Page 10 - Steel Producers

India's April-August finished steel imports from China at five-year high

China, the world's top steel producer, exported mostly cold- rolled coil or sheets to India

Truly a turning point in resetting competitiveness: Tata Steel ED & CFO

Tata Steel ED & CFO, Koushik Chatterjee, discusses how the structural issues of the plant are going to be fixed and impact of carbon border adjustment mechanism

Tata Steel signs 500 million pound-deal with UK govt for Port Talbot plant

Tata group chairman, N Chandrasekaran, said the agreement with the UK Government was a defining moment for the future of the steel industry and indeed the industrial value chain in the UK

Saudi Arabia's PIF set to take control of country's top steel producers

Stage set for creation of a new national steel giant

Essar group to source pellets from Bahrain Steel for Saudi factory

The Essar project, set to be the region's inaugural green steel initiative, aspires to establish a global standard in CO2 reduction

Proposals formulated for 2nd edition of PLI, will take time: Steel secy

Steel Secretary Nagendra Nath Sinha on Thursday said the ministry has formulated proposals in consultation with the industry for second edition of the PLI scheme but its implementation would take "some time" as a few processes, including Cabinet nod, are pending. The Union Cabinet in July 2021 approved the Production Linked Incentive (PLI) scheme to boost the production of specialty steel in India. "We have formulated proposals for PLI 2 and need approval of the government for this. It may take some time. The proposal we have formulated has been done in consultation with all players of the industry and if we take it up, we expect a good response," Sinha said on the sidelines of an industry event in Greater Noida. "I cannot commit any time frame for this right now because a lot of processes, like the proposal being sent to powered group of secretaries and then to the Cabinet for approval, are due and it will take some time," the Steel Secretary told reporters. He was in Greater Noid

BHP expects Indian steel industry's boom to boost its coal business

Around 40% of BHP's metallurgical coal, used by steel mills and known as coking coal, is now heading to India, chief commercial officer Vandita Pant told FT

India's April-May finished steel imports from China at six-year high

In April and May, China emerged as the second-biggest steel exporter to India, selling 0.2 million metric tons of the alloy, up 62% from the same period a year earlier

Vedanta to conduct strategic review of steel, raw material businesses

Vedanta Ltd on Friday said it will conduct a strategic review of its steel and steel raw material businesses. In a regulatory filing, the company said it has also engaged advisors to assist in this review. "The company has decided to initiate a strategic review of its steel and steel-making raw materials businesses. The review will begin immediately and evaluate a broad range of options to maximize stakeholder value, including but not limited to a potential strategic sale of some or all of the above-mentioned steel businesses," it said. Vedanta Ltd did not provide any further details. A subsidiary of Vedanta Resources Limited, Vedanta Limited is one of the world's leading natural resources companies, spanning across India, South Africa and Namibia. In June 2018, Vedanta Limited acquired Jharkhand-based steel company ESL Steel Limited through an insolvency resolution process.

Steel prices may not fall further, but China key: Indian steelmakers

Steelmakers are confident about the business of Indian steelmakers

Steel Strips Wheels hits record high, surges 9% on healthy growth outlook

SSWL is looking to expand its presence in alloy wheel with global passenger car segment customer

JTL Industries to add 2MT capacity by Dec as part of Rs 330 cr capex

Chandigarh-based JTL Industries, which manufacturers various grades of galvanised steel tubes and pipes, is adding 2 lakh tonne to its existing 6 lakh tonne capacity as part of the ongoing Rs 330-crore capex at two of its mills. The overall capacity expansion of 4 lakh tonne worth Rs 330 crore will be completed by FY27, which will take its total installed capacity to 10 lakh tonne, the company official told PTI here on Monday, adding the immediate enhancement of 1 lakh tonne each will come up at the Malegaon plant in Maharashtra and the Raipur mill in Chhattisgarh, which will take their overall output to 3 lakh tonne each. This is a completely debt-free investment as the company set up in the 1990s has long been debt-free. The expansion is fully funded by the Rs 384 crore raised from the preferential warrants issue in March, Dhruv Singla, an executive director & chief financial officer, who is also the son of the managing director Madan Mohan Singla, told PTI. The company has four

Amarendu Prakash takes over as SAIL chairman, succeeds Soma Mondal

Steel Authority of India Ltd (SAIL) on Wednesday said Amarendu Prakash on Wednesday assumed the charge as the company's Chairman. He succeeds Soma Mondal, who retired from the post on April 30, 2023. In a regulatory statement, SAIL said, "Amarendu Prakash, Director (in-charge at SAIL's Bokaro Steel Plant (BSL), SAIL) has joined as Chairman SAIL w.e.f. May 31, 2023". A B.Tech in Metallurgy from BIT Sindri, Prakash is an accomplished technocrat and possesses over 30 years of experience, comprising 24 years in plant operations at BSL, 4 years at the Chairman's office in SAIL, and 2 years as a Director on SAIL Board as an In-charge of BSL. He began his career at SAIL in 1991, with a posting in rolling mills. SAIL, under the Ministry of Steel, is the country's largest steel-making company, with an annual capacity of around 21 million tonnes.

Debt-to-earnings ratio of steel makers to remain below 2 times: Crisil

Research firm Crisil Ratings on Monday said it expects the net debt-to-EBITDA ratio of domestic steel manufacturers to stay below the level of 2 times in the financial year 2023-24. The steel makers had reported the ratio of net debt to EBITDA in the range of 1.6-1.7 times in preceding financial year (FY) 2022-23, Crisil Ratings said in a report. "Domestic primary steel manufacturers are likely to see their leverage, in terms of net debt to earnings before interest, tax, depreciation and amortisation (Ebitda) ratio, remain below 2.0 times this fiscal (compared to an estimated 1.6-1.7 times in fiscal 2023) despite undertaking capital expenditure to cater to growing demand," it said. With the leverage much lower than the average of 3.5 times, seen during past five fiscals, the median credit quality of the sector is unlikely to be affected as balance sheets of the players will remain healthy. Further, project risks are expected to be low due to the brownfield nature of bulk of the ...

Mills need technology breakthrough for Green Steel, face 30% cost increase

Steel makers in India and globally stare at a sharp 30 per cent increase in the production costs to manufacture 'green steel' for meeting their net-zero targets, experts said. Right now, there is no single definite technology for producing 'Green Steel' and whatever is available is based on different production process lines with different timeframes, said steel experts at the Singapore Green Steel Forum on Tuesday. India's steel mills along with their global peer groups and consultants are seeking a major technology breakthrough to produce green steel, according to experts. Present estimates put production of 'Green Steel' 30 per cent higher compared with conventional steel that is being produced currently, said a consultancy group official anonymously. The debate is using electric arc furnaces based on green energy, which would be costly, and Blast Furnace (BF), which uses comparatively cheaper coal, the official said. BF also offers large volume output compared to EAF, he ...

Indian steelmakers look for government support to go the green way

Transition calls for large investment but demand for and premium on eco-friendly steel remains dull

NMDC Steel Plant inches closer to go on stream in Chhattisgarh

The firm has commissioned its second coke oven battery. The Coke Oven Complex consists of two batteries, of which battery no. 2 has been commissioned

Centre to strengthen Vizag Steel Plant rather than privatising it: Kulaste

The Central government will focus on strengthening the Vizag Steel Plant (VSP) for the moment rather than privatising it, Union Minister of State for Steel, Faggan Singh Kulaste said here on Thursday. He made this announcement on the sidelines of handing over appointment letters under Rozgar Mela. "As on date, we don't have any plan like that (sale) and in the coming days we will do better, including sorting out some problems with mining," Kulaste said while speaking to reporters in the port city. Meanwhile, some employee union leaders of the steel plant noted that they cannot believe Kulaste's statements unless an authoritative announcement is made by the Cabinet Committee on Economic Affairs (CCEA) to this effect. "We do not believe this announcement completely. It was CCEA which decided to sell VSP and it should announce that they are not selling it," said an union leader. "We have been protesting the privatisation plan for the past 800 days. This movement is being supported by

Met coal prices may fall; rate correction to help Indian steel makers: S&P

S&P Global Ratings on Wednesday said it is expecting a significant fall in rates of metallurgical coal and Indian steel makers are to benefit from the price correction. "We expect lower seaborne met coal prices will help Indian steel mills, as they import 70 per cent of their total requirement," S&P Global Ratings credit analyst Anshuman Bharati said. The agency estimates that a sharp fall in seaborne metallurgical coal prices will improve cash flow and ease pressure on Indian steel producers, he said. "Our price assumptions are much lower than the average price of USD 370/tonne in 2022 and spot price of about USD 300/tonne. This is partly because we expect the supply constraints in Australia to ease over the next few months as adverse weather becomes less frequent," Bharati said. Indian steel producers are generally the most sensitive to seaborne met coal prices, as opposed to iron ore prices. This reflects India's status as the world's top importer of met coal and the fact .

AMNS Luxembourg signs $5 bn loan deal with Japanese banks for Indian ops

The loan proceeds would be used to finance the expansion of the plant at Hazira, Gujarat, from nine million tonnes (mt) to 15 mt