Page 21 - Steel Industry

Growth capex to stay despite slow demand; JSW hopes for a rebound in Q3

A combination of factors made the operating environment in Q1 challenging

India to double steel production in eight years to 240 MT: Scindia

Stating that steel plays a major role in the country's economy, newly-appointed Union Steel Minister Jyotiraditya Scindia on Friday said India's production will double to 240 MTs in coming years.

JSW Steel consolidated output rises 16% to 5.88 million tonnes in Apr-Jun

On a quarter-on-quarter (q-o-q) basis, the production was 2 per cent down from 5.98 MT in January-March 2022

Expect govt to withdraw duties on steel when inflation eases: Sajjan Jindal

Terming duties imposed on steel products a "short-term headwind", JSW Group CMD Sajjan Jindal said he is hopeful of the government withdrawing the levies once inflation moderates. The duties were imposed last month with the objective of controlling inflation, the industrialist said. Jindal's statement comes days after he along with other top industry leaders met Finance Minister Nirmala Sitharaman in her office. In a tweet on June 16, office of the Finance Minister, without sharing the details of the meeting had said, "Delegation of Indian Steel Association @steel_indian, including Shri @MPNaveenJindal - Chairman JSPL, Shri @sajjanjindal - Chairman JSW, Smt Soma Mondal - Chairman @SAILsteel & other senior members of the industry, calls on Smt @nsitharaman." "We view the export duties imposed on steel in May 2022 as a short-term headwind, since they have been imposed with the objective of controlling inflation. We continue to engage with the government on this matter and believe ...

Thyssenkrupp, Tata Steel lose fight against EU veto of joint venture

The companies had sought to tackle over-capacity and other challenges in the steel industry via the joint venture but the European Commission said the deal could result in price hikes.

Global steel industry could face $518 billion stranded asset risk: Report

Much of this stranded asset risk is concentrated in Asia: 80 per cent of the BOF steelmaking capacity under development globally is planned in China and India

Imposing duty on steel items a knee-jerk action for industry: ISSDA chief

The government's objective behind the move was to cool down steel prices. However, the prices anyway had started showing a downward trend, the industry expert said.

Cement, steel, paint firms eye painful quarters ahead

Rising interest rates, along with elevated raw material cost, are hitting the building material sector hard. Find out about the near-term sore points for related industries and how to play the theme.

Steel industry body seeks govt intervention to check coking coal price

Industry body ISA has sought the government's immediate intervention to check coking coal price, which has grown three-fold to around $450 a tonne

Steel softens sharply on subdued demand outlook, rising iron ore output

Futures prices of steel on National Commodity & Derivatives Exchange Limited (NCDEX) have softened significantly in the past one to one-and-a-half month period.

India's core sector output rises to six-month high of 8.4% in April

The eight sectors - coal, steel, cement, fertilisers, electricity, natural gas, refinery products, and crude oil - comprise two-fifths of India's total industrial production

Steel industry: From sprint to jog as export duty hike plays speed breaker

Now, beginning June, steel mills are expected to announce a cut for monthly contracts

Tata Steel says govt's export tax decision could alter output targets

T. V. Narendran, chief executive of India's biggest steelmaker by revenue, said that while Tata Steel understood the inflationary concerns, such measures can hit the steel industry over longer term

Domestic steel industry hit by moving train post govt's duty measures: ICRA

The domestic steel sector has been "hit by a moving train," ratings agency Icra said reacting to the duty-related measures taken by the government.

Centre waives import duty on some raw materials for steel industry

The import duty on ferronickel, coking coal, PCI coal has been cut from 2.5%, while the duty on coke and semi-coke has been slashed from 5% to 'nil'

Weak rupee to make imports costly for metal firms, exports may get a push

According to CRISIL Research, India imported close to 57-59 million tonnes of coking coal - a key input for steelmaking - worth Rs 1 trillion in fiscal 2022

JSW to set up Rs 150 crore steel plant in south Kashmir's Pulwama

While JSW steel limited is all set to come up with its Rs 150 crore project in south Kashmir's Pulwama district, Apollo Hospitals will set up its medicare facility in Jammu district

UK-based investor Nithia Capital eyes more acquisitions in steel space

Firm has been active in Indian steel space the past few years. Earlier in the month, it completed acquisition of Crest - under IBC - for a consideration exceeding Rs 600 crore

Vedanta to move towards green steel; working on solution for hydrogen use

Vedanta's Sesa Goa Iron Ore Business said it is looking for a tie-up with IIT-Bombay to carry out a research for manufacturing pig iron ore using hydrogen in place of coke.

Winding path to 'green steel': Transition for sector needs policy enablers

The root of the problem lies in the centuries-old steelmaking process