Page 8 - Steel Producers

Tata Steel Q3 profit at Rs 513 crore as lower costs counter weak revenue

Subdued local prices due to cheaper shipments from top producer China hurt the country's steelmakers in the October-December period, despite sustained domestic demand

Govt aiming to increase scrap share in steel making to 50% by 2047: Scindia

The government is aiming to increase the share of scrap in steel making process to 50 per cent by 2047, Union Minister Jyotiraditya Scindia said on Wednesday. The steel minister emphasised on usage of scrap in steel making as manufacturing the metal through scrap and other waste products is less polluting and termed it as a step "towards green steel initiative". "As per our ministry's vision 2047 document, in the next 25 years, the percentage of scrap will be 50 per cent along with the balance 50 per cent as iron ore," Scindia said at the 11th International Material Recycling Conference in Kolkata. Use of scrap not only reduces the use of natural resources but also cuts emission by 25 per cent in comparison to the primary route of steelmaking, the minister said addressing through a video message. More scrap would be needed in the future to reduce emission and produce green steel and for this to happen there is a need for environment-friendly formal scrapping centres, Scindia ...

Steel Authority suspends two directors at direction of anti-graft ombudsman

The suspension will not affect the company's performance, Chairman Amarendu Prakash said in a statement

Jindal Stainless MD calls for removal of raw material duties in Budget 2024

Jindal Stainless Ltd (JSL) MD Abhyuday Jindal has urged the government to remove import duty on raw materials in the upcoming Union Budget, a move, the industry leader said, will provide a level-playing field to domestic players. He suggested levying Basic Customs Duty (BCD) on imports as the domestic market is being affected by cheap and sub-standard stainless steel products from select group of countries like China and Vietnam. "One long-standing requirement of the stainless steel industry has been that there are certain raw materials that are not present in the country like ferro nickel and ferro molybdenum," Jindal told PTI. At present, 2.5 per cent import duty is levied on ferro nickel and 5 per cent on ferro molybdenum. Speaking further on Budget expectations, the JSL MD said severe dumping is happening from China, Vietnam, and certain countries with which India has Free Trade Agreements (FTAs). This is putting severe pressure on MSMEs and preventing the stainless steel indu

Jai Balaji to invest Rs 1,000 crore to boost Durgapur plant capacity

The company, which was once financially stressed, is looking to fund the expansion through internal accruals

Jai Balaji Q3 results: Net up 740% to Rs 234 cr, plans Rs 1,000 cr capex

Steel major Jai Balaji Industries Ltd on Monday announced a 740 per cent rise in net profit for the third quarter ended December 2023 at Rs 234.6 crore over the corresponding quarter in 2022, despite flat quarterly revenue of Rs 1539 crore. The company, which posted a Rs 28 crore net profit in the third quarter of the 2022-23 fiscal, attributed the surge in profit to its focus on higher-value products and cost efficiency. Jai Balaji also disclosed plans to invest Rs 1,000 crore over the next 12-18 months to ramp up the share of value-added products to 80 per cent from the current 50-55 per cent. The expansion will propel the company's revenue to Rs 9500-10,000 crore in FY25-26 with an EBIDTA of 18-20 per cent, officials said. Chairman Aditya Jajodia hailed the quarter as the "best in profitability" in the company's history, marking a strong turnaround. He highlighted the significance of the Rs 1,000 crore investment, the first in a decade due to financial and market-driven slowdow

4 workers critical as molten metal falls on them in Gujarat steel factor

At least seven workers were injured on Sunday, four of them critically, when molten metal spilled out of a furnace and fell on them at a steel factory located in Anjar town in Gujarat's Kutch district, police said. The incident occurred in the morning when some workers were putting metal scrap in the furnace. "The molten metal spilled out of the furnace and fell on seven workers, injuring them. They were shifted to a hospital at Gandhidham. Four of them were referred to Ahmedabad for further treatment as their health condition is critical," said Superintendent of Police, Kutch (East), Sagar Bagmar.

Domestic steel vacuum bottle makers urge govt to check imports from China

The All India Steel Bottle Association (AISBA) has urged the government to take immediate measures to check the imports of sub-standard and cheap steel vacuum flasks into India. The imports of vacuum steel bottles from China and other countries are on the rise and the country has seen a 35 per cent increase in imports of the product from 2019-20 to 2022-23, the industry body said citing an official data. Bharat Agarwal, Treasurer of AISBA, also suggested the government not to extend import relaxation under a BIS (Bureau of Indian Standards) order which restricts quality approvals to such products beyond January 14, 2024. As per the order, he said, "January 14 is the last date by when the products getting imported are to be approved by the BIS". The products are not as per the BIS standards, hence the government must not extend the relaxation considering the issues faced by local manufacturers who have invested around Rs 1,500 crore in the Indian market, he said. "We have also not

ArcelorMittal to build world's single largest steel site at Hazira by 2029

ArcelorMittal will build the world's single biggest steel manufacturing factory at Hazira in Gujarat by 2029, company's executive chairman Lakshmi Mittal said on Wednesday. The factory will have a capacity of 24 million tonne per annum, he said speaking at the 10th Vibrant Gujarat Global Summit here. He said ArcelorMittal has signed MoUs with the Gujarat government for phase two of the Hazira plant in the summit. Prime Minister Narendra Modi had done the 'bhumi puja' for the first phase of the plant in 2021 and the construction is going on as per schedule for commissioning in 2026, Mittal said.

Steel industry hopes Budget will focus on infra, fair trade measures

Companies want support for capacity addition and anti-dumping measures against substandard imports

Govt plans state-backed consortium for coking coal imports: Report

Indian steel companies consume around 70 million metric tons of coking coal annually, and imports constitute around 85% of the country's total requirement

Vedanta's aluminium production rises to 599,000 tonnes in Oct-Dec quarter

Vedanta Ltd on Wednesday said its total aluminium production rose 6 per cent to 5,99,000 tonnes in the third quarter of the current financial year. The company's aluminium output stood at 5,66,000 tonnes in the year-ago period. At Zinc International, the total mined production declined 40 per cent to 41,000 tonnes in the December quarter compared to 69,000 tonnes in the year-ago period. In a regulatory filing, Vedanta said its production of saleable iron ore in Karnataka was flat at 1.4 million tonnes in the third quarter of this fiscal. The production of pig iron was higher at 2,03,000 tonnes in the latest December quarter compared to 2,00,000 tonnes in the same period a year ago. According to the filing, the production of saleable steel increased 11 per cent to 3,41,000 tonnes due to improved operational efficiency and availability of blast furnaces. It was at 3,06,000 tonnes in the corresponding quarter of the previous fiscal.

ArcelorMittal denies deal to buy out Tauron from joint venture GDANSK

ArcelorMittal holds a 50% stake in Tameh Holding via two of its subsidiaries, with Tauron owning the rest

Robust prospects fortify NMDC stock; India's steel demand may stay strong

NMDC's FY24 iron-ore production (April-November) stood at 27.3 million tonnes (MT) up 17.1 per cent year-on-year (Y-o-Y) while sales volume grew 24.8 per cent Y-o-Y to 28.1 MT

India net importer of steel in April-Nov, Chinese shipments reach 5-yr high

The world's top steel producer exported mostly hot-rolled and cold-rolled coil or sheets to India, followed by plates, and pipes

Govt envisions PLI 2.0 for steel sector in 2024; curbs on imports awaited

The government is working on Production Linked Incentive (PLI) scheme 2.0 as well as looking at ways to ensure adequate raw material supply for the steel sector in 2024, according to Union minister Faggan Singh Kulaste. While a robust economic growth will increase the demand for steel, industry players remain concerned about rising imports and high raw material prices amid geopolitical uncertainties. Production and consumption of steel have shown a strong recovery after the coronavirus pandemic that impacted the sector in 2020-21. During the April-November period this year, the cumulative production of crude steel was 94.01 Million Tonnes (MT), up 14.5 per cent year-on-year. The consumption of finished steel jumped 14 per cent to 86.97 MT on an annual basis during the same period, as per data from the steel ministry. India has set a target of having an installed steel manufacturing capacity of 300 MT by 2030. At present, the country has a capacity of around 161 MT. "We are prepari

India's steel import to be elevated at 6MT in FY24 on strong demand: CRISIL

India imported 4.26 MT finished steel in April- November 2023 and the import may touch 6 MT mark in the current fiscal mainly on account of strong domestic demand, according to a report by Crisil. The report comes at a time when steel players are registering strong concerns of surging imports. Global steel demand, which has been subdued since the onset of the Russia-Ukraine conflict, is expected to grow 1.6 per cent in 2023, after a sharp fall of 3.3 per cent in 2022, the global analytics company said. The tepid rate of growth rides largely on a buoyant 13 per cent growth in demand in India, which has bucked the trend so far, Crisil said. This fiscal, the steel sector in India is poised to clock its third consecutive year of double-digit growth at 11-13 per cent after growing 11.4 per cent and 13.4 per cent in fiscals 2022 and 2023, respectively. "Strong domestic demand, supported by government spending on infrastructure, building and construction segments, is expected to keep Ind

Govt asks steel makers to enhance use of artificial intelligence in plants

The government on Friday asked steelmakers to enhance the application of artificial intelligence (AI) at their respective plants, as its usage can improve the value chain and energy management, according to an official statement. As the world looks at data-driven decision-making, the Indian steel industry needs to be at the forefront in implementing artificial intelligence technology in their operations, Union Steel Minister Jyotiraditya Scindia said, addressing a Chintan Shivir event here. The minister urged the stakeholders in the steel sector to enhance the application of artificial intelligence (AI) in their respective steel plants, the steel ministry said in a statement. "We in the steel sector need to understand that it is our responsibility to safeguard Mother Earth by embracing the concept of green steel and the latest technologies," Scindia said. Minister of State (MoS) for Steel Faggan Singh Kulaste said the usage of AI and automation can strengthen the value chain system

Import influx, post-festival slack in demand prompt steel price correction

According to market sources, steel companies have corrected the list price by 2-3 per cent for December to align with the levels at which the market was operating

Chhattisgarh Assembly polls: First results to flash from industrial area

The electoral fate of 1,181 candidates in Chhattisgarh have been locked in the electronic voting machines