Page 12 - Steel Producers

Jindal Steel and Power says enquiries from European buyers on rise

We did see some increase in the order book and a lot of enquiries (from Europe): Bimlendra Jha, managing director of Jindal Steel and Power

Odisha collects Rs 28,973 cr mining revenue in current financial year

The Odisha government has collected a total of Rs 28,973.43 crore revenue from mining up to January 17 of the current financial year, state Steel and Mines Minister Prafulla Mallik here on Friday

2023 could be another strong yr for coal as demand may reach record levels

Coal India, companies with captive coal mines in steel, power and other sectors will be at an advantage

Domestic demand for finished steel to grow 8% this fiscal year: Icra

The demand for finished steel in India is expected to grow eight per cent this year compared to 2021, according to rating agency Icra. Supported by the government's infrastructure-led growth model, domestic finished steel demand has registered a double-digit growth of 11.9 per cent in the first eight months of the current fiscal, the ratings agency said in a report on Wednesday. The demand is "poised to close the year with a growth of 8 per cent...7-8 per cent growth for FY 2022-23," Icra said. However, domestic steel companies "face a bumpier road ahead" as the external environment becomes more challenging due to elevated inflation/ energy prices and rising interest rates. Given the expectation of a slowdown in the pace of economic activity over the next few quarters, domestic steel demand growth is likely to moderate to 6-7 per cent in FY24, Icra said. Jayanta Roy, Senior Vice-President & Group Head - Corporate Sector Ratings at ICRA, said dependence on external financing to ...

India becomes second-largest steel producer in world: Scindia in Parliament

Union minister Jyotiraditya Scindia said on Monday that India had become the second-largest steel producer in the world in the last eight years.

India's consumer good shipments to Russia rise for 2nd month in Oct: Govt

During October, India exported goods worth $280 million, up 3.7 per cent as compared to a year ago, led by demand for items such as vegetables, tea, coffee, chemicals as well as iron and steel product

JSPL to invest Rs 7,930 crore under PLI scheme for steel: MD Bimlendra Jha

Jindal Steel and Power Limited (JSPL) will spend Rs 7,930 crore under the PLI scheme for specialty steel to manufacture eight types of high-end alloy in the country, its Managing Director Bimlendra Jha said. JSPL is one of the qualifiers of the government's production linked incentive (PLI) scheme which aims to increase the output of value-added steel using new age technologies in the domestic steel sector. On December 9, the government announced the selection of 67 entries with an investment potential of Rs 42,500 crore under the scheme. The proposed investments are expected to generate 70,000 job opportunities and add 26 million tonnes of speciality steel capacity in the country. When asked about the share of JSPL in the said investment amount, Jha replied, "Our commitment to the PLI scheme (for specialty steel) will be around Rs 7,930 crore." JSPL through subsidiary company Jindal Steel Odisha has submitted the highest number of entries to manufacture eight types of specialty st

Indian steel mills hopeful as demand rises, China eases Covid curbs

Prices have plummeted some 29% in domestic market after peaking in April

Arjas Steel to invest Rs 610 cr to augment capacity to 0.55 million tonne

Arjas Steel, formerly Gerdau Steel, on Wednesday announced a Rs 610 crore capex to increase its annual production capacity to 5.5 lakh tonne, adding over 37.5 per cent to its existing capacity across its Andhra and Punjab plants. The company operates two plants at Tadipatri in the Anantapur district of Andhra Pradesh and at Mandi Gobindgarh in Punjab. The Andhra plant has a current capacity of 3 lakh tonne while the Punjab facility, which it acquired in November 2020 for about Rs 100 crore produces 1 lakh tonne per year. Of the total capex, around Rs 350 crore will go into the Tadipatri plant expansion and the rest Rs 260 crore will go into the Punjab unit, Sridhar Krishnamoorthy, managing director said in a statement. The company said the capacity additions will be completed in 2025. Arjas supplies steel to energy, automotive, Railways, and defence units as well as exports. In Tadipatri, investments include a new Kocks sizing block from Germany which will help improve quality and

Crucial for India to secure its nickel needs, says Jindal Stainless MD

Firm's MD Abhyuday Jindal says next milestone after completing expansion would be to achieve 100% capacity utilisation, after which it may look at backward integration

India's April-Nov finished steel exports fall 55% YoY on low demand: Report

India's finished steel exports more than halved during the first eight months of the current fiscal year that began in April, according to the latest government data reviewed by Reuters

After toys, govt looks to curb China electric fan, smart meter imports

Since the quality control order 3 years ago, toy import down 70 per cent

AM/NS bulks up for the future, focuses on acquisitions to secure infra

Nearly Rs 90,000 crore worth of capital expenditure has been incurred so far on various asset acquisitions and projects, with a major investment of about Rs 42,000 crore

Roll-back of export duty on steel has no near-term earnings upside: Experts

Analysts perceive the roll-back of export duties on steel as a valuation re-rating event, rather than an earnings upgrade trigger

Steel stocks firm after export duty removal: GPIL, SAIL climb up to 19%

According to analysts at ICICI Securities, the removal of export duty augurs well for domestic steel players over a longer term horizon

ESL Steel capacity expansion by next year: Vedanta's Sunil Duggal

Mining giant says priority is to finish doubling capacity of company it acquired in June 2018

Sanjeev Gupta's Liberty Steel nears deal with Credit Suisse, Greensill

Gupta's sprawling group of metals firms, gathered under a loose umbrella called GFG Alliance, were pushed to the brink when Greensill collapsed in March 2021

AM Mining India completes acquisition of debt-ridden Uttam Galva Steels

AM Mining India Pvt Ltd, part of ArcelorMittal and Nippon Steel joint venture, completed the acquisition of Uttam Galva Steels Ltd, a downstream steel manufacturer in Maharashtra

JSW Steel eyes 50 MT capacity by 2030 via greenfield, brownfield options

Jindal's growth plans are in sync with the country's target of doubling crude steel capacity to 300 mt of crude steel capacity in the next 9-10 years

Listed firms managing liquidity challenges well, says India Ratings

Given the tightening liquidity conditions and higher cost of borrowings, corporates with a weak credit profile are likely to tap a loan against shares facility to meet their funding requirements