Page 13 - Steel Industry

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

Jindal Stainless Q3 results: Net profit rises 35% to Rs 691 crore

Jindal Stainless Ltd (JSL) on Thursday posted a 35 per cent rise in its consolidated net profit to Rs 691.22 crore during the December quarter, aided by trimmed expenses. Its net profit was at Rs 512.62 crore during the October-December period of the preceding 2022-23 fiscal, the company said in a regulatory filing. The company's total income was also higher at Rs 9,166.42 crore as against Rs 9,101.24 crore in the year-ago quarter. While expenses reduced to Rs 8,262.66 crore during the period under review, from Rs 8,451.20 crore a year ago. The company also announced the elevation of its Whole-time Director Tarun Kumar Khulbe as its CEO with effect from January 1, 2024. The board of the company has also given in-principal approval for the acquisition of up to 100 per cent stake in Iberjindal S.L., a subsidiary company based out in Spain. The board has delegated its power to the subcommittee of the board for negotiating the purchase price. It also approved to divest up to an entir

Jindal SAW Q3 results: Net profit rises over twofold to Rs 532 crore

The company posted a consolidated profit after tax of 5.32 billion rupees ($64.1 million) for the quarter ended Dec. 31, 2023 from 2.14 billion rupees a year ago

Jai Balaji Q3 results: Net up 740% to Rs 234 cr, plans Rs 1,000 cr capex

Steel major Jai Balaji Industries Ltd on Monday announced a 740 per cent rise in net profit for the third quarter ended December 2023 at Rs 234.6 crore over the corresponding quarter in 2022, despite flat quarterly revenue of Rs 1539 crore. The company, which posted a Rs 28 crore net profit in the third quarter of the 2022-23 fiscal, attributed the surge in profit to its focus on higher-value products and cost efficiency. Jai Balaji also disclosed plans to invest Rs 1,000 crore over the next 12-18 months to ramp up the share of value-added products to 80 per cent from the current 50-55 per cent. The expansion will propel the company's revenue to Rs 9500-10,000 crore in FY25-26 with an EBIDTA of 18-20 per cent, officials said. Chairman Aditya Jajodia hailed the quarter as the "best in profitability" in the company's history, marking a strong turnaround. He highlighted the significance of the Rs 1,000 crore investment, the first in a decade due to financial and market-driven slowdow

Steel industry hopes Budget will focus on infra, fair trade measures

Companies want support for capacity addition and anti-dumping measures against substandard imports

Domestic steel sector still in recovery mode post-Covid: Tata Steel CEO

The steel sector in the country is still in recovery mode after the Covid pandemic, Tata Steel CEO and MD T V Narendran said on Monday. He said demand for steel will continue to grow, backed by the government's focus on infrastructure development. This (2023) has been good year for the steel sector in India, even though it was a challenging period globally, Narendran said here. The recovery of the steel industry is still continuing post the global pandemic. In fact, we recovered well due to good handling of micro-economy by the RBI, and the investment that has been made for infrastructure development, he said at a New Year programme here. The demand for steel grew 10-12 per cent in 2023 and this trend should continue, he said, while expressing apprehension about increasing import of steel from China. China has been exporting 8 million tonnes of steel every month (in 2023), which was the highest since 2015, and this has an impact on international steel prices as well as profitabili

Vizag Steel Plant forges deal with JSPL for Rs 900 cr working capital

The Rashtriya Ispat Nigam Ltd, known as Vizag steel plant, has forged a deal with Jindal Steel and Power Ltd to get an infusion of working capital up to Rs 900 crore in a bid to propel sales revenue, monthly turnover and slash losses. The timely deal enables the steel plant to procure raw material and start consistent Blast Furnace-3 (BF-3) operations with the planned blowing-in scheduled on December 30 at a capacity of two lakh tonnes of hot metal per month, an official said here on Thursday. "The arrangement with JSPL will ensure availability of about Rs 800 -900 crore for RINL in the form of working capital advance and raw materials required for consistent operation of BF - 3, against which RINL will be supplying about 90,000 tonnes of cast blooms every month from Steel Melting Shop-2 (SMS-2) of RINL," said Vizag Steel Plant's chairman and managing director (CMD) Atul Bhatt in a meeting with the trade unions. According to Bhatt, the arrangement with the New Delhi-headquartered JS

JTL Industries' board approves Rs 1,200 crore investment proposal

JTL Industries Ltd said its board has approved an investment proposal of Rs 1,200 crore in company's arm JTL Tubes Ltd to set up a project in Maharashtra. The investment will be funded partly from the internal accruals and partly from proceeds of a proposed issue, the steel pipes maker said on Monday. The company's board of directors has approved "issue of securities by way of qualified institutions placement (QIP) for aggregate amount not exceeding Rs 500 crore in one or more tranches, including green shoe option," the filing said. The board also approved a proposal to invest up to an aggregate sum of Rs 1,200 crore in wholly-owned subsidiary JTL Tubes Limited to set up a mega project in Maharashtra, an exchange filing said. JTL Industries Ltd (formerly known as JTL Infra Ltd) is the largest producer of electric resistance welded (ERW) steel pipes in India, with a capacity to produce more than 6 lakh metric tonnes per annum.