Page 7 - Steel Industry

SAIL to invest Rs 30,000 cr to expand Rourkela Steel Plant to 9 MT by 2030

State-owned SAIL has plans to more than double the capacity of its Rourkela Steel Plant (RSP) to around 9 million tonne per annum at an investment of Rs 30,000 crore, a move which will boost supplies to sectors like defence, oil & gas, automobiles among others. Post expansion, which will come up over an area of 1,200 acre, RSP will alone contribute around 25 per cent to SAIL's overall 35 million tonne per annum (MTPA) production capacity target by 2030, Alok Verma, Director In-Charge, RSP told PTI in an interview. Located at Rourkela in Odisha, around 320 km from state capital Bhubaneswar, RSP holds the distinction of being the first public sector steel plant in India. It was set up in 1950s with German collaboration with an initial capacity of 1 MT. The plant became operational on February 3, 1959, when the then President of India Rajendra Prasad lit up the first blast furnace Parvati. At present, the total steelmaking capacity of Steel Authority of India Ltd (SAIL) stands at ...

New quality norms for steel parts may hurt small manufacturers: Think tank

Steel fasteners are critical for stability, durability, and safety across various industrial sectors

Govt gets 73 applications under 2nd round of PLI for speciality steel

The government has received 73 applications under the second round of production linked incentive (PLI) scheme for specialty steel, Sandeep Poundrik, secretary in the Union steel ministry, said on Wednesday. The PLI schemes were launched as part of government's efforts to increase production of special steel in India to make the country self-reliant in high grade steel, the official said on the sidelines of 'Catalyzing R&D in Indian Steel Sector' event in the national capital. "We are ensuring that substandard steel is not imported into the country. So we are focusing on quality control orders so that both domestic and imported steel is of adequate quality and the products sold here are of adequate quality," he said. In addition to that the government launched two rounds of PLI. "We recently did a second round of PLI and we have received very good response in that. We have received 73 applications, 73 projects applications and this will add about 16.5 million tonnes of specialty ..

India steel chief downplays impact of Trump tariffs on industry exports

Trump administration imposed 25% tariffs on steel and aluminium imports that took effect on Wednesday

Nomura bullish on Indian steel industry; maintains 'Buy' on JSW Steel, JSPL

Nomura has set a target price of Rs 1,220 and Rs 1,080 for JSW Steel and JSPL, respectively.

Govt awaiting clarity on tariffs before steel trade strategy: Kumaraswamy

This comes after US President Donald Trump imposed a 25 per cent tariff on imports from Canada and Mexico and a 10 per cent levy on Chinese imports

Steel imports from China, S Korea, and Japan hit record high during Apr-Jan

India, the world's second-biggest crude steel producer, shipped in record quantities of finished steel during April-January

Steel demand to grow despite global geopolitical issues: Tata Sons chairman

Tata Sons Chairman N Chandrasekaran on Monday said the demand for steel will continue to grow irrespective of the prevailing global geo-political situation. Chandrasekaran, speaking at the 186th birth anniversary celebration of Tata Steel founder J N Tata here, said the most important thing to recognise is that the demand for steel will continue to grow and the best way to face such a situation was to be prepared by maintaining efficiency and cost-management, and increase productivity". He also said the company will need help of the government, its policies, employees and workers unions for technology adoption. The management has to be bold to expand, maintain efficiency, manage cost and enhance productivity, while assuring to continue investing, including in Jamshedpur, Chandrasekaran said. Asked about the raging debate on tariffs, he said there is no point in talking about what will be the price/tariff; we have to focus on our productivity. Tariffs are import duties imposed and

JSW-POSCO to set up mega steel plant in Keonjhar district: CM Majhi

Odisha Chief Minister Mohan Charan Majhi on Sunday said a mega steel plant with an investment of around Rs 40,000 crore will be jointly set up by JSW and POSCO in Keonjhar district's Patna area. Addressing a public gathering at Champua, Majhi said, "I had vowed to set up a mega steel plant in Keonjhar district. God was kind enough to make me the chief minister to realise this dream." In addition to Patna area, the CM said steel industries would be developed in various parts of the district, with a total investment exceeding Rs 1 lakh crore. On January 28, during the 'Utkarsh Odisha-Make in Odisha Conclave,' the JSW Group, led by Sajjan Jindal, signed an MoU with the Odisha government to establish a 5 million tonnes per annum (MTPA) steel plant in Keonjhar. In October last year, the JSW Group and South Korean steel giant POSCO had signed an MoU to set up an integrated steel plant in India with an initial capacity of 5 MTPA. However, the companies have not revealed the location wher

Govt likely to extend import restrictions on steelmaking raw material

The reluctance of Indian steel producers to buy from local producers could prompt the government to extend these restrictions beyond June

EU estimates $29.3 billion hit from Trump's steel, aluminum tariffs

As part of his effort to rewrite global trade rules, Trump announced a series of duties including 25 per cent tariffs on steel and aluminum exports that could take effect as soon as March 12

Sourav Ganguly aims to operationalise steel plant project in 18-20 months

Former Indian cricket team captain Sourav Ganguly on Friday said that the steel plant project being promoted by him in a partnership at Garbeta in West Bengal's Paschim Medinipur district is expected to be operational over the next 18-20 months. The much-hyped project is expected to witness an investment of Rs 2,500 crore to establish the 0.8 million tonne per annum (MTPA) steel plant, an official said. "We're building the steel plant. But the problem is that everybody expects it to be ready in two months. But that doesn't happen realistically. Hopefully, we're looking at operations in the next 18-20 months," Ganguly said at an event. "This will be our third and biggest plant. There are several clearances required, including environmental, pollution, and government approvals, which take time," he said. The project was initially proposed at Salboni, but that didn't materialise and now the company has secured land at Garbeta, which is about 26 km from Salboni. "It will be an 8 lakh

Tata Steel's electric arc furnace project in Port Talbot gets approval

"This £1.25 billion investment is the most significant made in the UK steel industry in decades"

Kamdhenu results: Net profit grows 12% to Rs 12.5 crore, revenue up 13%

Steel maker Kamdhenu Ltd on Thursday posted a 12 per cent rise in its net profit to Rs 12.5 crore in the December 2024 quarter, aided by higher revenues. It reported a net profit of Rs 11.11 crore in the October-December period of the preceding 2023-24 fiscal, the Kamdhenu Group company said in a regulatory filing. The company's revenue from operations also rose by 13 per cent to Rs 175 crore from Rs 155 crore in the year-ago period. "We enter the fourth quarter on a positive note. The profit numbers align with our focus on profitable growth and maintaining strong margin discipline, underscoring our commitments," its Chairman and Managing Director Satish Kumar Agarwal said. Sharing his outlook, he said the demand for TMT bars in India is poised for strong growth, fuelled by infrastructure development, urbanisation, and government initiatives such as smart cities and affordable housing, as highlighted in the Union Budget 2025. Kamdhenu has a 20 per cent market share in the organise

Trump steps up his 2018 tariffs on steel and aluminum, risks inflation

President Donald Trump on Monday removed the exceptions and exemptions from his 2018 tariffs on steel, meaning that all steel imports will be taxed at a minimum of 25%. Trump also hiked his 2018 aluminum tariffs to 25% from 10%. We were being pummeled by both friend and foe alike, Trump said as he signed two proclamations changing his orders during his first term that go into effect on March 4. It's time for our great industries to come back to America. The moves are part of an aggressive push by the president to reset global trade, with Trump saying that tax hikes on the people and companies buying foreign-made products will ultimately strengthen domestic manufacturing. But the tariffs would hit allies as the four biggest sources of steel imports are Canada, Brazil, Mexico and South Korea, according to the American Iron and Steel Institute. Trump also intends this week to reset US taxes on all imports to match the same levels charged by other countries. All of that comes on top of

US tariffs will not impact Indian steel industry much: Steel Secy

The US announcement to impose tariffs on steel imports will not have much impact on the Indian industry as the domestic market is strong and a small quantity is exported to America, Steel Secretary Sandeep Poundrik said on Monday. President Donald Trump said he will announce an additional 25 per cent tariff on all steel and aluminium imports from different countries on Monday. "...the US President has said about putting tariffs on steel. How much steel actually we export to the US? We produced 145 million tonnes of steel last year, of which 95,000 tonnes was exported to the US. So, how does it matter if out of 145 million tonnes, you are not able to export 95,000 tonnes," the official said at an event organised by Bengal Chamber of Commerce and Industry (BCC&I). Addressing the 'Minerals Mining & Metals Conclave', he said India's domestic market itself is so strong with growing consumption that the steel industry will find it difficult to cater to that in the coming ...

Firms committed to investing Rs 27,106 cr under PLI scheme for steel: MoS

MoS for Steel and Heavy Industries Bhupathiraju Srinivasa Varma said that steel is deregulated sector and decisions such as investment, production are based on techno-commercial considerations

India remains net importer of steel in Apr-Jan; imports surge over 20%

India stayed net importer of steel with the inbound shipments rising over 20 per cent to 8.29 million tonnes during the April-January period of this fiscal, official data showed on Friday. The country had imported 6.89 million tonnes (MT) of steel in the 10-month period of 2023-24 financial year. "India was a net importer of finished steel. Import of finished steel was at 8.292 MnT, with a year-on-year (y-o-y) growth of 20.3 per cent," according to the data. Against imports, exports have shrunk to 28.9 per cent to 3.994 MT during the said period compared to 5.619 MT in April-January period of preceding fiscal year. Steel and stainless steel industry players have been consistently raising the issue of import with the government, claiming the surge in inbound shipments from select group of countries including China has affected their competitiveness. Recently Steel Secretary Sandeep Poundrik said that India needs to add 100 million tonnes (MT) of steel making capacity by 2030 on ...

ArcelorMittal Dec qtr results: Loss trims to $390 mn, production at 14 MT

Global steel giant ArcelorMittal has reduced its loss to USD 390 million during the fourth quarter ended December 31, 2024. In the same quarter of 2023, it had posted USD 2,966 million loss (attributable to equity holders of the parent), the Luxembourg-based company said in a statement. The company follows the January-December financial year. During the full year, the company's net income rose to USD 1,339 million, higher from USD 919 million in January-December 2023. Its crude steel production during the fourth quarter increased marginally to 14 MT, from 13.7 MT in the same period a year ago. In 2024, the production also fell to 57.9 MT, over 58.1 MT in 2023. During the October-December quarter, the total steel shipments stood at 13.5 MT, as against 13.3 MT in 2023. In 2024, shipments fell marginally to 54.3 MT, from 55.6 MT in 2023. Sales in 4Q 2024 were at USD 14,714 million, over USD 14,552 million in 4Q 2023. Sales for the entire year got reduced to USD 62,441 million, fr

Interarch bets big on South India; eyes 10% rise in revenue in FY26

Focusing on sustainable building practices, cutting-edge technology, and innovative solutions, the company is strategically expanding its operations across the region