Page 7 - Steel Producers

Indian steelmakers seek to soften proposed import curbs on key ingredients

The Indian Steel Association said in a letter, dated Aug 1, to the country's federal trade ministry that the proposed metallurgical coke import quota could hit the ramp-up of blast furnaces

Steel maker Rudra Global Infra to set up 30 MW solar plant at Rs 190 cr

Steel maker Rudra Global Infra Products on Friday said the company will invest around Rs 190 crore to set up a 30 megawatt captive solar project in Gujarat. The solar plant is scheduled to commence operations by January 2025, the company said in a statement. "The first phase of the project entails a capital expenditure of Rs 190 crore, with 80 per cent of the funding secured through financial institutions over a five-year tenure. The remaining 20 per cent will be invested by the company," the statement said. The clean power generated will be primarily utilized to meet the energy requirements of the company's existing billet and TMT bar manufacturing operations. This initiative is expected to increase the capacity utilization of the SMS (steel melting shop) division from the current 33 per cent to 50 per cent. With the project, the company aims to produce 1 lakh tonne of billets and 2.1 lakh tonne of TMT bars annually. "By harnessing solar energy, we aim to significantly reduce our

Germany's proposed low emission steel standard may hurt India biz: GTRI

Germany's proposed Low Emission Steel Standard (LESS) is expected to pose new challenges to Indian industry which is already reeling with lower exports, higher imports and Europe's carbon tax, think tank GTRI said on Friday. India's steel exports have dropped by 31.2 per cent from USD 31.7 billion in 2021-22 to USD 21.8 billion in 2023-24, while imports have increased by 37 per cent, from USD 17.3 billion to USD 23.7 billion, making India a net importer, it said. The Global Trade Research Initiative (GTRI) said that the Indian steel industry is not legally bound to follow the new German steel standard, but ignoring it could hurt domestic exports. "Global markets are demanding low-carbon products, and Indian steel producers not aligning with LESS may struggle to compete," GTRI Founder Ajay Srivastava said. He added that India's steel industry must prepare to comply with new steel standards introduced by Germany, but may soon be adopted by other developed countries. LESS is a volunt

Godawari Power and Ispat Q1 results: Net profit grows 24% to Rs 287 cr

Godawari Power and Ispat on Wednesday posted 24 per cent rise in consolidated net profit at Rs 286.89 crore for June quarter FY25, helped by reduced expenses. Net profit from ordinary activities after tax was at Rs 230.88 crore in April-June FY24, the company said in an exchange filing. Total income rose to Rs 1,372.42 crore from Rs 1,344.37 crore in the same quarter a year ago. Expenses reduced to Rs 987.30 crore from Rs 1,063.00 crore in first quarter last financial year. The company's board has also approved the appointment of MD Bajrang Lal Agrawal as the chairman with effect from August 9, 2024, in place of Shashi Kumar. Besides, the board approved a proposal for payment of a special dividend of Rs 1.25 per equity share of Rs 5 each on the occasion of 25th anniversary of the company. The payment will be made on or after August 28, 2024. The board also approved a proposal for sub-division of equity share with face value of Rs 5 each into 5 equity shares of Re 1 each, subject

Indian steel prices plunge to lowest level in over three years: BigMint

Increased imports from China and Vietnam into India, alongside Chinese supply in overseas markets, have made Indian exports uncompetitive in many regions, putting downward pressure on domestic prices

India shelves plan to form consortium for coking coal import: Report

Some steelmakers believe they will cease to get a discount under their long-term deals if they negotiate through a consortium, reports stated

Rashtriya Ispat Nigam stake sale plan likely to pick up pace this year

The Centre holds 100% in Visakhapatnam steel plant. RINL is the parent company of Eastern Investments Ltd (EIL), owning 51% in it

Steelmaker ArcelorMittal's Q2 core earnings slide but ahead of expectations

Steel prices in Europe and the US are below the marginal cost of production and excess output from China has resulted in very low domestic steel spreads and aggressive exports

India's domestic steel production likely to cross 300 mn tonnes by 2030

Expressing optimism in steel demand amid headwinds, a senior central government official said on Saturday that the domestic production is likely to cross 300 million tonnes by 2030. The ministry also does not foresee any hurdles in capacity addition due to decarbonisation efforts in the steel sector and will soon release a draft roadmap seeking public opinion to reduce the carbon footprint in the steel sector, which accounts for 12 per cent of total emissions, Steel Secretary Nagaendra Nath Sinha said. "The current steel demand remains strong with infrastructure push from the government and expecting a growth of about 10 per cent. The GDP is also growing robustly, and with continued emphasis on infrastructure from both government and private sectors, steel demand will continue to stay strong," Sinha said, while addressing members of the Bharat Chamber of Commerce (BCC). Finished steel output during 2023-24 was 138.5 million tonnes, up 12.4 per cent year-on-year. To achieve 300 milli

Jindal Steel Q1 results: PAT falls 21% to Rs 1,338 cr on weak steel demand

In April-June, general elections, which lasted for nearly half quarter, led to muted steel demand, analysts said, which was compounded by higher costs of rebar, a key raw material for steelmakers

Research, infra allocation will boost innovation in steel sector: ISA

The increased funding for R&D announced in the Budget and the support extended to startups and MSMEs will foster innovation in steel manufacturing, the apex industry association said on Wednesday. Further, the allocation of Rs 11.11 lakh crore is set to enhance national infrastructure, create millions of jobs, and directly benefit the steel industry, the Indian Steel Association (ISA) said in a statement. In her Budget speech on Tuesday, Finance Minister Nirmala Sitharaman announced a slew of measures for sectors, including infrastructure, manufacturing, healthcare, education, startups, and green energy, among others. The Budget's strong emphasis on roads, railways, ports, and urban development will not only generate employment but also improve overall productivity. The increased funding for R&D and the support extended to startups and MSMEs will foster innovation in steel manufacturing, the ISA said. Jindal Steel and Power Ltd (JSPL) Chairman Naveen Jindal said, "The ...

Union minister HD Kumaraswamy assures support to RINL steel plant in Vizag

Union Steel and Heavy Industries Minister H D Kumaraswamy on Thursday visited the Rashtriya Ispat Nigam Ltd (RINL) here and assured all possible assistance to it. Addressing employees and trade unions' representatives, the Minister sought to assuage their concerns about potential closure of the plant and promised that its production would continue at 100 per cent capacity. He was accompanied by the Minister of State (MoS) for Steel and Heavy Industries, B Srinivasa Varma. the RINL family should not panic about the closure of the plant with the blessings and support of Prime Minister (Narendra Modi), RINL's production will reach 100 percent capacity of the plant permanently, said an official press release from the steel plant. The Union Minister noted that RINL or Vizag Steel Plant (VSP) will help improve India's GDP. Later, in a post on X, Kumaraswamy said, I personally visited and inspected the Vizag Steel factory in VisakhapatnamDuring my visit, I toured various sections of the

India's plan for raw material curbs ignores Red Sea crisis: Arcelor-Nippon

The curbs planned by the world's second-biggest producer of crude steel could hit output, as they cap imports of a steelmaking fuel, low ash metallurgical coke

Nippon-US Steel deal may hike decarbonisation costs, say shareholders

Nippon Steel, the world's fourth biggest steelmaker, last year announced a $15 billion takeover offer for US Steel

Tata Steel flags concerns over political slugfest ahead of UK's elections

The statement follows UK media reports on Labour urging the company to pause the restructuring process until next month's general election

Ministry of steel bets against limiting imports of key raw material

Imports of low ash metallurgical coke by India, the world's second-biggest crude steel producer, have surged more than 61% over the past four years

ICRA revises domestic steel consumption growth upwards to 9-10% for FY25

Domestic steel consumption between February to April 2024 registered a growth of 11.3 per cent

Tata Steel CEO Narendran says want to move fast on UK decarbonisation

Chinese exports of steel into India were a 'growing concern,' Narendran said, as India turned net importer in the fiscal year that ended in March

JSW Steel stock falls 2% as profit plunges 65% in Q4

JSW Steel's consolidated net profit dropped 64.5 per cent to Rs 1,299 crore, from Rs 3,664 crore in the previous year. Sequentially, the profit fell 46 per cent, from Rs 2,415 crore

Jindal Steel Q4 results: PAT at Rs 933 cr, up 100.2%; revenue falls 1.4%

BENGALURU (Reuters) - India's Jindal Steel & Power reported on Monday a fourth-quarter profit that doubled from a year earlier as input costs declined.