Page 5 - Iron And Steel Industry

Tata Steel appoints Akshay Khullar as VP of Engineering and Projects

Tata Steel on Monday announced the appointment of Akshay Khullar as the Vice President Engineering and Projects of the company. Tata Steel has also re-designated Peeyush Gupta as the Vice President TQM, group strategic procurement and supply chain of the company. "In terms of the company's succession plan for Senior Management Personnel, Akshay Khullar is being appointed as the Vice President Engineering & Projects (Designate), effective December 1, 2023 and as the Vice President Engineering & Projects, effective February 1, 2024," Tata Steel said in a regulatory filing. While Peeyush Gupta, currently serving as the Vice President Group Strategic Procurement and Supply Chain will lead the Total Quality Management (TQM) function, in addition to his current responsibilities, it said. Accordingly, effective February 1, 2024, Gupta will be re-designated as the Vice President TQM, Group Strategic Procurement and Supply Chain. In the filing, Tata Steel also announced ...

India's April-August finished steel imports from China at five-year high

China, the world's top steel producer, exported mostly cold- rolled coil or sheets to India

Ramkrishna Forgings bags 8.25 million Euro order in South America

Home-grown Ramkrishna Forgings on Tuesday said it has bagged an order worth Euro 8.25 million, about Rs 73.65 crore, for the supply of equipment to a client in the South American market. The company will be supplying front and rear axle components for the next five years, it said in a statement. "This contract represents a significant step in our journey to expand and diversify our operations in the South American market," said Ramkrishna Forgings CFO Lalit Kumar Khetan. "We are honoured to be chosen for this partnership which signifies not only our prowess in providing high-quality components but also solidifies our commitment to fostering innovation and excellence in the automotive segment," he said. The Kolkata-based company is a leading supplier of rolled, forged, and machined products. It has formed a joint venture with Titagarh Railsystems to manufacture and supply 80,000 wheels to the Indian Railways. The company, which exports to over 50 countries, has a manufacturing faci

Coal imports fall 1.82% to 68.30 MT in Apr-Jun quarter: mjunction

India's total coal imports fell 1.82 per cent to 68.30 million tonne in April-June period of ongoing financial year, according to a report. The import was at 69.57 MT in the same period a year ago, mjunction said in its latest report. The import included non-coking coal, coking coal, anthracite coal, pulverised coal injection (PCI) coal, met coke and pet coke, it said. During the period, non-coking coal import stood at 42.99 MT against 47.44 MT in the same period last year, while coking coal import was 15.89 MT against 14.61 MT imported a year ago. In June 2023, the import stood at around 21.03 MT, down 25.21 per cent as against 28.11 MT imported in the same month last year. India is among the top five coal-producing countries in the world. However, some parts of its coal requirement are met through imports as the country is also among the major consumers of the dry fuel. For coking coal -- a key raw material used in steel making -- the country remains heavily dependent on ...

Bharat Forge Q1 net profit rises 33% to Rs 214 cr, revenues at Rs 3,877 cr

Auto components major Bharat Forge Ltd on Wednesday reported a 33.27 per cent increase in consolidated net profit at Rs 213.73 crore in the first quarter ended June 30, 2023. The company had posted a consolidated net profit of Rs 160.37 crore in the same quarter last fiscal, Bharat Forge said in a regulatory filing. Consolidated revenue from operations was at Rs 3,877.27 crore as against Rs 2,851.46 crore in the year-ago period, it added. Total expenses were higher at Rs 3,602.48 crore as compared to Rs 2,643.95 crore in the same period a year ago. Bharat Forge said its board at its meeting held on Wednesday also approved conversion of existing inter corporate deposits given by it to Kalyani Powertrain Ltd (KPTL), a wholly-owned arm, along with interest amounting to Rs 111.3 crore into equity shares, to reduce the overall borrowings at KPTL. The board also approved a further investment of an amount not exceeding Rs 150 crore in KPTL from time-to-time in one or more tranches. KPTL

Tata's NINL plant reaches 100% capacity utilisation in 1 yr of acquisition

NINL, a 1.1-million tonne steel manufacturing unit in Odisha, has reached 100 per cent capacity utilisation within one year of its acquisition by Tata Steel. On July 4 2022, the steel major completed the acquisition of Neelachal Ispat Nigam Ltd (NINL) through subsidiary company Tata Steel Long Products Ltd (TSLPL) for a consideration of Rs 12,000 crore. After being shut for almost three years, operations at the NINL unit was started by Tata Steel in October 2023. "NINL has successfully ramped up production to its rated capacity of 1 million tonnes on an annualised basis within just nine months of its acquisition," Ashish Anupam, MD of Tata Steel Long Products Limited (TSLPL), told PTI in reply to a query on the progress in one year of acquisition. The acquisition was efficiently implemented even though the NINL plant had been mothballed for nearly three years. In August 2023, the company will complete the commissioning of its last major facility, a coke oven unit at NINL, he ...

NMDC Steel Plant inches closer to go on stream in Chhattisgarh

The firm has commissioned its second coke oven battery. The Coke Oven Complex consists of two batteries, of which battery no. 2 has been commissioned

Tata Steel output grows 3% to 7.77 MT in Q4; sales fall 3.43% to 7.59 MT.

Tata Steel India's production increased to 5.15 MT during the said quarter from 4.90 MT in January-March 2021-22 and tts sales rose marginally to 5.15 MT from 5.12 MT a year ago

Govt planning PLI 2.0 to boost production of specialty steel: Scindia

The government is planning to introduce the second edition of the PLI scheme for specialty steel to boost production of value-added steel in the country, Union Minister of Steel Jyortiraditya Scindia said on Friday. The minister was speaking at the PLI Scheme for Specialty Steel MoU signing event in the national capital. It was attended by the companies selected to invest under the Rs 6,322-crore scheme. "Today is an important day in the history and future of the steel industry. PLI 1.0 is not a full stop, it is the beginning of the journey. Our ministry is already looking at PLI 2.0," he informed the participants of the first edition of PLI for specialty steel. The minister further asked the industry stakeholders to share their suggestions and feedback so the next PLI Scheme for specialty steel can be prepared at the earliest. As many as 27 steel companies signed 57 memorandum of agreements (MoUs) with the Ministry of Steel at the event to produce coated/plated steel products, hig

Jamshedpur Steel city is celebrating its 184th Founders Day today

The Tata Founders Day is celebrated on the birth anniversary of Jamsetji Nusserwanji Tata, who founded the Tata group

Essar on a new path of growth, to invest in energy, steel, mining sectors

Armed with substantially lighter balance sheet after repaying Rs 2 lakh crore debt, Essar is embarking on the next phase of growth by investing in hydrogen projects, building LNG import facility and retail chain, and setting up steel plants. Prashant Ruia, director, Essar Capital Ltd, said Essar currently owns businesses in the core sectors of energy, metals and mining, infrastructure, services and technology and its future plans centre around them. It is looking to set up steel plants in Odisha and Saudi Arabia and a facility to import liquefied natural gas (LNG) at Hazira in Gujarat. In the UK, where it owns an oil refinery, the group is setting up a blue hydrogen plant and is exploring opportunities to set up a green ammonia unit in India. Essar has set up a unit to retail LNG to trucks and will set up a chain of outlets dispensing the environment-friendly fuel. "We have completed what is certainly the one of the biggest, if not the biggest, deleveraging exercise by repaying Rs

Lloyds Metals hits new high on robust Q3 results; stock up 67% in 2 months

The company said that the revenue growth in Q3FY23 was driven by volume and price growth in both sponge iron and iron ore

Rama Steel hits new high after it clocks highest-ever sales volume in Q3

In the past three months, the stock rallied 75 per cent, as against 8 per cent rise in the S&P BSE Sensex

Stock of this SME iron & steel products' company has zoomed 117% in 1 month

Rhetan TMT hit a new high of Rs 299.05, having rallied 327 per cent against its issue price of Rs 70 per share

JSW Steel USA secures $182 mn financing for modernising plate mill

Capital arranged by Italian export credit agency, will be used for Indian company's facility in Texas

Tatas mull exit from UK steel business on lack of government support

Tata Sons is considering Tata Steel's exit from its UK operations because of the absence of support from the British government for transition to green energy

JSW Steel net profit falls 85% in June quarter as expenses increase

JSW Steel on Friday posted over 85 per cent fall in its consolidated net profit at Rs 839 crore during the June 2022 quarter, mainly on account of higher expenses

Tata Steel ropes in Australia's BHP to study low-emission steelmaking tech

The partnership aims to help both companies progress toward their climate change goals, and support India's ambitions to be carbon neutral by 2070, the domestic steel major said on Wednesday.

Export curbs, higher energy prices may spike trade deficit further in FY23

Revenues from the export of industrial metals would also take a hit from a decline in metal prices

Steel Association writes to Sitharaman, seeks withdrawal of export duty

Industry should be allowed to fulfill the orders without export duties, say companies.