Page 10 - Steel Producers

Rs 47 trn required to decarbonise country's steel, cement plants: Study

India's existing steel and cement plants, which play a vital role in the country's economic development, will require Rs 47 lakh crore in additional capital expenditure (CAPEX) to achieve net-zero carbon emissions, according to a new study. India is the second-largest producer of steel and cement in the world. But both are emission-intensive processes making these hard-to-abate industries. The study, the first-of-its-kind calculation of the cost of decarbonising these industries, also pointed out these two sectors will need Rs 1 lakh crore each year in additional operational expenditure (OPEX) to achieve net zero. Net zero means achieving a balance between the greenhouse gases put into the atmosphere and those taken out. The analysis by the Council on Energy, Environment and Water (CEEW) also found that an 8 to 25 per cent reduction in steel emissions and a 32 per cent reduction in cement emissions is possible without any price increase by adopting efficient technologies such as ..

Indian steel companies plan price rises as coking coal costs surge

Steel mills are likely to raise rates by $25 to $50 a metric ton by December, said the officials, who did not wish to be named as they are not authorised to speak to media

Tata Steel subsidiary TCIL receives tax penalty notice of Rs 40 cr

Tata Steel on Thursday said its subsidiary Tinplate Company of India Limited (TCIL) has received a tax notice, imposing a penalty of about Rs 40 lakhs in connection with a demand order pertaining to the 2016-17 fiscal. "The said demand order is presently pending appeal before the Commissioner of Commercial taxes, Ranchi," Tata Steel said in a regulatory filing. TCIL on October 4, 2023, received an order from the office of the Deputy Commissioner of Commercial Taxes, Jamshedpur Circle, Jamshedpur, imposing a penalty of approximately Rs 3,986.78 lakh on TCIL in connection with an earlier demand order from Deputy Commissioner of Commercial Taxes, Jamshedpur, pertaining to FY 2016-17, it said. Domestic steel major Tata Steel owns a majority stake in Kolkata-headquartered TCIL, a tinplate producer. From its plant in Jamshedpur (Jharkhand), TCIL caters to 40 per cent of the overall domestic market and exports 15-20 per cent of its sales to different geographies across the world.

CRISIL Ratings places Vedanta under watch with negative implications

The agency mentioned that the ratings might be downgraded if Vedanta cannot reduce its end-of-year financial leverage to below 2.7 times through the asset monetisation route

Steel pipes manufacturer JTL Industries' sales grow 54% in Apr-Sept

Steel pipes manufacturer JTL Industries has posted 54.66 per cent growth in sales at 1.59 lakh tonne (LT) for April-September period of the ongoing fiscal year. The company has also registered 56.78 per cent rise in sales volumes at 81,686 tonne in July-September, JTL Industries said in a regulatory filing. The firm attributed the surge in sales numbers to robust demand for structural steel tubes and pipes in both domestic and international markets. While sales in the first half of FY23 was 1.02 lakh tonne, sales in the second quarter of that fiscal was 52,101 tonne, the filing said. Sales of value-added products rose to 60,708 tonne in H1 FY24 from 40,221 tonne in H1 FY23. "This quarter we recorded our highest ever quarterly sale volume over Q2 FY23 period reflecting the continued patronage from our domestic and international clients. We also achieved a significant milestone by recording our highest-ever H1 sales volume demonstrating a robust growth rate. Our international sales

Scindia discusses ways to incentivise green steel production, decarbonising

Union Steel Minister Jyotiraditya M Scindia held a meeting with five task forces and discussed a range of issues, including incentivising green steel production and financing options for decarbonising the industry. Key stakeholders, industry experts, and government officials attended the meeting to discuss ways to achieve sustainability and decarbonisation in steel production on Thursday, the Ministry of Steel said in a statement on Friday. The meeting was also attended by Steel Secretary Nagendra Nath Sinha, chairpersons of the five task forces and other senior officials. "Held a fruitful discussion with 5 of our 13 task forces. Defined a roadmap to tackle inevitable challenges through a multi-pronged approach, including renewable energy uptake, skill development, incentives, and potential pathways for decarbonisation," the minister said. The task force on finance, led by Sunil Mehta, the Chief Executive of Indian Banks' Association, provided valuable insights into financing optio

Tata Steel inks pact with IOCL to further reduce carbon footprint

Tata Steel on Thursday said it has signed an agreement with Indian Oil Corporation Limited and its business associate to further reduce carbon footprint at its Ferro Alloys plant. The agreement encompasses LPG supply, installation of LPG facilities, and the operation and maintenance of the same at the company's Ferro Alloys Plants in Gopalpur of Ganjam and Athagarh of Cuttack districts in Odisha, the steel major said in a statement. Tata Steel has decided to transition from Furnace Oil and High-Speed Diesel to a more sustainable fuel option - Liquified Petroleum Gas (LPG) in response to the pressing environmental concerns and the global imperative to reduce carbon emissions. This eco-friendly move is expected to bring about a considerable reduction in carbon emissions, it said. Tata Steel's Ferro Alloys and Minerals Division Executive-In-Charge Pankaj Satija said, "The agreement, which is a part of our sustainability initiatives, will help us in reducing the carbon footprint at our

NMDC's low-grade iron ore export to China hindered by logistics: Report

Indian producers of low-grade ores largely depend on foreign markets because most major domestic steel producers use high-grade iron ores

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