Page 12 - Steel Industry

Steel manufacturer Bansal Industries' IPO subscribed 1.76 times on Day 1

The initial public offer of steel wire manufacturer Bansal Wire Industries received 1.76 times subscription on the first day of bidding on Wednesday. The initial share sale received bids for 3,77,76,154 shares against 2,14,60,906 shares on offer, according to NSE data. The quota for Retail Individual Investors (RIIs) got subscribed 2.47 times while the portion for non-institutional investors fetched 2.44 times subscription. The Qualified Institutional Buyers (QIBs) part received 1 per cent subscription. Bansal Wire Industries on Tuesday said it has collected over Rs 223 crore from anchor investors. The public issue is an entirely fresh issue of equity shares worth Rs 745 crore, with no offer-for-sale (OFS) component. The issue, with a price band of Rs 243-256 per share, will be open for public subscription during July 3-5. Funds will be used for the payment of debt, to support the working capital requirements of the company, and for general corporate purposes. Bansal Wire Indust

ArcelorMittal decides against shutting its South African steel plant

It expects to report a headline half-year loss per share between 0.96 rand and 1.04 rand, compared with a headline loss of 0.40 rand per share in the same period last year

Nippon-US Steel deal may hike decarbonisation costs, say shareholders

Nippon Steel, the world's fourth biggest steelmaker, last year announced a $15 billion takeover offer for US Steel

April-May steel imports hit five-year high on buoyant domestic demand

Steel demand has been buoyant in India, the world's second-biggest crude steel producer

Steel demand expected to grow in range of 9-12% in FY25: Ind-Ra report

The steel demand is expected to grow in the range of 9-12 per cent during the ongoing 2024-25 fiscal, according to India Ratings and Research (Ind-Ra). The demand will be supported by steady growth in the end-user industries such as automobile and infrastructure sectors, the rating agency said in a report on Tuesday. The agency forecasts the steel demand growth in the range of 9-12 per cent year-on-year for FY25, it said. "Raw material and finished goods prices are expected to be range-bound on a moderate recovery in global demand. "Domestic players are likely to see stable credit metrics, due to higher profitability and improved operating cash flows amid debt-led capex," Rohit Sadaka, Director and Head, Materials and Diversified Industrials at Ind-Ra, said. The agency further said that it expects the global steel demand to be steady with some moderation in China demand due to its transition to low carbon initiatives and moderate demand from the European Union (EU) but supported b

Metallurgical coke curbs: Commerce dept, SteelMin tussle over import quota

The steel ministry's request comes against the backdrop of the final findings of the DGTR investigation released last week

UK workers' union to proceed with industrial action at Tata Steel plants

A steelworkers' union has announced plans to proceed with industrial action of around 1,500 Tata Steel employees based at Port Talbot and Newport Llanwern in Wales in protest against the Mumbai-headquartered company's job cuts associated with the closure of old blast furnaces. Unite the Union said on Thursday that its workers will begin working to rule as well as taking part in a continuous overtime ban from June 18 to severely disrupt and delay the company's operations and order book unless the company rows back on the closure. It is calling for the Indian steel major to halt its plans until the July 4 General Election, when it expects the UK's Conservative Party led government will make way for the Opposition Labour Party. Tata's disastrous deal with the current government would only see its other overseas operations take advantage of the coming boom in green steel at the expense of South Wales, said Unite general secretary Sharon Graham. Now that we will have a new government in

Govt developing policy for low grade iron ore beneficiation: Steel secy

The government is working on a policy for low grade iron ore beneficiation, a move that will increase the usage of iron ore with less iron content in steel production. Speaking to PTI, Steel Secretary Nagendra Nath Sinha said the Ministry of Steel along with the Ministry of Mines and the Ministry of Environment, Forest and Climate Change of India is working on the policy. When asked about the timeline, he said the policy on the beneficiation of low grade iron ore is expected to be completed within three months' time. "There may be some concessions on the royalty (on production of fines in the policy)," Sinha said without elaborating further. While lump ore or high-grade iron ore contains 65.53 per cent Fe (iron), fines are inferior grade ore and have 64 per cent and less Fe content. The use of iron ore with less iron content needs beneficiation which adds to the cost of steel production. Earlier, Union Steel Minister Jyotiraditya Scindia had asked the domestic steel industry to a

Indian steel mills fear surge in Chinese imports after US imposes tariffs

India is already under grave threat of import because all major steel consuming economies are shutting their doors on these steel producing countries, said Alok Sahay, secretary general at ISA

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.

Sandur Manganese & Iron Ores to acquire 80% stake in Arjas Steel

Sandur Manganese & Iron Ores Ltd (SMIORE) on Friday said its board has approved purchase of 80 per cent stake in Arjas Steel Pvt Ltd by entering into a share purchase pact. The company did not reveal the financial details of the deal. However, the enterprise value of Arjas Steel Pvt Ltd (ASPL) is Rs 3,000 crore. "The board of directors.... approved strategic business acquisition through purchase of 80 per cent equity share capital of ASPL, by entering into a share purchase agreement," the company said in a BSE filing. Additionally, 19.12 per cent stake in ASPL will be acquired by BAG Holdings Pvt Ltd --an entity owned by Bahirji A Ghorpade, one of the promoters of SMIORE. The deal is expected to complete within seven months, subject to regulatory conditions of the share purchase agreement. "This acquisition marks a significant milestone for SMIORE as we venture into steel and value-added products manufacturing. It not only unlocks numerous synergies but also represents a ...

Tata Steel to invest £1.25 billion in electric arc furnace in Port Talbot

The decision follows seven months of formal and informal national-level discussions with the UK Steel Committee (the multi-union forum) and its advisers, the company said

India, China, Russia, 5 other WTO members slam EU, UK over steel duty

Countries say European bloc's safeguard duty was inconsistent with regulations of the global trade organisation

Tata Steel to stop operations of coke ovens at Port Talbot plant

Coke ovens are manufacturing plants or blast furnaces for making coking coal, a key raw material in steelmaking

Tata Steel India sales rises 6% to 19.9 MT in FY24 on higher demand

Tata Steel India has reported a 6 per cent growth in deliveries to 19.90 million tonnes in FY24, supported by higher demand from retail, automotive and railway segments. In India, the company produced 18.85 million tonnes (MT) of steel during the preceding 2022-23 financial year, Tata Steel said in a statement on Saturday. Automotive and special products segment deliveries increased by 8 per cent in FY24 to 2.9 MT, surpassing the previous record in FY23. Branded products and retail segment deliveries increased by 11 per cent in FY24 to 6.5 MT. The industrial products & projects segment deliveries rose 6 per cent to 7.7 MT. Among sub-segments, engineering registered best-ever annual sales led by pre-engineered buildings and railways, among others, the company said. "Revenues from Tata Steel Aashiyana, an e-commerce platform for Individual Home Builders, stood at Rs 2,240 crore in FY24 and were up 30 per cent, driven by best-ever 3Q and 4Q sales," it added. The company in India ...

Capacity expansion to drive margins for Jindal Steel & Power stock

JSPL projects a capex allocation ranging between Rs 7,500-10,000 crore annually for the next three-year period

Welspun Corp's unit, Saudi Aramco scrap $41 million steel pipe contract

Welspun did not disclose the reason for the cancellation of the contract, but said it would not affect its operating plans

Naveen Jindal takes charge as president of the Indian Steel Association

Naveen Jindal has been unanimously elected as the president of ISA by the apex committee, the governing body of Indian Steel Association

Naveen Jindal takes charge as Steel Association prez with immediate effect

Naveen Jindal, Chairman of Jindal Steel and Power on Thursday assumed the charge as the President of Indian Steel Association with immediate effect. In a statement, the Indian Steel Association (ISA) said that Naveen Jindal assumed the role of President, succeeding Dilip Oommen, Chief Executive Officer (CEO) of AMNS India, effective March 21. Naveen Jindal, Chairman, Jindal Steel and Power (JSP) has been unanimously elected as the President of the ISA by the Apex Committee, the governing body of ISA, according to the statement. Steel industry along with its upstream and downstream manufacturing value chains will have to grow in tandem for India to realise its development goals. The industry is committed to decarbonise and reduce its carbon footprints to meet its target in line with the Prime Minister's commitments to the world, Jindal said. ISA is the apex body of the domestic steel industry and works collectively to highlight the issues of the sector.

Steel majors to invest billions of capital to meet buoyant local demand

A spurt in economic activity and a revamp of broader infrastructure have drawn steel makers from around the world to India, where demand is rising. In Europe and the United States, it is falling