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Steel Growth

Nippon Steel to sell $211 mn in assets to manage debt amid US Steel deal

The Japanese company's debt-to-equity ratio is expected to increase to 0.9 from 0.5 as a result of the US Steel deal which both companies target to close by the end of December

Nippon Steel to sell $211 mn in assets to manage debt amid US Steel deal
Updated On : 20 Sep 2024 | 2:26 PM IST

India to hold more talks over import curbs on steelmaking raw material

In June, India's federal steel ministry also wrote to the trade ministry to make clear it did not favour limits on imports of met coke, citing risks to domestic output

India to hold more talks over import curbs on steelmaking raw material
Updated On : 28 Aug 2024 | 2:46 PM IST

Steel sector's tech investment likely to hit $2.7 bn by 2030: Report

The investments in process and digital technologies across the steel value chain in the country are expected to grow up to USD 2.7 billion by 2030, according to a report. These investments will advance technological capabilities and drive progress toward a more efficient and sustainable mining and steel industry, the FICCI-Deloitte Report said on Thursday. "The investment in process and digital technologies across the steel value chain in India is projected to increase from USD 1-1.2 billion in 2024 to USD 2.3-2.7 billion by 2030, excluding ERP upgrades," said the report on 'Automation, Digitalisation and Technology Integration for the Indian Mining and Steel sector'. The year 2030 is significant for the domestic steel industry as the government's National Steel Policy 2017 aims to scale up India's installed steel-making capacity to 300 million tonne by 2030. As per the report, the per capita steel consumption is anticipated to reach 160 kg by 2030 and around 220 kg by 2047. Digit

Steel sector's tech investment likely to hit $2.7 bn by 2030: Report
Updated On : 22 Aug 2024 | 4:19 PM IST

Congress slams govt over bid to privatise steel plants, suffocate industry

The Congress on Saturday attacked the government over attempts to privatise steel plants, alleging the country's industrial base is being "suffocated" and Union Steel Minister H D Kumaraswamy is party to it. Congress general secretary in-charge communications Jairam Ramesh cited a written reply in the Rajya Sabha by Kumaraswamy. "Yesterday in the Rajya Sabha, the Minister for Steel revealed that the Modi Government has attempted and failed to privatise 4 steel plants and is currently attempting to privatise another 2," Ramesh said on X. None of these six privatisations were necessary, he argued. "Perhaps the Government's incompetence in enacting its own decisions, however ill-founded, is a small mercy," he said. However, these PSUs are now in a state of inactivity, and will be for an indeterminate period of time, Ramesh said. "The Government will not invest in them - in fact, there is evidence that the Government is actually systematically trying to further throttle these units t

Congress slams govt over bid to privatise steel plants, suffocate industry
Updated On : 10 Aug 2024 | 3:35 PM IST

Indian steelmakers seek to soften proposed import curbs on key ingredients

The Indian Steel Association said in a letter, dated Aug 1, to the country's federal trade ministry that the proposed metallurgical coke import quota could hit the ramp-up of blast furnaces

Indian steelmakers seek to soften proposed import curbs on key ingredients
Updated On : 09 Aug 2024 | 5:11 PM IST

India shelves plan to form consortium for coking coal import: Report

Some steelmakers believe they will cease to get a discount under their long-term deals if they negotiate through a consortium, reports stated

India shelves plan to form consortium for coking coal import: Report
Updated On : 06 Aug 2024 | 4:44 PM IST

Steel industry in talks with govt for level-playing field: Sajjan Jindal

Cheap imports affecting domestic companies' margins, says chairman and managing director of JSW Steel

Steel industry in talks with govt for level-playing field: Sajjan Jindal
Updated On : 26 Jul 2024 | 11:42 PM IST

SAIL to make Rs 6,500 cr capex investment in FY25: CMD Amarendu Prakash

Steel Authority of India Ltd will be investing Rs 6,500 crore towards capex during the current financial year as part of its Rs 1 lakh crore investment plan over the next few years, SAIL CMD Amarendu Prakash said on Friday. Speaking to mediapersons on the sidelines of a programme organised by Indian Steel Association here, Prakash said the steel industry approached the government seeking measures to control the dumping of cheap metal by China into India and hoped that steps will be taken to address the menace. "This year, the capex target is Rs 6,500 crore. We also have regular capex on maintaining our facilities, as well as debottlenecking exercises. Most of the capex expansion (Rs 1 lakh crore by 2030) will start flowing from FY26. In the first phase from (the capacity) 20 million tonnes, we go to 35 million tons tonnes per annum by 2031. In the next phase, we will make it 50 million tonnes," the SAIL CMD told reporters. In the past, SAIL management had informed investors about a

SAIL to make Rs 6,500 cr capex investment in FY25: CMD Amarendu Prakash
Updated On : 05 Jul 2024 | 5:45 PM IST

ICRA revises domestic steel consumption growth upwards to 9-10% for FY25

Domestic steel consumption between February to April 2024 registered a growth of 11.3 per cent

ICRA revises domestic steel consumption growth upwards to 9-10% for FY25
Updated On : 03 Jun 2024 | 2:25 PM IST

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.

India's steel demand boom to continue, to grow at 10% over next few years
Updated On : 08 May 2024 | 1:50 PM IST

Jai Balaji Industries Q4 results: Profit at Rs 273 crore, income up 15%

Jai Balaji Industries Ltd (JBIL), a city-based steel product company, on Thursday said it posted a standalone net profit of Rs 273 crore for the fourth quarter ended March 2024 against a loss of Rs 13 crore in the corresponding period last year. Total income grew by 15 per cent YoY to Rs 2002 crore in Q4 FY24. EBIDTA stood at Rs 397 crore during the quarter under review with a margin of 20 per cent, the company said in a statement. The PAT for the financial year 2023-24 was Rs 880 crore, an increase of 1421 per cent YoY jump over FY'23. "Our strategic focus remains on specialised products such as DI Pipes and Special-grade Ferro Alloys, which presently contribute to around 50 per cent to our revenue and the increase in sales will help in achieving higher growth in forthcoming quarters. We take pride in being India's largest recognized producer of special-grade ferro alloys wherein substantial share comes from exports," CMD Aditya Jagodia said.

Jai Balaji Industries Q4 results: Profit at Rs 273 crore, income up 15%
Updated On : 25 Apr 2024 | 8:08 PM IST

SAIL-Bhilai supplies over 7,300 tonnes steel for Sela tunnel project

The total volume of steel supplied by SAIL for the project is 24,216 tonnes

SAIL-Bhilai supplies over 7,300 tonnes steel for Sela tunnel project
Updated On : 11 Apr 2024 | 5:16 PM IST

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

AM/NS India will have 'robust financial discipline' while expanding: CFO
Updated On : 11 Apr 2024 | 12:01 AM IST

India becomes net importer of finished steel in FY23-24, shows govt data

The world's second-biggest crude steel producer remains a bright spot globally with robust demand from its construction and automotive sectors

India becomes net importer of finished steel in FY23-24, shows govt data
Updated On : 08 Apr 2024 | 2:54 PM IST

JSW Steel floats subsidiary for production of hot, cold-rolled steel item

JSW Steel on Thursday announced incorporating a wholly-owned arm JSW Green Steel Ltd for the manufacture of hot-rolled and cold-rolled steel products. The arm was incorporated on February 27 in Mumbai and is yet to commence its business operations, JSW Steel informed the exchanges. JSW Green Steel Ltd has now become its wholly-owned subsidiary, the company said. "The new entity has been incorporated for manufacturing of hot-rolled and cold-rolled products of steel, which is in line with the main line of business of the company," JSW Steel said. Hot-rolled steel finds applications in sectors like automobile, agriculture etc, while cold-rolled steel is used by industries manufacturing, construction and home appliances, among others.

JSW Steel floats subsidiary for production of hot, cold-rolled steel item
Updated On : 29 Feb 2024 | 10:31 PM IST

JSW to invest Rs 65,000 cr for integrated steel complex in Odisha

Plant will also have a captive power plant, cement manufacturing unit, township, jetties

JSW to invest Rs 65,000 cr for integrated steel complex in Odisha
Updated On : 16 Feb 2024 | 10:51 PM IST

India fastest growing economy in world, says Tata Steel CEO T V Narendran

Tata Steel CEO and Managing Director T V Narendran claimed India is the fastest growing economy of the world and the next three decades are important for the country on the development front. China has emerged rapidly during the last 30-40 years and the next 30 years are important for India, which is the fastest growing economy of the world, Narendran said while addressing the members of Singhbhum Chamber of Commerce and Industry (SCCI) here on Tuesday evening. "Currently, China is the largest steel-producing country in the world and we are second. In view of the global challenges being faced by the steel sector, we have to move forward keeping in mind the steel prices", the Tata Steel MD said. "Today, India is the world's fastest-growing economy and the infrastructure sector witnessed rapid momentum during last two/three years, which resulted in growing steel supply by the private steel major", he said. As Tata Steel's Jamshedpur plant is located in a densely populated area, there

India fastest growing economy in world, says Tata Steel CEO T V Narendran
Updated On : 07 Feb 2024 | 2:21 PM IST

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

Steel Authority suspends two directors at direction of anti-graft ombudsman
Updated On : 21 Jan 2024 | 1:26 PM IST

Domestic steel vacuum bottle makers urge govt to check imports from China

The All India Steel Bottle Association (AISBA) has urged the government to take immediate measures to check the imports of sub-standard and cheap steel vacuum flasks into India. The imports of vacuum steel bottles from China and other countries are on the rise and the country has seen a 35 per cent increase in imports of the product from 2019-20 to 2022-23, the industry body said citing an official data. Bharat Agarwal, Treasurer of AISBA, also suggested the government not to extend import relaxation under a BIS (Bureau of Indian Standards) order which restricts quality approvals to such products beyond January 14, 2024. As per the order, he said, "January 14 is the last date by when the products getting imported are to be approved by the BIS". The products are not as per the BIS standards, hence the government must not extend the relaxation considering the issues faced by local manufacturers who have invested around Rs 1,500 crore in the Indian market, he said. "We have also not

Domestic steel vacuum bottle makers urge govt to check imports from China
Updated On : 12 Jan 2024 | 1:20 PM IST

ArcelorMittal to build world's single largest steel site at Hazira by 2029

ArcelorMittal will build the world's single biggest steel manufacturing factory at Hazira in Gujarat by 2029, company's executive chairman Lakshmi Mittal said on Wednesday. The factory will have a capacity of 24 million tonne per annum, he said speaking at the 10th Vibrant Gujarat Global Summit here. He said ArcelorMittal has signed MoUs with the Gujarat government for phase two of the Hazira plant in the summit. Prime Minister Narendra Modi had done the 'bhumi puja' for the first phase of the plant in 2021 and the construction is going on as per schedule for commissioning in 2026, Mittal said.

ArcelorMittal to build world's single largest steel site at Hazira by 2029
Updated On : 10 Jan 2024 | 11:54 AM IST