Steel products manufacturer Goodluck India raises Rs 200 crore via QIP

Steel products maker Goodluck India Ltd on Thursday said it has raised around Rs 200 crore through issue of equity shares on Qualified Institutional Placement (QIP) basis. Its board on Wednesday approved the issue and allotment of 21,27,659 equity shares to Qualified Institutional Buyers (QIBs) at an issue price of Rs 940 per share at a premium of Rs 938 per share, aggregating to nearly Rs 200 crore, the company said in a statement. Goodluck India successfully raised nearly Rs 200 crore in the QIP round, it said. MC Garg, Chairman of Goodluck India, said, "The recently concluded round of fundraising is well in line with the company's growth strategy." The company also floated a wholly-owned subsidiary, Goodluck Defense and Aerospace Private Limited, which will cater to the extensive needs of the defence and aerospace industries. Goodluck India manufactures a wide range of engineered steel structures, precision/auto tubes, forging for defence and aerospace, CR (cold rolled) product

Steel pipe maker JTL Industries net profit rises to over Rs 30 cr in Q3

Steel pipes maker JTL Industries Ltd on Friday reported a 47 per cent rise in its net profit at Rs 30.18 crore in the third quarter ended December 31. It had posted a profit of Rs 20.49 crore in the October-December period of preceding 2022-23 fiscal, the company said in an exchange filing. Its total income rose to Rs 568.33 crore from Rs 344.42 crore in the year-ago quarter. Expenses were at Rs 527.99 crore as against Rs 316.70 crore a year-ago. The company's net profit in the April-December period increased to Rs 83.46 crore from Rs 53.47 crore in the year-ago period, the filing said. JTL Industries is a leading producer of electric resistance welded steel pipes with a production capacity of more than 6 lakh metric tonnes per year.

Govt not planning higher taxes on steel imports despite industry's demand

Steel mills want authorities to raise taxes from the prevailing 7.5% on several steel products to curb imports

Steel industry hopes Budget will focus on infra, fair trade measures

Companies want support for capacity addition and anti-dumping measures against substandard imports

Tata Steel stock: Is it a buy, hold or a sell?

Near-term upside may be limited as the stock is trading above consensus target price of analysts

India net importer of steel in April-Nov, Chinese shipments reach 5-yr high

The world's top steel producer exported mostly hot-rolled and cold-rolled coil or sheets to India, followed by plates, and pipes

India's steel import to be elevated at 6MT in FY24 on strong demand: CRISIL

India imported 4.26 MT finished steel in April- November 2023 and the import may touch 6 MT mark in the current fiscal mainly on account of strong domestic demand, according to a report by Crisil. The report comes at a time when steel players are registering strong concerns of surging imports. Global steel demand, which has been subdued since the onset of the Russia-Ukraine conflict, is expected to grow 1.6 per cent in 2023, after a sharp fall of 3.3 per cent in 2022, the global analytics company said. The tepid rate of growth rides largely on a buoyant 13 per cent growth in demand in India, which has bucked the trend so far, Crisil said. This fiscal, the steel sector in India is poised to clock its third consecutive year of double-digit growth at 11-13 per cent after growing 11.4 per cent and 13.4 per cent in fiscals 2022 and 2023, respectively. "Strong domestic demand, supported by government spending on infrastructure, building and construction segments, is expected to keep Ind

India's April-Oct steel imports from China at four-year high

China, the world's top steel producer, exported mostly cold-rolled coil or sheets to India, followed by hot-rolled coil products, plates, and pipes, among others