Page 13 - Steel Industry

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

US Steel should remain American owned and operated, says President Biden

US Steel shares retreated in early trading, after plunging 13% on Wednesday when news first broke that Biden would express concern about the deal

Domestic steel consumption growth may slow down to 7-8% in FY25: ICRA

With most large steel-consuming hubs globally facing subpar economic activities in the near term, global steel trade flows have been increasingly redirected to high-growth markets like India

Ramkrishna Forgings receives order worth $220 million in North America

Ramkrishna Forgings on Tuesday said it has secured a USD 220 million (about Rs 1,800 crore) order in North America. "The contract spans over a decade and marks the company's foray into a new vertical within the forging sector, focusing on supplying tier 1 customers in the light vehicle segment across North America," the company said in a statement. The value of the contract is USD 220 million, it said. "We are fully committed to delivering superior quality forgings that drive value and innovation in the North American Light Vehicle segment. With this, the company is poised to further strengthen its foothold in the automotive forging market while continuing to explore avenues for growth and expansion," Lalit Kumar Khetan, Whole Time Director & CFO, Ramkrishna Forgings said. The Kolkata-based company is a manufacturer and supplier of closed-die forgings of carbon and alloy steel, micro-alloy steel and stainless steel forgings. The company's stock settled at Rs 760.80 on Tuesday, up

Vibhor Steel Tubes IPO subscribed nearly 300 times on final day of bidding

The initial share sale of steel pipes manufacturer Vibhor Steel Tubes Ltd subscribed nearly 300 times on the final day on Thursday, driven by overwhelming participation from institutional investors. The IPO received bids for 1,07,36,25,993 shares against 35,92,445 shares on offer, garnering a 298.86 times subscription, as per NSE data. The portion for non-institutional investors got subscribed by a whopping 721.34 times, while the quota for retail individual investors (RIIs) received 188.17 times subscription. The category for qualified institutional buyers (QIBs) attracted bids 178.73 times. On Monday, Vibhor Steel Tubes collected nearly Rs 22 crore from anchor investors. The price band has been fixed at Rs 141-151 per share. The Haryana-based Vibhor Steel Tubes's initial public offering (IPO) comprises a fresh issue of equity shares with a face value of Rs 10 each, aggregating to an issue size of up to Rs 72.17 crore through the book-building route. Proceeds from the issue will

Centre extends 'public utility' deadline for iron and steel industries

A public utility service refers to an industry or service considered essential for the community's well-being and functioning

NMDC Q3 results: Net profit rises 62% to Rs 1,470 cr, income at Rs 5,746 cr

State-owned NMDC on Wednesday posted a 62 pc rise in consolidated net profit to Rs 1,469.73 crore in the December quarter, pushed by higher income. It had clocked a net profit of Rs 903.89 crore in the year-ago period, the mining company said in an exchange filing. The company's total income surged to Rs 5,746.47 crore over Rs 3,924.75 crore a year ago. NMDC's expenses stood at Rs 3,516.78 crore in the third quarter of the current fiscal as against Rs 2,693.01 crore a year ago. The board of the company has also approved an interim dividend of Rs 5.75 per equity share for 2023-24 and fixed February 27 as the record date for the purpose. NMDC, under the Ministry of Steel, is India's largest iron ore mining company contributing to around 20 per cent of the country's demand of the key steel making raw material.

AM/NS India Q3 results: Ebitda up 208% at $499 mn on higher steel shipments

AM/NS India achieved a record crude steel production in December 2023, reaching an 8.1 million tonne (mt) run rate, close to the 8.6 mt capacity debottlenecking target

MOIL Q3 results: Net profit grows 37% to Rs 54 cr, income at Rs 329 cr

State-owned MOIL on Saturday reported a 37 per cent rise in net profit to Rs 54.10 crore for the December quarter, supported by lower expenses. It had posted a net profit of Rs 39.51 crore in the year-ago period, the company said in an exchange filing. The company's total income rose to Rs 329.72 crore from Rs 322.86 crore in the year-ago period. Its expenses were at Rs 253.37 crore, lower than Rs 276.75 crore reported in the third quarter last fiscal. In a separate statement, the company said its board also also approved an interim dividend of Rs 3.50 per share for the FY24. The company achieved production of 12.73 lakh tonnes of manganese ore, registering a growth of 41 per cent year-on-year. MOIL, under the Ministry of Steel, meets about 46 per cent of the total requirement of dioxide ore in the country. At present, the average annual production of manganese ore is around 1.3 million tonne.

Goodluck Q3 results: Net profit grows 72% to Rs 32 crore, income up 24%

Steel products maker Goodluck India Ltd on Saturday posted a 72 per cent rise in its consolidated net profit at Rs 31.75 crore during the quarter ended December 2023, aided by higher income. It had clocked a net profit of Rs 18.40 crore during the October-December period of preceding 2022-23 financial year, the company said in a statement. The company's income also rose 24 per cent to Rs 878.27 crore from Rs 705.95 crore year on year. Goodluck India manufactures a wide range of engineered steel structures, precision/ auto tubes, forging for defence and aerospace, CR (cold rolled) products and GI (galvanised iron) pipes. These products are used by automobile manufacturers, infrastructure companies, and industries like engineering, oil and gas, among others.

Chhattisgarh's SAIL-Bhilai Steel Plant creates a national record

BSP's Steel Melting Shop 2 produces cast blooms from its bloom casters. The blooms are then rolled into rails at Rail and Structural Mill

Enough liquidity to handle capex for growth cycle: JSW Steel Joint MD & CEO

Acharya says that the company is on track with its expansion plan

Job cuts in Britain 'least bad option', will continue talks: Tata Steel CEO

The steelmaker will close its two blast furnaces in Britain by the end of this year, axing up to 2,800 jobs at its Port Talbot steelworks in Wales

JSW Steel Q3 result: Profit rises 5-fold to Rs 2,415 crore on strong demand

The company's consolidated net profit rose to Rs 2,415 crore ($290.7 million) for the quarter ended Dec. 31 from Rs 490 crore a year earlier, according to an exchange filing

Tata Steel returns to profit in Q3, posts PAT of Rs 513 cr, revenue dips 3%

On standalone basis, the company's net profit stood at Rs 4,653.04 crore and revenue at Rs 34,681.90 crore

More funds for steel sector under hydrogen mission if required: R K Singh

Union Minister R K Singh on Wednesday assured stakeholders that additional funds will be allocated for decarbonisation of the steel sector under National Green Hydrogen Mission, if required. Singh chaired a meeting of government and industry stakeholders of the iron and steel sector in order to discuss pilot projects under the mission, an official statement said. Officials of Ministry of New & Renewable Energy, Ministry of Steel and industry representatives from the iron and steel sector participated in the deliberations. The Union Power and New & Renewable Energy Minister said that the funds available under the mission should be used to develop technology for integration of hydrogen in steel making. "Some manufacturers have already begun to experiment using green hydrogen in the steel sector. The idea of this meeting is to decide the avenues in which the funds can be channelled to accelerate this transition, through a transparent selection process which also addresses the ...

Tata Steel Q3 profit at Rs 513 crore as lower costs counter weak revenue

Subdued local prices due to cheaper shipments from top producer China hurt the country's steelmakers in the October-December period, despite sustained domestic demand

Ramkrishna Forgings Q3 results: Profit up 43% at Rs 87 cr on higher income

Ramkrishna Forgings Ltd on Thursday posted a 43 per cent rise in consolidated net profit to Rs 86.86 crore during the December quarter on the back of higher income. The company had posted a net profit of Rs 61.04 crore in the year-ago period, the company said in an exchange filing. The company's total income in the third quarter of the current fiscal also rose to Rs 1,059.32 crore from Rs 778.22 crore in the year-ago quarter. Its expenses were at Rs 941.84 crore, up from Rs 684.70 crore a year ago. "The company registered a strong performance across segments and geographies, with year-on-year growth of 20 per cent in revenues and 43 per cent in profitability. EBITDA margins stood at 23 per cent, driven by operating leverage and a sharp focus on cost control," Ramkrishna Forgings Ltd Managing Director Naresh Jalan said in a statement. The company raised Rs 1,000 crore through the QIP route during the quarter, he said. "The recent approval by NCLT Delhi for the acquisition of ACIL