Stainless Steel Industry

Jindal Steel commissions 3 MTPA oxygen furnace at Odisha's Angul plant

Jindal Steel on Tuesday announced commissioning a basic oxygen furnace (BoF) of 3MTPA capacity as part of its ongoing over Rs 20,000 crore expansion project at Angul in Odisha. With the installation of the new BoF, the plant's crude steel making capacity has increased to 9 million tonne per annum (MTPA) from 6 MTPA earlier, Jindal Steel said in a statement. A basic oxygen furnace (BoF) converts molten iron or hot metal into steel using gaseous oxygen. The Naveen Jindal group company is in process of investing over Rs 20,000 crore to scale up the capacity of its Angul facility to 12 MTPA making it one the country's largest single location steel manufacturing unit. Jindal Steel said it has commissioned its 250 MT BoF converter at the Angul integrated steel plant, adding 3 MTPA of crude steelmaking capacity. "The new BoF is now running, and the first heat has been successfully tapped. This achievement marks a significant step toward Angul's goal of becoming a 12 MTPA steel-making pla

Govt plans ₹5,000 cr scheme to promote decarbonisation: Steel secy

The government is working on a Rs 5,000 crore scheme to promote adoption of clean steel-making technologies, thereby reducing carbon emissions, Steel Secretary Sandeep Poundrik said on Wednesday. The senior ministry official made the remarks while speaking to PTI on the sidelines of the 'FT Live Energy Transition Summit India' in the national capital. "The proposal is under consideration for a National Mission for Sustainable Steel. It is a Rs 5,000 crore scheme," he said. The scheme will cover all steel makers in the country, with 75-80 per cent of the fund earmarked for secondary players, Poundrik said. It aims to promote lower carbon emissions in steel production by encouraging the use of clean technologies and alternative materials, he added. His comments assume significance as India is a signatory to the Paris Agreement and aims to become a net-zero country. Poundrik said that in the next few months, the scheme is expected to become operational. Explaining the scheme, he fu

Demand to reinforce steel MSMEs amid rising costs: Crisil SME Tracker

The production of long steel increased 8.7 per cent Y-o-Y in Q1FY26, with mid and small steel mills accounting for 72.4 per cent of this production

Domestic stainless steel use grows 84% in 5 yrs to 4.8 MT in FY25: ISSDA

Domestic stainless steel consumption has registered a growth of 84 per cent over the last five years to reach 4.80 million tonnes in FY 2024-25, industry body Indian Stainless Steel Development Association (ISSDA) has said. The demand has been driven by sectors like infrastructure, railways, airports, metros among others, ISSDA President Rajamani Krishnamurti said in a presentation at the ongoing Global Stainless Steel Expo (GSSE) 2025. As per the data, in FY 2020-21 the consumption of stainless steel in India was at 2.61 million tonnes. It rose to 3.46 million tonnes (a rise of 33 per cent (y-o-y) in FY 2021-22. The demand grew to 3.94 million tonnes in 2022-23 (14 per cent rise y-o-y) and touched 4.49 million tonnes mark in 2023-24 (14 per cent y-o-y) before reaching 4.80 million tonnes in the financial year ended March 31, 2025. "The demand has been mainly on the back of strong growth in consumption from sectors such as building and construction, infrastructure projects, structu

India's stainless steel demand to grow 7-8% annually over 2-3 years: ISSDA

The demand for stainless steel in the country is expected to grow in the range of 7-8 per cent Y-O-Y over the next three years, the Indian Stainless Steel Development Association (ISSDA) said on Wednesday. The overall consumption of stainless steel reached 4.8 million tonnes in FY25, registering a Year-On-Year (Y-O-Y) growth of about 8 per cent, ISSDA President Rajamani Krishnamurti said at the Global Stainless-Steel Expo 2025 (GSSE 2025). Around 10,000 industry leaders, policy makers and experts from India and abroad, as well as government representatives, are attending the event. "India is likely to retain the highest GDP growth among economies of the world. The stainless steel demand is expected to grow by 7-8 per cent in the next 2-3 years," Krishnamurti told participants at the three-day conference. The per capita steel consumption in India stands at around 3.4 kg as against the world average of over 6 kg, he added. Low consumption as against the world average provides a grea

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

Bansal Wire Industries Q3 results: PAT jumps two-fold to Rs 42 crore

Stainless steel wires maker Bansal Wire Industries has reported over twofold rise in consolidated profit after tax (PAT) at Rs 41.6 crore, backed by higher revenues. It had posted a Rs 17.2 crore PAT in the year-ago quarter, the company said in a statement on Friday. Revenues rose 52.6 per cent to Rs 924.6 crore from Rs 606 crore in October-December 2023-24. The EBIDTA (earnings before interest, taxes, depreciation, and amortization) rose 99 per cent to Rs 73.1 crore from Rs 35.8 crore a year ago. "During the quarter, we delivered resilient financial performance and strong operational execution, ramping up new lines for value-added products and driving value-driven volume expansion while sustaining momentum through growth initiatives," company's MD & CEO Pranav Bansal said. On the outlook for wire industry, he said challenges like fluctuating raw material prices and geopolitical risks persist and international expansion in the US and Europe offer significant opportunities.

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

India's steel demand boom to continue, to grow at 10% over next few years

The domestic steel demand is expected to grow at a rate of 10 per cent over the next few years, supported by the government's focus on infrastructure, Steel Secretary Nagendra Nath Sinha said on Wednesday. The official made the remarks addressing a 'CII Conference on Future Ready and Green Manufacturing' conference in the national capital. With the government's focus on infrastructure, the domestic steel demand will grow in double-digits, he said. "The demand has grown by 13-14 per cent year-on-year in the financial year 2023-24. It will continue to grow by 10 per cent in the future," Sinha said. As per official data, crude steel production was around 145 million tonnes (MnT) in 2023-24 financial year, up from 127 MnT in the last fiscal. Consumption stood at 136 Mnt in the financial year 2023-24, as against 120 MnT in 2022-23.

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.

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

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

Jindal Stainless to generate 1.9 bn units of clean energy via green drive

Jindal Stainless on Thursday said it will generate over 1.9 billion units of clean electricity per year through its green energy initiatives. The initiatives have the potential to reduce carbon emissions by over 13.52 lakh tonnes per annum. "Jindal Stainless... will generate over 1.9 billion units of clean electricity per annum through its wind-solar hybrid, floating and roof-top solar plants, according to its newly released Sustainability Report," the company said in a statement. The company has already entered into partnership with ReNew Power to deliver 100 megawatt round-the-clock renewable energy. "The remarkable achievements in renewable energy initiatives are pivotal to our vision of a greener future. "Our strides in R&D foster innovation that elevates industry standards and ensures our operations contribute positively to the planet and its people," Jindal Stainless Managing Director Abhyuday Jindal said.

Jindal Stainless to invest Rs 1,200 cr in nickel pig iron JV in Indonesia

JSL says it is the first strategic partnership by an Indian company for securing a stake in a nickel reserve abroad

JSPL to invest Rs 1,500 crore to make Monnet Power project operational: MD

Jindal Steel and Power Limited (JSPL) will invest up to Rs 1,500 crore to make recently-acquired Monnet Power operational, its Managing Director Bimlendra Jha said. The investment will be made over the period of the next 12 to 18 months, he said. In December 2022, the steelmaker acquired debt-laden Monnet Power for Rs 410 crore through the insolvency route. The 1,050 megawatts (MW) under-construction coal-based power project is located near JSPL's steel plant in Angul, Odisha. "We will invest fresh investment of up to Rs 1,500 crore to make the plant operational. The amount will be invested over the period of the next 12-18 months," Jha told PTI. Once completed, the new asset will provide power to JSPL's steel plant in Angul, which is in expansion mode, he said. The coal for Monnet Power will be sourced from the Uktal B1 and B2 mines of JSPL. Last year, JSPL won the two coal blocks with approximately 347 million tonnes of reserves near Angul in an e-auction process. Part of OP

Crucial for India to secure its nickel needs, says Jindal Stainless MD

Firm's MD Abhyuday Jindal says next milestone after completing expansion would be to achieve 100% capacity utilisation, after which it may look at backward integration

Venus Pipes hits new high, up 47% in two weeks on getting BIS certification

When compared with its issue price of Rs 326 per cent, the stock has gained a massive 80 per cent in less than four months post listing.

Jindal Stainless net profit rises 8% to Rs 329 crore in June quarter

The company had a net profit of Rs 305.84 crore in the same period of 2021-22, JSL said in regulatory filing.

Imposing duty on steel items a knee-jerk action for industry: ISSDA chief

The government's objective behind the move was to cool down steel prices. However, the prices anyway had started showing a downward trend, the industry expert said.

Jindal Stainless eyes bigger slice of export market

Given the dumping that is happening, the company is working towards increasing its share of exports to 30%-35%