Page 15 - Steel Producers

Tata Steel rating raised to 'BBB-' on reassessment of group support: S&P

Ratings agency places stable outlook on Tata Steel on continued deleveraging efforts

India to buy coking coal from Russia; Steel firms look to diversify imports

Move is part of India's National Steel Policy 2017 under which the country aims to reach 300 mn tonne steel output by 2030 while simultaneously working on forward and backward integration

Coal shortage in India leads to soaring costs for steel producers

'Mills are paying more than four times the normal costs for procuring coal from e-auctions and from mines'

India's steel output expected to jump 18% to 120 MT in FY22: MoS Steel

India's crude steel output is expected to soar about 18 per cent to 120 million tonnes (MT) by the end of the ongoing financial year, Minister of State (MoS) for Steel Faggan Singh Kulaste said

Ahead of Q1 results, Tata Steel rallies on rare double ratings upgrade

An improving balance sheet is aiding the bullish sentiment as Tata Steel joins scores of Indian corporates who are using record-low interest rates to trim their liabilities.

S&P upgrades Tata Steel's long-term issuer rating to 'BB' from 'BB-'

The outlook on ratings is stable and reflects the view that the company can adequately deleverage to reduce volatility in credit metrics during industry downturns

Steel producers likely to raise prices in August, albeit marginally

Slight uptick in demand, huge gap between domestic and global prices could drive the decision

Union Cabinet approves Rs 6,322-cr PLI scheme for specialty steel

The scheme has an employment generation potential of about 525,000 of which 68,000 will be direct and the rest will be indirect employment, says govt

Stressed steel plants acquired via IBC seeing faster turnaround: CRISIL

The steel plants acquired via IBC process include Bhushan Steel, Essar Steel, Electrosteel Steels, Monnet Ispat & Energy Ltd and Bhushan Power & Steel

India starts probe into alleged dumping of electrogalvanized steel

India has initiated a probe into alleged dumping of electrogalvanized steel, used in auto and electronics industries, from Korea, Japan, Singapore following a complaint by a domestic company.

Steel makers push for exports as rural stress impacts domestic demand

Rural off-take has taken a hit due to increased spend on health and lower incomes

Decarbonisation, ESG a challenge and opportunity for steelmakers: EY Report

The major challenge that remains in the face of more stringent emission targets is to significantly reduce emissions in the steelmaking process, says the report

Chhattisgarh steel plant demerger to be completed in third quarter: NMDC

NMDC produced 34.15 million tonnes and sold 33.25 million tonnes of iron ore during the financial year 2020-21.

With massive investment plans, steel leads India Inc's capacity expansion

Several top companies, led by steel majors ArcelorMittal Nippon Steel India (AM/NS India), JSW Steel, Tata Steel and Hindalco, are planning to expand capacity in the next few quarters

Steel producer SAIL shares climb 5% after quarterly earnings

Shares of SAIL on Friday rose by 5 per cent after the company posted a 31 per cent jump in its consolidated net profit for the quarter ended March 31, 2021.

Steel becomes costlier; companies hike rates by up to Rs 4,900/tonne

The price revision has been made in the last two days, the sources said.

Karnataka puts on hold decision to sell 3,667 acres to JSW Steel

This comes amid opposition from within the ruling BJP and cases pending in courts

Amid key concerns, metal stocks may see soft trend in medium-term

Cloud over domestic demand, rising global supplies and high valuations are key concerns

Sanjeev Gupta's Liberty Steel to sell UK plant in restructuring plan

Liberty Steel, the company led by British Indian businessman Sanjeev Gupta, on Monday announced very constructive and productive meetings as part of its ongoing restructuring plans, which will result in the sale of its Stocksbridge plant in south-east England to help pay back lender Credit Suisse. Gupta, who heads the wider Gupta Family Group (GFG) Alliance, and his newly-formed Restructuring and Transformation Committee held advanced discussions with Credit Suisse Asset Management (CS) in Dubai over the weekend to reach a formal standstill agreement on its Liberty Primary Metals Australia business while refinancing is completed that will repay Credit Suisse out in full. The investment bank has, meanwhile, agreed to pause court proceedings against Gupta's empire while the sale of Stocksbridge is conducted. Both parties also made significant progress in agreeing a framework to resolve GFG Alliance's remaining exposure with CS, Liberty Steel, the UK's third largest steel maker, ...

Tata Steel bulks up for growth without compromising its deleveraging target

The upturn in the steel cycle has allowed it to reconsider overseas asset sales and plan domestic expansion and acquisitions