Page 3 - Steel Industry

India's steel demand to triple by 2050 as China's share contracts: WoodMac

India's steel demand is forecast to grow strongly as China's share falls to 31% by 2050, with rising consumption in India and Southeast Asia reshaping global trade flows

US tariffs: Govt to launch outreach in 40 nations to push textile exports

India is planning dedicated outreach programmes in 40 countries, including the UK, Japan, and South Korea, to push textiles exports amid a 50 per cent tariff imposed by the US on Indian products, an official said on Wednesday. Other nations include Germany, France, Italy, Spain, the Netherlands, Poland, Canada, Mexico, Russia, Belgium, Turkiye, the United Arab Emirates, and Australia. "In each of these 40 markets, this is proposed to pursue a targeted approach, positioning itself as a reliable supplier of quality, sustainable, and innovative textile products with the lead role of the Indian industry, including EPCs and Indian Missions in these countries," the official said. India already exports to over 220 countries, but the 40 importing countries hold the real key to diversification. Together, these 40 countries represent more than USD 590 billion in textile and apparel imports, offering vast opportunities for India to enhance its market share, which currently stands at only arou

Steelmakers seek sevenfold rise in met coke import quota amid supply crunch

India, the world's second-largest crude steel producer, in June extended import curbs on low-ash metallurgical coke, a steelmaking raw material, for six months starting in July

JSW Steel, South Korea's Posco sign pact for steel plant in India

Both the steel makers signed non-binding heads of agreement (HoA) in Mumbai, according to a joint statement issued by the companies on Monday

Steel firms hail govt for recommending safeguard duty on flat steel imports

The domestic steel industry has welcomed the commerce ministry's move to recommend imposition of a safeguard duty on imports of certain flat steel products, saying that such measures help India become self-reliant in the sector. In a statement, Naveen Jindal, President of Indian Steel Association (ISA), said recommendation of a safeguard duty on flat steel imports for three years is a welcome step. "While the proposed 12 per cent duty may not fully reflect the geopolitical context where 25 per cent is often considered the norm, it demonstrates clear government support for using such measures to promote Aatmanirbhar Bharat in steel," he said. Jindal, who is also the chairman of Jindal Steel, said introducing a safety net through minimum import prices, below which the recommended duty would be triggered, is also a positive move to protect and support the downstream industry. The Directorate General of Trade Remedies (DGTR), under the Ministry of Commerce, has recommended final ...

Govt imposes anti-dumping duty on certain steel imports from Vietnam

This comes a year after the ministry initiated a probe on some steel imports from the Southeast Asian country to analyse threats and consequential injury to India's steel sector

BIS exemption granted to 202 foreign manufacturers: Steel Ministry

The steel ministry said these exemptions are an ongoing process, and more licences may be exempted as requests are received

Stainless steel manufacturers seek anti-dumping duties on cheap imports

The domestic stainless steel industry has filed a petition with the Directorate General of Trade Remedies (DGTR) to consider anti-dumping duties on cheap imports, which are posing a challenge to local players, Jindal Stainless Managing Director Abhyuday Jindal has said. The Indian Stainless Steel Development Association (ISSDA), on behalf of the industry, has filed the application to investigate the dumping of stainless steel items in the domestic market from a select group of countries, Jindal said, adding that the industry is now waiting for the DGTR to begin its investigation. The DGTR, under the Ministry of Commerce, is the apex authority for administering all trade remedial measures, including antidumping, countervailing duties and safeguard measures. In an interaction with PTI, Jindal said that the application was filed around the end of June. "DGTR also takes two to three months to start an investigation," he added. When asked if there is a need for a duty on an urgent basis

JSW, Japan's JFE to invest ₹5,845 cr in India to scale up steel production

JSW and Japan's JFE Steel to jointly invest ₹5,845 crore to boost cold rolled grain-oriented steel output in Nashik and Vijayanagar amid rising demand for energy-efficient materials

Mangalam Worldwide Q1 results: PAT jumps 68% to ₹10.13 cr, revenue up 21%

Stainless-steel manufacturer Mangalam Worldwide Ltd on Saturday reported a over 68 per cent jump in its profit after tax to Rs 10.13 crore for the April-June quarter of 2025-26 compared to the year-ago period. Total income of the company rose by more than 21 per cent to Rs 279.41 crore in the first quarter of FY2025-26 against Rs 230.21 crore in the year-ago period, the company said in a statement. "The company has showcased robust growth powered by improved efficiencies and rising demand for stainless steel across key markets, Mangalam Worldwide Ltd Chairman Vipin Prakash Mangal said. Adjusted EBITDA increased by 53.04 per cent to Rs 19.72 crore in the June quarter compared to Rs 12.88 crore in the first quarter of FY25, Mangal said, adding that EBITDA margins were upwards of 7.1 per cent. Gujarat-based Mangalam Worldwide is an integrated stainless steel manufacturer, with operations ranging from scrap melting to the manufacturing of seamless pipes and tubes.

Steel quality control order duplicative and hurts MSMEs, says GTRI

The report also flagged potential market distortion, citing exemptions for finished products like welded pipes, which appear to favour value-added imports over domestic manufacturing

'UK steel ops to break even by FY26 as Tata cuts blast furnace losses'

Tata Steel's top brass on trade headwinds, European operations, MSME concerns, and India expansion plans amid Q1FY26 profit surge

Green steel demand to reach 4.49 MT by 2030: EY-Parthenon report

From a negligible level at present, the demand for green steel in the country is expected to reach 4.49 MnT by 2030, driven by sectors like construction, infrastructure and automobiles, Ernst & Young (EY)-Parthenon said in a report. Five years from now, 2030 is seen as an important year for Indian steel as the government aims to achieve ambitious target of 300 million tonnes (MnT) annual steel making capacity under its National Steel Policy 2017. Although demand for green steel in India is currently negligible, it is expected to rise significantly over the coming decades, said the report titled 'Unlocking Green Steel Demand: An assessment of India's automotive, infrastructure and construction sectors.' Steel produced through low carbon emitting process is referred as green steel. The report has been prepared in collaboration with WWF-India & CII-Green Business Centre (GBC). "By FY 2029-30, the demand for green steel is projected to reach 4.49 MnT, driven primarily by the ...

CAG pulls up steel maker SAIL for over-consumption of imported coal

Steel maker SAIL consumed imported coal more than the permitted levels between 2016 and 2023, resulting in additional expenditure to the extent of Rs 2,539.68 crore, a CAG report has said. CAG also flagged that Steel Authority of India Ltd (SAIL) had not fixed any benchmark for inventory carrying cost per tonne of raw material, semi-finished material and finished goods. This happened despite the fact that on an average, SAIL had an inventory of Rs 21,698 crore during 2016-17 to 2022-23, constituting about 67 per cent of its current assets, the CAG report said. As per the report titled 'Inventory Management in SAIL', the company's "steel plants consumed imported coal more than the norms fixed by the management". "Higher consumption of imported coal which was costlier than the indigenous coal resulted in potential additional expenditure to the extent of Rs 2,539.68 crore during 2016-2023," the Comptroller and Auditor General (CAG) report said. The report of the CAG of India on ...

Govt may mandate public procurement of 25% sustainable green steel

Ashwini Kumar, economic advisor to the Ministry of Steel, confirmed that public procurement would play a key role in creating a market for low-emission steel

The world has too much steel, but no one wants to stop manufacturing it

Excess steel production is estimated to reach 721 million tons by 2027, according to the Organization for Economic Cooperation and Development

Lloyds Metals aims to invest over ₹40,000 crore more in Gadchiroli

Lloyds Metals and Steel is targeting to invest over Rs 40,000 crore to develop a steel plant and other units in Vidarbha's Gadchiroli district over the next five years, a top official said on Tuesday. The law and order situation in the eastern Maharashtra district impacted by Left Wing Extremism (LWE) is improving, and attempts are essential to mainstream the youth, its managing director B Prabhakaran told PTI over the phone. Chief Minister Devendra Fadnavis, who is also the guardian minister of the district, inaugurated a 90-km pipeline and a pellet plant built by the company in Gadchiroli earlier in the day. "We have a Rs 45,000 crore investment plan for the district, of which Rs 5,000 crore has already been invested," Prabhakaran, who calls himself the 'managing director in residence', said. When asked how it will fund the capital expenditure in Gadchiroli, Prabhakaran said it will depend on internal accruals and also raise fresh funds if need be. He reminded that last year, it

JSW Steel has good prospects on lower costs but stock fully valued

Revenue growth could come from volumes along with some price recovery. As input costs are soft, EBITDA margin may rise to 18-19 per cent if safeguard duty is in force

Port Talbot's green furnace marks end of costly firefighting for Tata Steel

Port Talbot, Tata Steel's upstream steelmaking facility in South Wales, had largely been a drag on the company's bottom line since it acquired Anglo-Dutch steelmaker Corus in 2007

JSW Steel Q1 results: Profit up over 2x on volumes, low coking coal cost

The firm's total revenue, on a consolidated basis, increased 0.5 per cent to ₹43,147 crore from ₹42,943 crore last year. The Bloomberg estimate for revenue was ₹43,004 crore