Page 9 - Steel Producers

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

Rs 47 trn required to decarbonise country's steel, cement plants: Study

India's existing steel and cement plants, which play a vital role in the country's economic development, will require Rs 47 lakh crore in additional capital expenditure (CAPEX) to achieve net-zero carbon emissions, according to a new study. India is the second-largest producer of steel and cement in the world. But both are emission-intensive processes making these hard-to-abate industries. The study, the first-of-its-kind calculation of the cost of decarbonising these industries, also pointed out these two sectors will need Rs 1 lakh crore each year in additional operational expenditure (OPEX) to achieve net zero. Net zero means achieving a balance between the greenhouse gases put into the atmosphere and those taken out. The analysis by the Council on Energy, Environment and Water (CEEW) also found that an 8 to 25 per cent reduction in steel emissions and a 32 per cent reduction in cement emissions is possible without any price increase by adopting efficient technologies such as ..

Indian steel companies plan price rises as coking coal costs surge

Steel mills are likely to raise rates by $25 to $50 a metric ton by December, said the officials, who did not wish to be named as they are not authorised to speak to media

Tata Steel subsidiary TCIL receives tax penalty notice of Rs 40 cr

Tata Steel on Thursday said its subsidiary Tinplate Company of India Limited (TCIL) has received a tax notice, imposing a penalty of about Rs 40 lakhs in connection with a demand order pertaining to the 2016-17 fiscal. "The said demand order is presently pending appeal before the Commissioner of Commercial taxes, Ranchi," Tata Steel said in a regulatory filing. TCIL on October 4, 2023, received an order from the office of the Deputy Commissioner of Commercial Taxes, Jamshedpur Circle, Jamshedpur, imposing a penalty of approximately Rs 3,986.78 lakh on TCIL in connection with an earlier demand order from Deputy Commissioner of Commercial Taxes, Jamshedpur, pertaining to FY 2016-17, it said. Domestic steel major Tata Steel owns a majority stake in 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 geographies across the world.

CRISIL Ratings places Vedanta under watch with negative implications

The agency mentioned that the ratings might be downgraded if Vedanta cannot reduce its end-of-year financial leverage to below 2.7 times through the asset monetisation route

Steel pipes manufacturer JTL Industries' sales grow 54% in Apr-Sept

Steel pipes manufacturer JTL Industries has posted 54.66 per cent growth in sales at 1.59 lakh tonne (LT) for April-September period of the ongoing fiscal year. The company has also registered 56.78 per cent rise in sales volumes at 81,686 tonne in July-September, JTL Industries said in a regulatory filing. The firm attributed the surge in sales numbers to robust demand for structural steel tubes and pipes in both domestic and international markets. While sales in the first half of FY23 was 1.02 lakh tonne, sales in the second quarter of that fiscal was 52,101 tonne, the filing said. Sales of value-added products rose to 60,708 tonne in H1 FY24 from 40,221 tonne in H1 FY23. "This quarter we recorded our highest ever quarterly sale volume over Q2 FY23 period reflecting the continued patronage from our domestic and international clients. We also achieved a significant milestone by recording our highest-ever H1 sales volume demonstrating a robust growth rate. Our international sales

Scindia discusses ways to incentivise green steel production, decarbonising

Union Steel Minister Jyotiraditya M Scindia held a meeting with five task forces and discussed a range of issues, including incentivising green steel production and financing options for decarbonising the industry. Key stakeholders, industry experts, and government officials attended the meeting to discuss ways to achieve sustainability and decarbonisation in steel production on Thursday, the Ministry of Steel said in a statement on Friday. The meeting was also attended by Steel Secretary Nagendra Nath Sinha, chairpersons of the five task forces and other senior officials. "Held a fruitful discussion with 5 of our 13 task forces. Defined a roadmap to tackle inevitable challenges through a multi-pronged approach, including renewable energy uptake, skill development, incentives, and potential pathways for decarbonisation," the minister said. The task force on finance, led by Sunil Mehta, the Chief Executive of Indian Banks' Association, provided valuable insights into financing optio

Tata Steel inks pact with IOCL to further reduce carbon footprint

Tata Steel on Thursday said it has signed an agreement with Indian Oil Corporation Limited and its business associate to further reduce carbon footprint at its Ferro Alloys plant. The agreement encompasses LPG supply, installation of LPG facilities, and the operation and maintenance of the same at the company's Ferro Alloys Plants in Gopalpur of Ganjam and Athagarh of Cuttack districts in Odisha, the steel major said in a statement. Tata Steel has decided to transition from Furnace Oil and High-Speed Diesel to a more sustainable fuel option - Liquified Petroleum Gas (LPG) in response to the pressing environmental concerns and the global imperative to reduce carbon emissions. This eco-friendly move is expected to bring about a considerable reduction in carbon emissions, it said. Tata Steel's Ferro Alloys and Minerals Division Executive-In-Charge Pankaj Satija said, "The agreement, which is a part of our sustainability initiatives, will help us in reducing the carbon footprint at our

NMDC's low-grade iron ore export to China hindered by logistics: Report

Indian producers of low-grade ores largely depend on foreign markets because most major domestic steel producers use high-grade iron ores