Page 15 - Steel Industry

Hi-Tech Pipes Q2 results: Net profit grows over two-fold to Rs 10.53 cr

Hi-Tech Pipes has posted over two-fold jump in consolidated net profit at Rs 10.53 crore in the September quarter, on higher income. It had clocked Rs 4.34 crore net profit in the July-September period of the preceding 2022-23 fiscal, the company said in a regulatory filing on Saturday. The company's total income rose to Rs 746.73 crore in the quarter under review, from Rs 599.40 crore in the year-ago quarter. In a separate statement, Hi-Tech Pipes said total sales volumes increased by 17.45 per cent to 1 lakh tonnes, as compared to 0.85 lakh tonnes in Q2 FY23, led by better demand for steel tubes/structural steel products and value-added products. Hi-Tech Pipes' Managing Director Ajay Kumar Bansal said during this quarter the company reported its highest ever revenue from operations. The healthy order book from government projects like Jal Jeevan Mission helped in maintaining a good momentum. "We will continue to increase the share of value-added products in our product basket an

JSW Steel returns to black; reports Rs 2,773 cr net profit in July-Sept qtr

JSW Steel on Friday reported returning to black as it posted a consolidated net profit of Rs 2,773 crore for the July-September quarter on the back of higher income. The steelmaker had suffered a loss of Rs 915 crore in the second quarter of the last financial year. The total income increased to Rs 44,821 crore in the second quarter of the current fiscal as against Rs 41,966 crore a year ago, JSW Steel said in a regulatory filing. JSW Steel's expenses were lower at Rs 40,801 crore in the quarter under review against Rs 43,354 crore in the year-ago quarter. Part of O P Jindal Group, JSW Steel is a leading steel-producing company in India.

Tata Steel Long Products' Jul-Sept net loss narrows to Rs 460 crore

Tata Steel Long Products Ltd (TSLP) on Friday said its consolidated net loss narrowed to Rs 460.23 crore during the September quarter. It had clocked a net loss of Rs 661.80 crore in the year-ago period, the company said in a regulatory filing. The company's total income rose to Rs 3,005.46 crore from Rs 1,921.01 crore in the year-ago period, it said. Expenses also rose to Rs 3,442.03 crore as against Rs 2,696.25 crore last year, according to the filing. TSLP, formerly known as Tata Sponge Iron Ltd, is in the business of manufacturing high alloy steel, primarily for the auto sector and wire rope industry. With one million-tonne capacity, it is one of the largest speciality steel plants in India in the long product segment located in Jamshedpur, Jharkhand.

Steel, cement industry need Rs 47 trn investment to meet net zero goals

The domestic steel and cement industry will require an additional Rs 47 lakh crore investment to meet net zero targets, according to a report. India is the second-largest producer of steel and cement in the world, and both are emission-intensive hard-to-abate industries. "India's existing steel and cement plants will require Rs 47 lakh crore (USD 627 billion) in additional capital expenditure (CAPEX) to achieve net-zero carbon emissions," the Council on Energy, Environment and Water (CEEW) report said. These two sectors will need Rs 1 lakh crore each year in additional operational expenditure (OPEX) to go net-zero, the report added. The CEEW analyses also found that an 825 per cent reduction in steel emissions and a 32 per cent reduction in cement emissions is possible without any price increase by adopting efficient technologies such as waste-heat recovery and energy-efficient drives and controls. Moreover, a 33 per cent reduction in the combined carbon emissions of the steel and

Strong domestic demand, raw material cost, pushing up steel prices

Flat steel prices began their ascent from August after experiencing a slump between May and July. Nevertheless, trade prices remain shy of their April marks

Tata Steel consolidated output falls 3.2% to 7.26 MT during Jul-Sept qtr

Tata Steel has posted a 3.2 per cent decline in consolidated production to 7.26 million tonne during the second quarter of the ongoing fiscal. Its consolidated output was at 7.5 MT in the year-ago period, Tata Steel said in a statement. The consolidated deliveries during the period were at 6.89 MT as against 7.06 MT in the year-ago quarter, posting a decline of 2.40 per cent. During the period under review, Tata Steel India produced 4.99 MT steel, up from 4.80 MT in same period of the previous financial year. Deliveries in India were down at 4.82 MT from 4.91 MT in the same quarter a year ago, as per the statement. In Europe, Tata Steel produced 1.99 MT steel in the April-September period, down from 2.40 MT last year. The deliveries in Europe also fell to 1.79 MT from 1.87 MT. Tata Steel Thailand produced 0.28 MT steel as against 0.30 MT last year, while the deliveries were the same as production numbers in the country. Automotive & special products' segment deliveries increased

Fitch Ratings upgrades ratings on Tata Steel to 'BBB-' with stable outlook

Fitch Ratings on Monday said it has upgraded its ratings on domestic steel player Tata Steel Ltd (TSL) to 'BBB-' with a stable outlook. It has also upgraded the rating on USD 1 billion notes issued by Tata Steel subsidiary ABJA Investment, the rating agency said in a statement. "Fitch Ratings has upgraded India-based Tata Steel Limited's (TSL) Issuer Default Rating (IDR) to 'BBB-', from 'BB+'. The Outlook is Stable. We have also upgraded the rating on the USD 1 billion notes due July 2024 issued by TSL's subsidiary, ABJA Investment Co. Pte. Ltd., and guaranteed by TSL, to 'BBB-', from 'BB+'," it added. The upgrade follows a revision in the company's stand-alone credit profile (SCP) to 'bb+', from 'bb', on the reduction in uncertainty and financial risk from its UK operations. In the UK, TSL will replace its blast furnaces with more cost-efficient and environment-friendly electric arc furnace (EAF)-based steelmaking capacity. Consequently, we expect the UK operations' cost ...

Indian steel companies plan price rises as coking coal costs surge

Steel mills are likely to raise rates by $25 to $50 a metric ton by December, said the officials, who did not wish to be named as they are not authorised to speak to media

Steel pipes manufacturer JTL Industries' sales grow 54% in Apr-Sept

Steel pipes manufacturer JTL Industries has posted 54.66 per cent growth in sales at 1.59 lakh tonne (LT) for April-September period of the ongoing fiscal year. The company has also registered 56.78 per cent rise in sales volumes at 81,686 tonne in July-September, JTL Industries said in a regulatory filing. The firm attributed the surge in sales numbers to robust demand for structural steel tubes and pipes in both domestic and international markets. While sales in the first half of FY23 was 1.02 lakh tonne, sales in the second quarter of that fiscal was 52,101 tonne, the filing said. Sales of value-added products rose to 60,708 tonne in H1 FY24 from 40,221 tonne in H1 FY23. "This quarter we recorded our highest ever quarterly sale volume over Q2 FY23 period reflecting the continued patronage from our domestic and international clients. We also achieved a significant milestone by recording our highest-ever H1 sales volume demonstrating a robust growth rate. Our international sales

Key infra sector growth rises to 14-month high of 12.1% in August

The expansion in August is the highest since June 2022, when it was 13.2 per cent

Scindia discusses ways to incentivise green steel production, decarbonising

Union Steel Minister Jyotiraditya M Scindia held a meeting with five task forces and discussed a range of issues, including incentivising green steel production and financing options for decarbonising the industry. Key stakeholders, industry experts, and government officials attended the meeting to discuss ways to achieve sustainability and decarbonisation in steel production on Thursday, the Ministry of Steel said in a statement on Friday. The meeting was also attended by Steel Secretary Nagendra Nath Sinha, chairpersons of the five task forces and other senior officials. "Held a fruitful discussion with 5 of our 13 task forces. Defined a roadmap to tackle inevitable challenges through a multi-pronged approach, including renewable energy uptake, skill development, incentives, and potential pathways for decarbonisation," the minister said. The task force on finance, led by Sunil Mehta, the Chief Executive of Indian Banks' Association, provided valuable insights into financing optio

Steel scrap availability to be challenging as 60 nations plan to ban trade

Availability of scrap is going to be challenging as more than 60 countries have either banned or are in the process of banning scrap exports, Steel Secretary Nagendra Nath Sinha said. The secretary also highlighted the lower usage of scrap in steel making in India and said that the usage is not meeting the government's expectations for bringing carbon emissions down. The government has been pushing domestic players to increase the share of scrap in steel manufacturing. "Unlike the Western countries, India's scrap usage in steel making is lower. India had availability of around 25 to 27 MT of scrap and going forward this number will certainly go up, but not as much we would like to for our carbon emissions to come down," Sinha said on Thursday. The availability of scrap is going to be challenging as over 60 countries have either banned or are in the process of banning the export of scrap, he said addressing the 'mjunction Indian Steel Markets' conference here. Another issue, Sinha

India to set emission reduction mandates, start carbon trading from 2025

Companies which exceed their targets earn carbon credits that can be sold to firms which fall short of their goals

Emissions from Tata Steel's Dutch plant reduce life expectancy: Research

The Dutch government, which commissioned the research, said in a statement that living conditions around the plant - on the country's North Sea coast - have to be improved

Steel firms prep for festivals, see demand by auto, consumer goods sectors

Bookings by the two industries 20% higher ahead of the festive season compared to last year, says one expert

Steel output grows 5% in Jan-Jun; trend to continue in 2nd half: SteelMint

India has produced 66.14 MT crude steel in January-June 2023, registering a 5 per cent year-on-year growth and the uptrend is likely to continue in second half of the year as well, according to SteelMint. The domestic industry had produced 63 million tonnes (MT) crude steel in the January-June period of 2022, the research firm said. The increase in production was mainly on account of improved capacity utilisation rates coupled with the ramping up of capacities by key Indian steel players, it said. According to SteelMint these factors will continue to support the growth in production in the second half of the ongoing year, SteelMint added. The domestic steel consumption also registered an 11 per cent year-on-year (y-o-y) increase to 58.4 MT in the first half of 2023, from 52.7 MT in the same period of 2022. Steel exports took a hit of 30 per cent during the period under review, as China increased its outbound shipments of steel. "India's steel exports dropped to 4.74 MT in H1 from

Govt meets steel industry to discuss readiness to comply EU's carbon tax

Top officers of government and industry representatives from the steel sector on Wednesday held discussions on implementation issues regarding the European Union's move to impose carbon tax, sources said. The meeting was called by the commerce ministry and was chaired by Commerce Secretary Sunil Barthwal. Senior officials from ministries of Finance, Department for Promotion of Industry and Internal Trade, Power, Steel and Mines participated in the meeting besides the steel and engineering sector. They also said that India and the EU would soon decide on a schedule to discuss the matter during the Trade and Technology Council (TTC) meeting. The meeting was a follow-up of a similar meeting held in May where the industry was asked to be ready for the carbon border adjustment mechanism (CBAM). The Wednesday's meeting comes amid the CBAM being implemented by the European Union (EU), which would have an adverse impact on India's exports of metals such as iron, steel and aluminium product

Centre monitoring steel import situation as China shipments touch 5-yr high

India is monitoring the import situation on steel after shipments from China touched a five-year high in the first four months

Vizag Steel Plant logs highest monthly sales of value-added steel in Aug

Rashtriya Ispat Nigam Ltd (RINL) or Vizag Steel Plant logged its best ever monthly sales of value-added steel products in August since inception at 1.57 lakh tonne, said an official on Saturday. In August, the steel plant sold 99,000 tonne of rounds (steel variety), which is the best ever sales milestone for this variety, and also logged similar performances in the sale of wire rod coils (79,000 tonne), rebars (2 lakh tonne) and structurals (46,000 tonne). "The sales volume of 1,57,000 tonne of value-added steel achieved in August 2023 by RINL is the best ever monthly sales of value-added steel sales for any month since inception," said the official in a press release. Including value-added steel products, Vizag Steel Plant achieved overall sales of Rs 2,502 crore in August 2023, which is 39 per cent higher than Rs 1,806 crore logged in the corresponding period last year. Besides August highlights, the steel plant located in the port city of Visakhapatnam achieved the highest ...

Govt likely to extend export benefits under RoDTEP scheme for pharma, steel

The government is expected to extend export benefits under the RoDTEP scheme to iron and steel, chemicals and pharmaceutical sectors beyond September 30, according to a senior official. In December 2022, the government extended the benefits under the Remission of Duties and Taxes on Exported Products (RoDTEP) Scheme to chemicals, pharmaceuticals and products of iron and steel till September 30 this year. "As exports are not doing good for the last few months, there is a demand to extend it for about six months till March 2024. It is under consideration. We may extend it," the official said. These three sectors were late entrants into the scheme that aims to refund duties, taxes and levies at the central, state and local level that gets added to the cost of products meant for exports. This scheme is a replacement for the Merchandise Exports from India Scheme (MEIS) which ended last year. At present, over 10,342 export items get the RoDTEP benefits. The incentive is paid in the for