Page 13 - Steel Industry

Rashtriya Ispat Nigam stake sale plan likely to pick up pace this year

The Centre holds 100% in Visakhapatnam steel plant. RINL is the parent company of Eastern Investments Ltd (EIL), owning 51% in it

Not much scope for unlocking value if too many taxes added: Tata Steel CEO

Narendran discusses issues from the UK strategy to the potential impact of the recent Supreme Court ruling on mineral tax

Steeling a march: Big Boys of steel pushing pedal to drive future mobility

From setting up cutting-edge facilities to cater to the domestic market and building capabilities of global standards, the action is building up

India's domestic steel production likely to cross 300 mn tonnes by 2030

Expressing optimism in steel demand amid headwinds, a senior central government official said on Saturday that the domestic production is likely to cross 300 million tonnes by 2030. The ministry also does not foresee any hurdles in capacity addition due to decarbonisation efforts in the steel sector and will soon release a draft roadmap seeking public opinion to reduce the carbon footprint in the steel sector, which accounts for 12 per cent of total emissions, Steel Secretary Nagaendra Nath Sinha said. "The current steel demand remains strong with infrastructure push from the government and expecting a growth of about 10 per cent. The GDP is also growing robustly, and with continued emphasis on infrastructure from both government and private sectors, steel demand will continue to stay strong," Sinha said, while addressing members of the Bharat Chamber of Commerce (BCC). Finished steel output during 2023-24 was 138.5 million tonnes, up 12.4 per cent year-on-year. To achieve 300 milli

Aiming to expand in US, India, Nippon to dissolve JV with China's Baoshan

Nippon Steel has been looking to end cooperation with Baoshan, a subsidiary of state-owned China Baowu Steel Group, the world's largest steelmaker for about two years

Green steel to play key role in for low carbon economy: Economic Survey

Green steel will play an important role in reshaping the future of the industry as the world moves towards a low-carbon economy, the Economic Survey for 2023-24 has said. The concept of green steel promotes the production of steel using green energy sources and minimizing the usage of fossil fuels. "As the world moves towards a low-carbon economy, green steel is poised to play a pivotal role in reshaping the future of the steel industry," said the Survey tabled in Parliament on Monday. India's steel sector accounts for 12 per cent of India's greenhouse gas emissions with an emission intensity of 2.5 tonnes of CO2 per tonne of crude steel compared to the global average of 1.9 tonnes of CO2 per tonne of crude steel, it said. The Survey also said that India remained a net importer of steel during the first, second and third quarters of FY24 because of price differentials between international and domestic prices of finished steel. Low prices in the international markets led to reduce

JSW Steel Q1 FY25 results: Net profit drops 63.9% to Rs 845 crore

The Q1 FY25 net profit fell short of the Bloomberg consensus estimate of Rs 1280.2 crore

Vibhor Steel Tubes ups special steel capacity to 48,000 tonnes in Telangana

Vibhor Steel Tubes Ltd (VSTL) on Wednesday said the company has doubled its special steel manufacturing capacity at its Telangana plant to 48,000 tonnes from 24,000 tonnes. It has inaugurated a new Galvanizing Iron (GI) manufacturing unit in the state to increase the production of crash barriers which are widely used on medians, shoulders, verges, and high embankments, the company said in a statement. "Besides strengthening the production and supply of crash barriers to our customers across the country, the new state-of-the-art facility will further reinforce our position as a leader in the steel tubes and pipes industry," Vibhor Kaushik, Managing Director, Vibhor Steel Tubes Ltd, said. Haryana-based VSTL operates two manufacturing units in Raigad, Maharashtra and Mahbubnagar in Telangana with a total capacity of 2,21,000 tonnes per annum. The company is in the process of setting up its third steel project in Odisha which will take its overall capacity to 3,41,000 tonnes.

Don't see change in UK strategy: Tata Steel Chairman N Chandrasekaran

The transition from blast furnace to EAF technology puts 2,800 jobs at risk and the Labour government has been engaging in discussions to try and save jobs, according to reports in the UK

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 ...