Page 8 - Steel Industry

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

India needs to add 100 mn tonnes of steel making capacity by 2030: Secy

India needs to add 100 million tonnes (MT) of steel making capacity by 2030 on priority to avoid becoming dependent on imports, Steel Secretary Sandeep Poundrik said on Friday. He also pointed out that slumped steel demand and over capacities globally have affected domestic industry. The official made the remarks at an event organised by Indian Chamber of Commerce (ICC) in the national capital. One priority is to create more capacity. India has about 200 MT steel capacity at present. Roughly 20 MT was added this financial year, he said. "So we have to add another 100 MT of capacity in next six years. If we don't do that, then we basically become dependent on the imports," the Poundrik said addressing the session 'Viksit Bharat: India@2047 through Prism of Steel Sector'. Under the National Steel Policy (NSP) 2017, the government has set a target of scaling up India's overall steel manufacturing capacity to 300 MT by 2030. Another priority, the secretary said, is keeping domestic s

Tata Steel Q3 results: Net profit down 36% to Rs 326 cr on subdued prices

Total revenue on a consolidated basis stood at Rs 53,648 cr in Q3, down 3.01%

Projects may be delayed if margins come under pressure: JSW Steel's Acharya

Jayant Acharya tells Ishita Ayan Dutt, the steel industry expects the government to decide on safeguard measures from dumping post-Budget

Tata Steel to decommission India's first stamp charge coke oven battery

Tata Steel on Sunday issued an advisory about the decommissioning process of its coke oven battery #7 at its Jamshedpur works on January 27 to avoid misinterpretation of the flaring that will occur during the procedure for retiring the battery. India's first stamp charge coke oven battery, which remained operational for 36 years, produced over 12 million tonnes of coke and revolutionised the steel industry, the company said in a statement. The decommissioning process will involve isolating the battery from the by-product plant foul gas suction network. During the shutdown, raw gas from the ovens will be safely flared from oven top flares and ascension pipes as per standard operating procedures, the statement said. Flaring will commence at 9 am and continue for nearly 24 hours, the statement added. The steel major emphasised that this was a planned and controlled activity, and the flaring observed during this time is entirely safe.

JSW Steel Q3 Preview: Profit may plunge up to 80%, Ebitda to drop 30% YoY

JSW Steel is expected to face a challenging Q3FY25, with analysts forecasting weaker earnings due to softer steel prices and subdued demand

AM/NS India set to commission two auto steel lines at Gujarat unit

The investment in the downstream unit is around $1 billion, which is part of a $7.4 billion capital expenditure aimed at increasing the upstream capacity at Hazira to 15 mt

Finished steel imports hit six-year high in April-December, up 20% YoY

The country remained a net importer of finished steel during April-December, with exports slumping 24.6 per cent

Proposed duty on steel imports may lead to steep price hike in 2025: CRISIL

Steel prices in 2025 would be much higher than the last year if the proposed safeguard duty on steel imports is imposed by the end of next month, rating agency Crisil said on Wednesday. "Domestic prices are under pressure due to global steel price decline and are expected to remain soft in 2025. Prices have a 4-6 per cent upside potential hinged on implementation of the safeguard duty. "As mills ramp up production volume from the newly commissioned capacities, increase in supply will reduce flat steel prices, but will still be higher than average price of 2024. That said, intense competition among mills to gain market share could limit the upward movement," Vishal Singh, Director-Research at Crisil Market Intelligence and Analytics, said in a statement. The imposition of a safeguard duty proposed by the industry could be a positive here. Assuming it is implemented by the end of February, steel prices in 2025 would be much higher than 2024, with the impact more prominent in the first

Growth of cheap and dirtiest steelmaking tests govt's carbon mission

A lot of new output is emerging from small-scale plants that are relatively easy to build, but highly polluting

PS Raj Steels gets NSE Emerge's clearance to raise funds through IPO

Haryana-based P S Raj Steels on Monday said it has received in-principle approval from NSE's SME platform Emerge to raise funds through an initial public offering. P S Raj Steels Ltd (PSSR), a stainless-steel pipes and tubes manufacturer, received the approval from NSE's Small and Medium Enterprises (SME) platform Emerge on January 2, the company said in a statement. The company had filed its draft red herring prospectus (DRHP) with NSE Emerge in September 2024. PSSR is currently in the process of filing its Red Herring Prospectus (RHP) with updated information and expects to list on NSE Emerge, it added. The initial public offering (IPO) is entirely a fresh issue of up to 20.20 lakh equity shares with a face value of Rs 10 each, as per the draft papers. PSSR intends to utilise Rs 23.5 crore of the total IPO proceeds towards working capital requirement including margin money and the remaining capital will be used for issue related expenses. Promoted by Raj Kumar Gupta, Deepak Kum

Govt to launch another round of PLI scheme for steel sector on Monday

The government will launch another round of production-linked incentive scheme for the steel sector on Monday. The 'PLI scheme 1.1' will be launched by the steel minister H D Kumaraswamy. "Union Minister of Steel and Heavy Industries...will launch 'PLI scheme 1.1' for the steel industry and call for applications...on January 6," the steel ministry said in a statement. To encourage domestic production of specialty steel and lower imports by drawing in capital investments, the government had earlier introduced the PLI scheme for specialty steel. The scheme has attracted investments worth Rs 27,106 crore, envisaging creation of 14,760 direct employment opportunities with an estimated production of 7.90 million tonnes of specialty steel. As of November 2024, companies have already invested Rs 18,300 crore and generated over 8,660 in employment. The government has been interacting regularly with the participating companies and based on feedback, it was felt that there was a scope to n

151 steel standards prepared by BIS incorporated in Quality Control Order

The government on Thursday said that 151 steel standards formulated by the Bureau of Indian Standards (BIS) have been incorporated in the Quality Control Order (QCO) so far. This exercise is continuing towards the goal of formulating standards for all the steel consumed in the country. The import of steel consignment is also subjected to scrutiny to check supply of any substandard steel consignment, the steel ministry said in a statement. The government has been taking several steps from time to time to ensure quality in steel production. Measures have been taken to formulate standards, for the steel consumed in the country and incorporate them in the Quality Control Order (QCO). Standardization involves setting up of uniform specifications, testing methods, and manufacturing processes for steel production. This ensures consistency in the quality of steel across different manufacturers. Such steel is required to adhere to the standard defined by BIS and domestic as well as foreig

GTRI calls for assessment of steel industry before imposing safeguards

Economic think tank GTRI on Thursday called for a comprehensive assessment of the Indian steel industry to evaluate the impact of existing import measures before imposing the proposed safeguard duty. The Global Trade Research Initiative (GTRI) report has also claimed that the commerce ministry's ongoing safeguard investigation into alleged jump in imports of certain steel products suffers from "several" technical weaknesses such as focus on products with minimal import surges, and inappropriate use of global safeguards. The report has stressed that any new measures should be based on a clear understanding of the implications of existing measures for the industry and the broader economy. "Conduct a study on the state of the steel industry in India and assess the impact of proposed and existing import measures on resulting higher costs, economic growth and jobs. Take any new action after this assessment," GTRI Founder Ajay Srivastava said. He said that the current system comprising .

Cos invested Rs 17,581 cr under PLI for specialty steel till Oct: Govt

Companies have invested Rs 17,581 crore under the production-linked incentive (PLI) scheme for specialty steel till October 2024, the government said on Monday. To encourage domestic production of 'specialty steel' and lower imports by drawing in capital investments, the government introduced the PLI scheme for specialty steel. "As of October 2024, companies have already invested Rs 17,581 crore and generated over 8,660 in employment," the steel ministry said in a statement. Participating companies have committed to an investment of Rs 27,106 crore, direct employment of 14,760 and estimated production of 7.90 million tonnes of 'specialty steel' identified in the scheme. The ministry earlier said investments in the steel sector have a long gestation period and depend on factors such as procurement of various equipment, many of which are from abroad. Delays due to unavoidable circumstances in the projects include supply chain delays due to geopolitical issues, unforeseen events, nat

Steel sector grapples with weak demand, Chinese import, K'taka tax proposal

In November 2024, the per tonne prices of flat steel products, both HRC (hot rolled) and CRC (cold rolled), stayed flat month-on-month (M-o-M) at Rs 48,000 and Rs 55,500

India's finished steel imports from China reach all-time high, shows data

Total imports of finished steel were at an eight-year high with India, the world's second-biggest crude steel producer, a net importer during the period