Page 9 - Steel Producers

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

Tata Steel appoints Akshay Khullar as VP of Engineering and Projects

Tata Steel on Monday announced the appointment of Akshay Khullar as the Vice President Engineering and Projects of the company. Tata Steel has also re-designated Peeyush Gupta as the Vice President TQM, group strategic procurement and supply chain of the company. "In terms of the company's succession plan for Senior Management Personnel, Akshay Khullar is being appointed as the Vice President Engineering & Projects (Designate), effective December 1, 2023 and as the Vice President Engineering & Projects, effective February 1, 2024," Tata Steel said in a regulatory filing. While Peeyush Gupta, currently serving as the Vice President Group Strategic Procurement and Supply Chain will lead the Total Quality Management (TQM) function, in addition to his current responsibilities, it said. Accordingly, effective February 1, 2024, Gupta will be re-designated as the Vice President TQM, Group Strategic Procurement and Supply Chain. In the filing, Tata Steel also announced ...

Steel demand to touch 190 MT-mark; production to reach 210 MT: SteelMint

India's steel demand is expected to grow at a CAGR of 7 per cent to touch 190 Million Tonne (MT) level by 2030, according to a report by SteelMint India. The demand will be largely fuelled by construction and infrastructure sectors, which contribute 60-65 per cent to the demand, the market research firm said. In 2030, India's steel demand is projected to reach 190 MT based on a 7 per cent Compound Annual Growth Rate (CAGR). "In the best case scenario, it can also reach 230 MT by 2030," the report titled 'India's Steel and Coking Coal Demand 2030' stated. The demand will also be pushed by sectors like auto and engineering, and factors like population growth, growing urbanisation, various government initiatives will be its key drivers. The demand is expected to touch 120 MT mark by 2023-end, and production will be at 136 MT, as per the report. India's crude steel production is expected to be at 210 MT by 2030, 45 per cent higher from production levels of 2023. Many countries, incl

Tata Steel's global stride with new deal to aid Europe profitability

15 years ago, the global financial crisis set in and undid Tata Steel's best-laid plans in Europe. How far can the new deal help?

BHEL felicitates Jindal Stainless for indigenous development of plates

Jindal Stainless on Monday said it has been felicitated by Bharat Heavy Electricals Ltd (BHEL) for indigenously developing plates that were being imported from China, the European Union, and Japan. The company was felicitated at Bharat Mandapam, Pragati Maidan, in the national capital. "The felicitation was received for developing C276 cladded plates, used in thermal power plants, and alloy steel plates SA387 GR 91 (9 Cr 1 Mo), for application in super critical boilers," the company said in a statement. Earlier, C276 cladded plates as well as GR 91 plates were being imported from the European Union, China, and Japan, it added.

SAIL returns to black, posts Rs 1,305 crore consolidated net profit in Q2

Steel giant SAIL on Friday returned to black, posting a consolidated net profit of Rs 1,305.59 crore for September quarter 2023-24, as higher sales volumes led to increased income. It had incurred Rs 329.36 crore net loss during July-September period a year ago, Steel Authority of India Ltd (SAIL) said in a regulatory filing. Total income rose to Rs 29,858.19 crore from Rs 26,642.02 crore in the year- ago quarter. Expenses were at Rs 27,768.52 crore as against Rs 27,200.79 crore in the same quarter a year ago. "Consistent efforts by the company towards increasing its volumes have had a positive impact on the financial performance despite the significant decline in the price realization in the market. It remains committed towards improving capacity utilization, value addition and cost competitiveness besides de-carbonisation efforts," SAIL said in a statement. During the quarter, SAIL's crude steel production rose to 4.80 million tonne (MT) from 4.30 MT in July-September 2022. Sal

Steelmaker AM/NS India's Ebitda up 161% on higher shipments, lower costs

Shipments were 11.6% higher at 1.9 million tonnes compared to 1.7 mt in the previous quarter

Govt looking into dumping issue of certain steel products: Steel Secy

The government is looking into issues surrounding dumping of certain categories of steel products into the Indian market, Steel Secretary Nagendra Nath Sinha said on Tuesday. The statement comes amid the industry raising concerns over the rise in steel imports. In October India remained the net importer of steel. The Ministry of Finance is looking at dumping issues of certain categories of steel products and will take a final call on the anti-dumping duty, Sinha told reporters at the '4rth ISA Steel Conclave' event here. According to SteelMint India, the country's steel imports were higher at 0.46 Million Tonnes (MT) in October, compared to 0.24 MT exports. On coking coal supplies, the official said the government is making efforts to secure coking coal through alternate sources and is in talks with Russia and Mongolia for supply of the steel-making raw material. India is the largest importer of metallurgical coal, which includes Pulverised Coal Injection (PCI) with annual inboun

China top exporter of finished steel to India in April-Sept: Govt data

The Indian steel industry has sought government intervention through safeguards against Chinese imports

JSW Steel reports Rs 2,760 crore net profit on the back of higher sales

The Bloomberg consensus estimate for revenue was Rs 42,539.9 crore and net income adjusted Rs 2,418.6 crore. Sequentially, revenue was up 4.93 per cent and net profit 18.04 per cent

Tata Steel arm TCIL net loss narrows to Rs 2.29 crore in Sept quarter

The Tin Plate Company of India Ltd (TCIL) on Monday said its net loss had narrowed to Rs 2.29 crore in the September quarter. It had clocked a net loss of Rs 35.10 crore during the July-September period of the preceding financial year, TCIL said in a regulatory filing. The company earned a total income of Rs 959.95 crore, down from Rs 971.77 crore in the year-ago period. Its expenses declined to Rs 963.07 crore in the first quarter of the current fiscal from Rs 1,018.27 crore last year. Domestic steel major Tata Steel owns a majority stake in the Kolkata-headquartered TCIL, a tinplate producer. From its plant in Jamshedpur (Jharkhand), TCIL caters to 40 per cent of the overall domestic market and exports 15-20 per cent of its sales to different countries.

Vedanta incorporates wholly-owned arm to carry out iron, steel biz

Vedanta Ltd on Thursday said it has incorporated a wholly-owned arm, 'Vedanta Iron and Steel Ltd, as part of its demerger drive. The wholly-owned arm was incorporated on Tuesday, and has an authorised capital of one lakh equity shares of Rs 1 each. The move is in line with the company's plan, announced on September 29, to demerge its business, the company said in a regulatory filing. The development comes days after the mining conglomerate announced plans to demerge five of its key businesses, including aluminium, oil and gas, and steel, into separate listed entities with a view to create shareholder value. The main objective of Vedanta Iron and Steel Ltd is to carry out the iron and steel business. Vedanta on Wednesday said it has incorporated a wholly-owned subsidiary, Vedanta Base Metals Ltd.

China warns EU steel probe will disrupt global supply chains, push up costs

The European Commission recently launched an investigation to decide whether to impose punitive tariffs to protect EU producers against cheaper Chinese electric vehicle imports