Page 3 - Steel Authority Of India

Steel Authority suspends two directors at direction of anti-graft ombudsman

The suspension will not affect the company's performance, Chairman Amarendu Prakash said in a statement

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

SAIL enters deal with Chennai-based Ram Charan for managing emissions

Agreement is for multiple solutions like converting emissions to value-added products and fuel

SAIL plans to expand capacity by 15 million tonnes in phase 1: Chairman

State-owned steel maker SAIL has started working on plans to expand its installed capacity by 15 million tonnes (MT) in the first phase, the company's Chairman Amarendu Prakash said. Its current installed steel-making capacity is about 20 million tonnes per annum (MTPA), Prakash said. "It has been kicked off. In the first phase, we are expanding it to 35 MT. So, phase 1 is of 15 MT," the chairman said in a reply to a question on SAIL's expansion plans. On the timeline and investment amount involved in the expansion plan, he said the company is actively working on detailed project reports (DPRs) and sharing any number will be a difficult task at present. When asked about the funding model, Prakash said SAIL will use its own funds and also seek market support to fund the expansion. "It (the funding) will be a mix of both internal accruals and market. The steel industry is a huge capex-intensive industry. So, we will be in the market for funds," he noted. The company will not only e

SAIL to increase coking coal purchases from Russia, expects 4 shipments

Australia accounts for more than half of India's coking coal imports of around 70 million metric tonnes a year. India also imports coking coal from Russia and the United States

LIC sells 2% shares in Sun Pharma via open market sale, stake now at 3.012%

The transaction was done via open market sale and the stake was sold between July 22 and September 13

Procurement by CPSEs via GeM grew by 74% to Rs 42,510 crore in Apr-Jul

CPSEs account for around 53% of overall transactions on GeM

SAIL produces record 18.28 MT crude steel; 19.40 MT hot metal in FY23

State-owned SAIL has produced a record 18.28 million tonnes (MT) of crude steel during financial year 2022-23, registering a year-on-year rise of 5.3 per cent. The production of hot metal also rose by 3.6 per cent to 19.40 MT during the financial year ended March 31. In a statement, the Steel Authority of India (SAIL) said it has achieved the best-ever annual production during FY23. "The company recorded 19.409 MT hot metal and 18.289 MT crude steel production with a growth of 3.6 per cent and 5.3 per cent, respectively over the previous best in FY22," the statement added. The steel giant further said it is continuously ramping up its production over the years with a focus on more value-added and special-steel production. SAIL, under the Ministry of Steel, is the country's largest steel producer with an annual installed capacity of around 20 MT. It has five integrated and three special steel plants across various locations in the country.

Govt to initiate closure of SAIL's steel unit in Bhadravathi: MoS Finance

The government has decided to shut SAIL's loss- making Visveswaraya Iron & Steel Plant (VISP) at Bhadravathi in Karnataka, Parliament was informed on Monday. The government had originally planned for privatising VISP and had invited Expression of Interest (EoI) for selling SAIL's 100 per cent stake in the unit in July 2019. However, in October last year, the government decided to scrap the strategic disinvestment plans of VISP due to low bidder interest. In reply to a question in the Lok Sabha, Minister of State for Finance Bhagwat Karad said the shortlisted bidders had expressed inability to participate in the sale process of VISP. "On account of old machinery, sub-optimal size, continuous losses and shutdown of blast furnace for a long time, it has been decided to initiate the process for closure of this unit," Karad said. The Cabinet had in October 2016 cleared strategic disinvestment of SAIL's 100 per cent stake in VISP.

SAIL turns red with Rs 329 cr Q2 loss, expenses surge to Rs 27,200 cr

State-owned Steel Authority of India Limited (SAIL) on Thursday slipped into red posting a consolidated loss of Rs 329 crore during the quarter ended on September 30, 2022. It had clocked Rs 4,338.75 crore net profit during the July-September period of the preceding fiscal, SAIL said in a BSE filing. The company has also reported a fall in its total income at Rs 26,642.02 crore from Rs 27,007.02 crore in the same quarter a year ago. Its expenses increased to Rs 27,200.79 crore as against Rs 21,289 crore in the year-ago period. SAIL has also reported a fall in its crude steel output as well as sales. Its crude steel output fell to 4.30 million tonnes (MT) during the quarter under review from 4.47 MT in July-September period of FY22. Sales shrunk to 4.21 MT from 4.28 MT a year ago. A query seeking chairman's comments on the company's financial and operational performance during the September quarter remained unanswered. SAIL, under the Ministry of Steel, is the country's largest s

Aftermath of Russia-Ukraine war dims the sheen on steel industry

But strong domestic demand and cooling raw material prices encourage manufacturers to stay the course on capex plans

Coal crisis hits SAIL's Bhilai steel plant output in Chhattisgarh

A stranded ferry from the Visakhapatnam port is cited to be the reason for plunging it into a deep crisis.

Centre cites policy to reject union's proposal to merge RINL with SAIL

Public sector undertakings (PSUs) in non-strategic sectors shall be considered for privatisation, or they shall be closed, said Minister of State Finance Bhagwat Karat in Rajya Sabha.

Are metal stocks bottoming out as China pushes for a stimulus package?

Until major hurdles are not conquered by Metal index, the turnaround scenario may fade sooner

SAIL-Bhilai Steel supply boosts Mumbai-Ahmedabad high-speed rail project

The 508-km project, scheduled for completion in October 2028, will connect Mumbai and Ahmedabad with a high-speed rail track where trains will travel at a speed of 320 kms per hour

Steel industry: From sprint to jog as export duty hike plays speed breaker

Now, beginning June, steel mills are expected to announce a cut for monthly contracts

Inox Air announces Rs 750 crore oxygen plant at Sail's Bokaro plant

This is the company's second cryogenic air separation unit at the Bokaro plant in Jharkhand and is also the largest investment in a new oxygen plant

SAIL consolidated net profit rises 4.1% to Rs 1,529 crore in Q3

Its consolidated income during the quarter increased to Rs 25,398.37 crore, from Rs 19,997.31 crore earlier

Revoking of CVD, ADD to hurt earnings of domestic stainless steel industry

"Traders are expected to stock up cheap imports creating huge inventories in the coming months ahead of an anticipated demand boom in the sector," said an official of a large stainless steel firm