Page 11 - Steel Industry

India studying temporary tax plea on China steel imports: JSW Group chief

Indian steel mills have been grappling with a higher influx of Chinese steel imports, hitting domestic prices and denting companies' earnings

Posco chases India dream again, thanks to IBC and rising steel capacity

The location of the new plant is not yet final, but Odisha is an option. If that happens, Posco's two-decade-long journey in India will have come full circle

JSW Steel emerges preferred bidder for Codli mineral block XII in Goa

JSW Steel on Tuesday said it has been declared as the preferred bidder for Codli Mineral Block XII at Dharbandora in Goa. The company has received a communication from the Office of the Director, Directorate of Mines & Geology, Government of Goa, JSW Steel said in an exchange filing. "The company is declared as 'Preferred Bidder' with highest final offer price at 92.60 per cent of the value of mineral dispatched, it said. The projected iron ore resources are 48.5 million tonnes in addition to 2.7 million tonnes of ore in dumps, JSW Steel said. The company will take all requisite steps to obtain Letter of Intent and statutory clearances to execute the lease deed with Mine Development and Production Agreement (MDPA) and start the mining operations. In a separate filing, JSW Steel said its Italian arm JSW Steel Italy SrL has signed a commercial agreement with Metinvest Adria S.p.A "As per the agreement, Metinvest is obliged to pay a release fee of Euro 30 million to JSW Steel Italy

Steel imports from China increases 36.7% in H1FY25, shows govt data

China exported 1.4 million metric tons of steel to India during the period, up 36.7% from a year ago

JSW Steel, Posco plans to invest $7.7 billion in Odisha steel plant

Last week, JSW Steel and Posco signed an agreement to set up an integrated steel plant with an initial capacity of 5 million metric tons a year

Govt infuses Rs 1,650 cr in state-owned RINL to keep it as a going concern

The government has infused around Rs 1,650 crore in state-owned RINL, gripped with operational and financial issues, according to an official document. The government is also taking various measures to keep RINL as a going concern, the Ministry of Steel said in a note. "In this regard, the Government of India has infused Rs 500 crore towards equity on September 19, 2024, and a working capital loan of Rs 1,140 crore on September 27, 2024," according to the document. It also said that SBICAPS, a wholly-owned subsidiary of the State Bank of India (SBI), is preparing a report on the sustainability of RINL. "RINL is in serious financial trouble, and the (Steel) Ministry is taking several steps to keep RINL as a going concern in consultation with the Ministry of Finance," it added. Rashtriya Ispat Nigam Ltd (RINL), under the Ministry of Steel, is a steel manufacturing company. It owns a 7.5 million tonne plant at Visakhapatnam in Andhra Pradesh. The company has been facing severe financ

JSW-POSCO to set up greenfield steel plant in Odisha's Keonjhar: CM Majhi

Odisha Chief Minister Mohan Charan Majhi on Friday said that India's fastest growing conglomerate JSW Group and South Korean steel major POSCO will jointly set up a greenfield steel facility in his home district of Keonjhar. Majhi revealed this amid nationwide speculation over the exact location of the JSW-POSCO joint venture. "During our roadshows for the ensuing Make-in Odisha conclave in Delhi and Mumbai, I had discussed with both JSW and POSCO regarding the establishment of a steel plant in Odisha's mineral-rich Keonjhar district," Majhi, who is on a two-day visit to Keonjhar for celebrating Diwali, told reporters. "Meanwhile, they have signed an MoU. They will do it jointly. They have also mentioned doing it in Keonjhar district. It is under process and Odisha will get another steel plant," the chief minister said. The two steel makers on October 29 signed an MoU at JSW Group's corporate headquarters in Mumbai, in the presence of JSW Group Chairman Sajjan Jindal and POSCO ...

Our capacities are just in time to meet growing demand: JSW Steel's Acharya

He tells that short-term challenges will not be a direction for its overall expansion in the medium to long term

India Inc Q2FY25 revenue growth seen at 5-7%, slowest in 4 yrs: CRISIL

The analysis shared by CRISIL is based on 435 companies that account for almost half of the listed market capitalisation, which reported an 8.3 per cent growth in the April-June quarter

India's steel industry faces challenges as Chinese exports continue to rise

Reports indicate China is on track to export more than 100 mt in 2024 - the most since 2016

JSW Steel-JFE JV to buy thyssenkrupp Electrical Steel India for Rs 4,051 cr

The transaction is being undertaken by Jsquare, a wholly owned subsidiary of JSW JFE Electrical Steel Private Limited (J2ES)

Steel import surge impacts domestic players' gross margins: Ind-Ra

The surge in steel imports has impacted the margins of domestic players and such pressures are likely to intensify in the second half of the ongoing fiscal year, a report said on Tuesday. The report covers global causes of increased steel imports to India, the likely trajectory of imports, key exporting nations, and domestic demand supply balance, India Ratings and Research (Ind-Ra) said in a statement. The increasing steel imports to India -- particularly from the third quarter of FY24 -- have affected the gross margin spreads in the domestic steel industry, it said. "Ind-Ra believes the Indian steel industry is witnessing margin pressure because of higher volumes of lower-priced steel imports from China, Vietnam, Japan, and Korea, and such pressure is likely to intensify over 2HFY25," it said. As per the report, the Chinese steel export volumes were at its peak in FY25 over at least past 21 quarters, as its domestic steel prices have been consistently declining, keeping ...

SAIL-BHP sign pact to work on low-emission steel-making strategies

SAIL on Monday said it has signed an agreement with global resources company BHP to work on strategies for low-emission steel manufacturing technologies. Both companies signed the memorandum of understanding to support decarbonisation in steel making, the Steel Authority of India Ltd (SAIL) said in a statement. "This collaboration is an important step for SAIL and BHP in promoting lower carbon steelmaking technology pathways for the blast furnace route in India. Under this MoU, the parties are already exploring a number of workstreams supporting the potential decarbonisation at SAIL's integrated steel plants which operate blast furnaces (BF) with an initial study to assess various strategies to reduce greenhouse gas emissions (GHG)," it said. These workstreams will consider the role of alternate reductants such as the use of hydrogen and biochar for blast furnaces, to build local research and development capability to support the decarbonisation transition. SAIL Chairman Amarendu .

Govt asks major steel companies to use iron ore fines also for steel making

To increase the usage of available raw materials, the Ministry of Steel has directed integrated steel players to make use of iron ore fines in steel making after its beneficiation. As per sources, the ministry has also suggested that players look at options like acquiring coking coal mines abroad. This is aimed at increasing the availability of raw materials at competitive prices, they said. "It has been conveyed to them that iron reserves are limited in the country and to preserve that, players must also use low grade ore through beneficiation process. They can also look for coking coal mines outside India," the sources said. Iron ore and coking coal are the two key raw materials used for manufacturing steel through blast furnace route. While iron ore is available in abundance, for coking coal, India remains heavily dependent on imports. Major players use only high grade ore (lumps), with 65 per cent and above iron content, to make steel through BF (blast furnace). Fines are low

Germany's Thyssenkrupp loses fight against EU veto of Tata Steel JV

EU competition enforcer said the deal, which had aimed to tackle over-capacity and other challenges in the steel industry, could result in price hikes

Govt to launch another PLI scheme for speciality steel, says steel secy

The government is working on the another round of the PLI scheme for speciality steel as the response for the first round of the initiative did not meet expectations, according to Steel Secretary Sandeep Poundrik. The top ministry official made the remarks at CII Steel Summit 2024 in the national capital on Friday. In his address, Poundrik said speciality steel is still one area where more is needed to be done. The government brought a PLI to incentivise specialities steel but the offtake was not as expected. "So we are bringing another round of PLI so that we can get more interest in the speciality steel business," he said. Later speaking to PTI, the secretary said the government had launched Rs 6,400 crore PLI Scheme for speciality steel, out of that only Rs 2,600 crore could be allocated. Speciality steel is high grades used in sectors like defence, automobile, and electrical among others.

India's finished steel imports from China hit 7-year high in April-August

China was the largest exporter of finished steel to India during this period, followed by South Korea and Japan, primarily shipping stainless steel, hot-rolled coil steel, galvanised sheets, plates

Correction in Indian steel stock market could be a buying opportunity

Domestic crude steel production for eight months of CY24 has risen 7.4 per cent YoY to 98.7m tonnes

India proposes retaliatory duties on EU's safeguard steps on steel products

India has proposed the imposition of retaliatory customs duties, under the WTO norms, on certain value of goods imported from the EU, as the two sides have failed to reach a consensus on the European Union's safeguard measures on some steel products. In a communication to the World Trade Organisation (WTO), India said that it has proposed suspension of concessions will take the form of an increase in tariffs on selected products originating in the EU. "India hereby informs that from 2018 to 2023, the safeguard measures (of the EU) have resulted in cumulative trade loss for India to the tune of USD 4.412 billion on which the duty collection would be USD 1.103 billion. "Accordingly, India's proposed suspension of concessions would result in an equivalent amount of duty collected from products originating in the EU," the communication said. It added that to ensure the effective exercise of its right to suspend substantially equivalent concessions, India reserves its right to effectuat

Tata Steel commissions blast furnace, boosts Kalinganagar capacity

With the current expansion, Tata Steel's capacity across sites in Odisha is at 14.6 mt. In Jharkhand, Tata Steel's capacity is at 12 mt, of which Jamshedpur Works is at 11 mt