Page 19 - Steel Industry

Uncertainty prevails over NMDC's Nagarnar steel bidding in Chhattisgarh

The Centre, on December 1, 2022, invited preliminary bids for disinvestment of the plant and offered to sell a 50.79 per cent stake in the company

Hi-Tech Pipes, UP govt ink pact to set up steel unit with Rs 510-cr fund

Hi-Tech Pipes on Monday said it has signed an agreement with the UP Government to set up a steel manufacturing facility in the state at an investment of Rs 510 crore. The Memorandum of Understanding (MoU) has been signed under the Invest UP Programme of the Uttar Pradesh Government, the steel pipes maker said in a statement. "Hi-Tech Pipes has signed a MoU with the UP Government for setting up a mega manufacturing facility. Under this MOU the proposed Investment will be of Rs 510 crore to be invested in a phased manner," it said. The favourable business environment and the special incentive packages offered by the UP government will additionally help the company to strengthen its position in the steel tubes and pipes, and flat-steel processing industry. Ajay Kumar Bansal, the Managing Director of Hi-Tech Pipes Ltd said the company has been present in the state for more than three decades. "The agreement with the state government will further reinforce our commitment to create ...

More initiatives on anvil to boost steel sector in 2023: Union Minister

With increasing steel production in the country, the focus in 2023 will be on boosting raw material supplies and producing more special grade steel, according to Union minister Faggan Singh Kulaste. India produced 113.43 million tonne of crude steel in January-November 2022, which is 10 per cent higher compared to the year-ago period. The government aims to double the country's annual crude steel making capacity to 300 MT from 150 MT at present. In an interview to PTI, Kulaste, the Minister of State for Steel, said more initiatives for the sector will be taken in 2023. Last year, the government introduced the Production Linked Incentive (PLI) scheme for specialty steel to enhance the production of the high-end alloy. Special grade steel is used in various sectors, including power, shipping, railways and auto. The demand for this steel is being met through imports. "Our focus will also be on taking measures to support industry besides finding new markets as the production of steel

Increase use of scrap in production: Union Minister Kulaste to steel makers

Union Minister Faggan Singh Kulaste on Thursday directed the domestic seel industry to increase use of scrap in their production, underscoring that carbon emission is a serious concern. India uses 30 million tonne (MT) scrap annually to manufacture steel, out of which 26 MT is generated domestically and remaining through imports. Currently, India's overall steel production stands at around 120 MT. "Carbon emissions are a concern.... the steel sector must increase use of scrap in their steel production," he said at CII Steel Summit 2022 here. The industry must also adopt new-age technologies to lower their carbon emissions, the Minister of State for Steel said. However, he did not speak on the quantum of scrap which steel makers must include in their production. According to a ministry document, the iron and steel industry globally accounts for around 8 per cent of total carbon dioxide (CO2) emissions on an annual basis, whereas in India, it contributes 12 per cent to the total CO

Shyam Metalics acquires Mittal Corp, forays into stainless steel business

Shyam Metalics and Energy Ltd on Tuesday said it has forayed into the stainless steel business by acquiring Mittal Corp Ltd in an NCLT-led resolution process. The company will invest about Rs 7,500 crore over the next 4-5 years to scale up its metal business, Shyam Metalics vice-chairman and managing director Brij Bhusan Agarwal said. "Mittal Corp's acquisition cost is about Rs 450 crore, and we outbid Jindal Stainless, the competitor for the sick asset put under the NCLT resolution process. The acquisition will enable us to foray into stainless steel and special products, such as defence materials," he said. To meet market regulator SEBI's norm, the promoters need to dilute their current holding of 88 per cent in Shyam Metalics by at least 13 per cent within the next 18 months, Agarwal said. The process of dilution will depend on the market situation but is likely to begin in the next 6-9 months. The company said that stake dilution will be from a combination of a fresh equity is

India becomes second-largest steel producer in world: Scindia in Parliament

Union minister Jyotiraditya Scindia said on Monday that India had become the second-largest steel producer in the world in the last eight years.

JSPL to invest Rs 7,930 crore under PLI scheme for steel: MD Bimlendra Jha

Jindal Steel and Power Limited (JSPL) will spend Rs 7,930 crore under the PLI scheme for specialty steel to manufacture eight types of high-end alloy in the country, its Managing Director Bimlendra Jha said. JSPL is one of the qualifiers of the government's production linked incentive (PLI) scheme which aims to increase the output of value-added steel using new age technologies in the domestic steel sector. On December 9, the government announced the selection of 67 entries with an investment potential of Rs 42,500 crore under the scheme. The proposed investments are expected to generate 70,000 job opportunities and add 26 million tonnes of speciality steel capacity in the country. When asked about the share of JSPL in the said investment amount, Jha replied, "Our commitment to the PLI scheme (for specialty steel) will be around Rs 7,930 crore." JSPL through subsidiary company Jindal Steel Odisha has submitted the highest number of entries to manufacture eight types of specialty st

CCI raids some steel firms for alleged price collusion, says report

In all around eight to nine offices of steel companies were searched, though names of other firms raided were not immediately clear

Top five steel companies, few others selected under the PLI scheme

The top five steel companies -- Tata Steel, JSW Steel, JSPL, AMNS India and SAIL -- dominate the list of qualifiers under the PLI scheme for specialty steel. Besides, there are a few others like Gallant Metalliks, Shyam Metalics Flat Products, and Sunflag Iron and Steel who have been selected to invest under the production linked incentive (PLI) scheme. On Friday, the government announced shortlisting 67 out of 79 applications, with an investment potential of Rs 42,500 crore, under the PLI scheme for specialty steel. The proposed investments are expected to generate 70,000 job opportunities and add 26 million tonnes of speciality steel capacity in the country. As per an official document, Tata Steel has submitted applications to manufacture seven types of speciality steel products, while JSW Steel submitted for six categories. Jindal Steel Odisha, a subsidiary of Jindal Steel and Power Limited, has submitted the highest number of entries to manufacture eight types of specialty stee

US duty on steel, aluminium inconsistent with global trade norms: WTO panel

A dispute panel of the World Trade Organisation (WTO) has ruled that the US decision to impose customs duties on certain steel and aluminium products is inconsistent with the global trade norms. This ruling was given in the cases brought by China, Norway, Switzerland and Turkey against these duties. The WTO report assumes significance for India also, as the country in 2018 too had approached the Geneva-based WTO against the US move to impose these duties. According to sources here, this ruling will help strengthen the Indian case too. However, the sources said that India is inclined to resolve the dispute with the US amicably and on mutually agreed terms. India had earlier stated that the imposition of high import duties by the US has impacted exports of these products by Indian businesses. India too has alleged that the US move is also not in compliance with global trade norms. In 2018, the US imposed 25 per cent and 10 per cent import duties on certain steel and aluminium produ

UK-based Nithia Capital eyes 3.5 MT steelmaking capacity in India: CEO

Government infrastructure will fuel domestic steel consumption for two years, says Jai Saraf

India's April-Nov finished steel exports fall 55% YoY on low demand: Report

India's finished steel exports more than halved during the first eight months of the current fiscal year that began in April, according to the latest government data reviewed by Reuters

AM/NS bulks up for the future, focuses on acquisitions to secure infra

Nearly Rs 90,000 crore worth of capital expenditure has been incurred so far on various asset acquisitions and projects, with a major investment of about Rs 42,000 crore

Collaborate with institutions to find an alternative of coking coal: Goyal

The availability of coking coal is a major challenge for the domestic steel sector and the industry should collaborate with eminent institutions like IITs to undertake research to find alternate solutions, Commerce and Industry Minister Piyush Goyal said on Tuesday. The industry needs to become self-reliant on coking coal to remove India's dependency on a few countries for the key raw material for steel makers, he added. "Coking coal is a matter of concern for the industry. We can look at investments and alternatives. You can find solutions for its alternatives. I would urge the industry to research with our IITs or the Indian Institute of Science. It is the need of the hour to become self-sufficient," Goyal said here at a steel conclave. The government is preparing a 'coking coal mission' to diversify the sources of key steel-making raw material, for which the country is heavily dependent on imports. India imports around 90 per cent of its coking coal requirement. Coal with high a

Export duty removal will lead to era of growth for steel industry: Scindia

Removal of export duty on steel products will lead to a new era of growth for the domestic steel industry which has gained footprint internationally, Union minister Jyotiraditya Scindia said on Monday. It has taken years for the domestic steel industry to gain footprint in the international markets, the steel minister said at the 3rd Indian Steel Association (ISA) conference here. The government has cut the export duty on steel products and iron ore to nil with effect from November 19, 2022 -- six months after imposition of the levy on May 21. "It has taken if not months then years for our industry to be able to to firmly plant its footprint internationally... (On) steel product, the duty has been removed completely from Friday evening enabling a new era for the steel industry to grow," he said. The decision was taken very judiciously after taking all stakeholders' concerns into account. There were several rounds of discussions with the advisory committees on integrated steel plan

RHI Magnesita to acquire DBRL's refractory business for Rs 1,708 crore

RHI Magnesita is in process of acquiring the refractory business of Dalmia Bharat Refractories Limited (DBRL) in India for about Rs 1,708 crore, Stefan Borgas, CEO of the Vienna-based company, has said. The share swap deal is being made through RHI Magnesita India, he added. "DBRL will transfer its business to Dalmia OCL (DOCL). Under the terms of a share swap agreement, RHI Magnesita will acquire all outstanding shares in DOCL in exchange for 27 million new shares in RHI Magnesita India Limited," Borgas said. Based on the issuance price of RHI Magnesita India Limited at Rs 632.5029 per share, the share consideration had a value of approximately Rs 1,708 crore (about 208 million euros), the CEO said. The acquisition will significantly increase RHI Magnesita's presence in the fast-growing Indian refractory market, with steel production in India expected to grow 12 per cent in 2022, and a 7-8 per cent compound annual growth rate until 2030, Borgas added. Refractory is used by a wide

ESL Steel capacity expansion by next year: Vedanta's Sunil Duggal

Mining giant says priority is to finish doubling capacity of company it acquired in June 2018

Sanjeev Gupta's Liberty Steel nears deal with Credit Suisse, Greensill

Gupta's sprawling group of metals firms, gathered under a loose umbrella called GFG Alliance, were pushed to the brink when Greensill collapsed in March 2021

Aftermath of Russia-Ukraine war dims the sheen on steel industry

But strong domestic demand and cooling raw material prices encourage manufacturers to stay the course on capex plans

JSW Steel eyes 50 MT capacity by 2030 via greenfield, brownfield options

Jindal's growth plans are in sync with the country's target of doubling crude steel capacity to 300 mt of crude steel capacity in the next 9-10 years