Page 8 - Steel Producers

JSW Steel posts record output at 26.43 in FY24, sees YoY growth of 9%

JSW Steel on Monday posted a record output of 26.43 million tonnes of crude steel during financial year 2023-24, registering an on-year growth of 9 per cent. It had produced 24.14 million tonnes (MnT) crude steel on a consolidated basis in preceding financial year, JSW Steel said in a statement. In the January-March period of 2024, the consolidated output was at 6.79 MnT, higher by 3 per cent over 6.58 MnT in the year-ago quarter. "JSW Steel has achieved its highest-ever annual consolidated crude steel production of 26.43 MnT, with a growth of 9 per cent YoY. The production for Q4 FY24 stood at 6.79 MnT, higher by 3 per cent YoY," it said. The company produced 25.55 MnT steel from its India operations, up 8 per cent over 23.62 MnT in the last fiscal. The output in India rose 3 per cent to 6.54 MnT from 6.37 MnT in the same quarter last fiscal. In the US, JSW Steel USA Ohio posted a 63 per cent rise in output to 0.87 tonnes from 0.53 tonne in FY23. The production in the last quart

Welspun Corp's unit, Saudi Aramco scrap $41 million steel pipe contract

Welspun did not disclose the reason for the cancellation of the contract, but said it would not affect its operating plans

Steel majors to invest billions of capital to meet buoyant local demand

A spurt in economic activity and a revamp of broader infrastructure have drawn steel makers from around the world to India, where demand is rising. In Europe and the United States, it is falling

JSW Steel floats subsidiary for production of hot, cold-rolled steel item

JSW Steel on Thursday announced incorporating a wholly-owned arm JSW Green Steel Ltd for the manufacture of hot-rolled and cold-rolled steel products. The arm was incorporated on February 27 in Mumbai and is yet to commence its business operations, JSW Steel informed the exchanges. JSW Green Steel Ltd has now become its wholly-owned subsidiary, the company said. "The new entity has been incorporated for manufacturing of hot-rolled and cold-rolled products of steel, which is in line with the main line of business of the company," JSW Steel said. Hot-rolled steel finds applications in sectors like automobile, agriculture etc, while cold-rolled steel is used by industries manufacturing, construction and home appliances, among others.

Venus Pipes soars 9% to new high on foray into fittings, capex of Rs 175 cr

Both the fittings business and the new product line of stainless and titanium welded tubes will be high-teens margin businesses, as per the company

Steelmakers look to startups in decarbonisation, sustainability journey

Bhattacharjee says, this is like Tata Steel matrimony.com - the matrimony here is between start-ups and corporate needs. And the "matchmaking" is on specific themes

ArcelorMittal's Bosnia steel plant reports nearly $88 million net loss

The results were hit by a 12% annual drop in demand, a 20% rise in electricity prices and 22% lower prices of the metal on the global market, the Bosnian business added

JSW to invest Rs 65,000 cr for integrated steel complex in Odisha

Plant will also have a captive power plant, cement manufacturing unit, township, jetties

India fastest growing economy in world, says Tata Steel CEO T V Narendran

Tata Steel CEO and Managing Director T V Narendran claimed India is the fastest growing economy of the world and the next three decades are important for the country on the development front. China has emerged rapidly during the last 30-40 years and the next 30 years are important for India, which is the fastest growing economy of the world, Narendran said while addressing the members of Singhbhum Chamber of Commerce and Industry (SCCI) here on Tuesday evening. "Currently, China is the largest steel-producing country in the world and we are second. In view of the global challenges being faced by the steel sector, we have to move forward keeping in mind the steel prices", the Tata Steel MD said. "Today, India is the world's fastest-growing economy and the infrastructure sector witnessed rapid momentum during last two/three years, which resulted in growing steel supply by the private steel major", he said. As Tata Steel's Jamshedpur plant is located in a densely populated area, there

MOIL Q3 results: Net profit grows 37% to Rs 54 cr, income at Rs 329 cr

State-owned MOIL on Saturday reported a 37 per cent rise in net profit to Rs 54.10 crore for the December quarter, supported by lower expenses. It had posted a net profit of Rs 39.51 crore in the year-ago period, the company said in an exchange filing. The company's total income rose to Rs 329.72 crore from Rs 322.86 crore in the year-ago period. Its expenses were at Rs 253.37 crore, lower than Rs 276.75 crore reported in the third quarter last fiscal. In a separate statement, the company said its board also also approved an interim dividend of Rs 3.50 per share for the FY24. The company achieved production of 12.73 lakh tonnes of manganese ore, registering a growth of 41 per cent year-on-year. MOIL, under the Ministry of Steel, meets about 46 per cent of the total requirement of dioxide ore in the country. At present, the average annual production of manganese ore is around 1.3 million tonne.

Goodluck Q3 results: Net profit grows 72% to Rs 32 crore, income up 24%

Steel products maker Goodluck India Ltd on Saturday posted a 72 per cent rise in its consolidated net profit at Rs 31.75 crore during the quarter ended December 2023, aided by higher income. It had clocked a net profit of Rs 18.40 crore during the October-December period of preceding 2022-23 financial year, the company said in a statement. The company's income also rose 24 per cent to Rs 878.27 crore from Rs 705.95 crore year on year. Goodluck India manufactures a wide range of engineered steel structures, precision/ auto tubes, forging for defence and aerospace, CR (cold rolled) products and GI (galvanised iron) pipes. These products are used by automobile manufacturers, infrastructure companies, and industries like engineering, oil and gas, among others.

Jindal Steel and Power Q3 results: PAT jumps four-fold to Rs 1,928 cr

The company, which has steel, mining and infrastructure businesses, said its consolidated net profit after tax increased to Rs 1928 crore ($232 million) in the three months to Dec. 31, from Rs 518 cr

Congress' Jairam Ramesh accuses govt of importing 5.6 mn tonnes cheap steel

India is currently the world's second-biggest crude steel producer

Steel imports hit five-year high in April-December amid soaring demand

India's steel demand is likely to stay strong as the government expects economic growth will outpace the global economy in the next fiscal year

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