Steel Sector

Steel sector to play vital role in achieving $5 trn economy goal: Pradhan

Steel sector will play a vital role in economic growth, job creation and industrial development as the country aspire to become a USD 5-trillion economy, Union Education Minister Dharmendra Pradhan said on Friday. He also said that green steel is the priority of the government to turn industrial transformation into a competitive advantage and this transition is magnificent in progress. Pradhan, who held the portfolio of the Steel Ministry earlier, was speaking at the second day of the 6th edition of Steel India 2025 Conference and Exhibition, being hosted jointly by the Ministry of Steel and industry body Ficci here. "As India progresses towards becoming a USD 5-trillion economy, the steel sector will play a vital role in economic growth, job creation and industrial development. This is India's decade to showcase innovation and collaboration across sectors as we work to realize the vision of Vikasit Bharat," Pradhan said. The steel industry will set a global benchmark for sustainab

Govt protecting local steel players from dumping, low prices: Piyush Goyal

India is poised to contribute significantly to global steel demand, Union Minister Piyush Goyal said on Friday while emphasising that the government has been able to protect the domestic steel industry from unfair dumping and irrationally low pricing. Speaking on the sidelines of the Steel India 2025 event here, jointly hosted by the Ministry of Steel and industry body Ficci, Goyal also said both exporters and the MSME sector will continue to get steel at international prices. "India is consistently focused on self-reliance (Atmanirbharta). But when we talk about Atmanirbharta, we are not closing the doors to the world. We are in fact opening the doors wider because every country will have its competitive advantages for different products," he said. The Indian steel industry is a very highly efficient and cost-effective, high-quality producer, the Union Commerce and Industry Minister said. "Therefore we believe that this is one sector where we will not only meet the growing needs o

Govt plans incentives for steel sector to spur decarbonisation efforts

India will try to support the domestic steel industry through incentives for decarbonisation efforts, Steel Secretary Sandeep Poundrik

BMW Industries plans B2B steel products' market foray: MD Harsh Bansal

With this new venture, the company aims to leverage its existing strengths in downstream steel processing to cater to the rising demand in the country

Baldota Group to enter steel sector with ₹54,000-cr project in Karnataka

Renewable energy player Baldota Group on Thursday said it plans to foray into the steel sector with an investment of Rs 54,000 crore for setting up a project in Karnataka with up to 10.5 million tonnes of (MT) production capacity. Once commissioned, the greenfield project will be the second largest steel plant in the state, creating lakhs of direct and indirect jobs, said Nagaraj N B, Vice President of the Integrated Steel Project in a company statement. According to the Karnataka-based diversified group, it currently operates in the areas of renewable energy (wind and solar), shipping, pellets, gases and mining. "We have received environmental clearance from the Ministry of Environment, Forest and Climate Change (MoEF&CC) for 3.5 MT capacity after an Environmental Impact Assessment (EIA) study. The first phase of project is expected to start this year," he added. The rest of the capacity will be added in phases over the next five years up to 2030, Nagaraj N B said. By 2030, India

AM/NS India commissions first scrap unit, plans three more by FY26

By processing scrap at its own facilities, AM/NS India hopes to enhance material quality and yield while reducing conversion and logistics costs, and formalising the scrap industry

Tata Steel appoints three Wales contractors for green steel-making project

Tata Steel has appointed three South Wales contractors to deliver key parts of its 1.25 billion pound cutting-edge green steel-making investment at Port Talbot. Over 300 skilled jobs in the local supply chain will be part of new contracts signed with Bridgend-based companies Darlow Lloyd and Sons, Wernick Buildings, and Swansea-based business, Andrew Scott Ltd. Darlow Lloyd and Sons will play a key role in the initial phases of the project, overseeing excavation, recycling, infrastructure, and drainage works essential to the site's transition to Electric Arc Furnace (EAF) steel-making. We are delighted to announce this partnership which will boost employment across Neath Port Talbot and lay the foundation for future growth across the manufacturing sector," Director Rhys Lloyd said. This collaboration safeguards our experienced workforce and allows us to appoint local experts with transferable skillsets to this once-in-a-lifetime project. Critical infrastructure, including the ...

Examining impact of US tariff on steel, aluminium: Govt tells Lok Sabha

The government is examining the impact of 25 per cent tariff imposed by the US on steel and aluminium imports, Minister of State for Finance Pankaj Chaudhary said in the Lok Sabha on Monday. As per Proclamations issued by the president of the US dated February 10, 2025, the US government has imposed the import duty with effect from March 12, 2025, he said in a written reply. No proclamation has been issued on pharma, automobile and semiconductor sectors so far, he said. "As informed by Department of Commerce, the impact of the above proclamations on India is being carefully examined and evaluated," he said. Replying to another question, Chaudhary said out of 40 recommendations, India received 'Compliant' or 'Largely Compliant' rating in 37 recommendations by global money laundering and terrorist financing watchdog Financial Action Task Force (FATF). It received Partially Compliant rating in 3 recommendations and none was rated as Non-compliant, he said. "Consequently, India was p

Steel demand to grow despite global geopolitical issues: Tata Sons chairman

Tata Sons Chairman N Chandrasekaran on Monday said the demand for steel will continue to grow irrespective of the prevailing global geo-political situation. Chandrasekaran, speaking at the 186th birth anniversary celebration of Tata Steel founder J N Tata here, said the most important thing to recognise is that the demand for steel will continue to grow and the best way to face such a situation was to be prepared by maintaining efficiency and cost-management, and increase productivity". He also said the company will need help of the government, its policies, employees and workers unions for technology adoption. The management has to be bold to expand, maintain efficiency, manage cost and enhance productivity, while assuring to continue investing, including in Jamshedpur, Chandrasekaran said. Asked about the raging debate on tariffs, he said there is no point in talking about what will be the price/tariff; we have to focus on our productivity. Tariffs are import duties imposed and

Interarch Building Products Q3 results: Net profit rises 28% to Rs 28.2 cr

Interarch Building Products Ltd has reported a 28 per cent increase in net profit to Rs 28.19 crore for the December quarter. Its net profit stood at Rs 21.99 crore in the year-ago period. Total income rose to Rs 369.27 crore in the third quarter of this fiscal year from Rs 321.24 crore in the year-ago period, according to a regulatory filing on Tuesday. It is a turnkey pre-engineered steel construction solution provider.

India a net steel importer in Apr-Nov amid price pressures: Eco Survey

India remained a net importer of steel even as the industry faced price pressures, the Economic Survey 2024-25 said on Friday. The decline in export of finished steel during FY25 was mainly driven by gaps between international and domestic prices, the pre-Budget document for the 2024-25 fiscal year said. The survey said India has been a net importer of steel from April to November period of the ongoing financial year, even as companies faced price pressures and lower global prices. The low price in the international market during this period resulted in a low margin on exports and cheaper imports, it said. Capacity utilisation in manufacturing remains above the long-term average, and private sector order books have shown steady growth, alongside a rise in investment intentions. However, these gains could be tempered by the global excess capacities in sectors such as steel, leading to aggressive trade policies in search of demand, the survey pointed out. On steel demand in India,

India needs to add 100 mn tonnes of steel making capacity by 2030: Secy

India needs to add 100 million tonnes (MT) of steel making capacity by 2030 on priority to avoid becoming dependent on imports, Steel Secretary Sandeep Poundrik said on Friday. He also pointed out that slumped steel demand and over capacities globally have affected domestic industry. The official made the remarks at an event organised by Indian Chamber of Commerce (ICC) in the national capital. One priority is to create more capacity. India has about 200 MT steel capacity at present. Roughly 20 MT was added this financial year, he said. "So we have to add another 100 MT of capacity in next six years. If we don't do that, then we basically become dependent on the imports," the Poundrik said addressing the session 'Viksit Bharat: India@2047 through Prism of Steel Sector'. Under the National Steel Policy (NSP) 2017, the government has set a target of scaling up India's overall steel manufacturing capacity to 300 MT by 2030. Another priority, the secretary said, is keeping domestic s

Budget 2025: Steel makers expect protectionist measures to prevent dumping

Domestic steel makers said they are expecting protectionist measures in the upcoming Budget to safeguard the sector from dumping. AMNS India CEO Dilip Oommen said he expects the government to continue its focus on infrastructure development while enhancing the ease of doing business. Finance Minister Nirmala Sitharaman will present the Union Budget for the 2025-26 financial year in Parliament on February 1, 2025. JSW Steel Joint MD & CEO Jayant Acharya said a level-playing field and measures against unfair trade will be essential for maintaining growth momentum of the Indian steel industry. Synergy Steels Managing Director Anubhav Kathuria said the Budget may also consider fiscal incentives and logistical support to offset high input costs, which squeezed out margins in 2024. JSL MD Abhyuday Jindal said, "We urge the government to raise the basic customs duty on stainless steel products to 15 per cent for all non-free trade agreement countries." These steps will further strengthe

Analysts see long term growth intact for Tata Steel after Q3 tops estimates

Despite near-term challenges such as high imports and lower realisations, the long-term outlook for Tata Steel remains positive, analsyts at Motilal Oswal said

Tata Steel Q3 result: Net profit drops 43% to Rs 295 cr due to lower income

Tata Steel on Monday reported a 43.4 per cent decline in consolidated net profit to Rs 295.49 crore for the quarter ended on December 31, 2024, due to lower income. The company had posted a consolidated net profit of Rs 522.14 crore in the year-ago period. The consolidated income declined to Rs 53,869.33 crore in the October-December period from Rs 55,539.77 crore in the corresponding quarter of the previous fiscal, according to an exchange filing by Tata Steel. Total expenses of Tata Steel dropped to Rs 52,118.09 crore over 53,351.13 in the year-ago period. The steel major had earlier said that its India crude steel production grew by 6 per cent to 5.68 million tonnes (MT) in the third quarter of the current fiscal compared to 5.35 MT in the corresponding quarter of the previous fiscal. Deliveries in India reached 5.29 MT for the third quarter, up 8.4 per cent Y-o-Y, due to steady sales in the domestic market and strategic presence in exports. Tata Steel Netherlands reported liq

Steel, cement sector in hands of few people, cartels a big problem: Gadkari

Union Minister for Road Transport Nitin Gadkari on Tuesday said the steel and cement industry "cartels" pose a big problem for the country and its infrastructure development. There are very few players in the two sectors, which are critical for infrastructure development, and these players act in cahoots. "Steel and cement industries are in the hands of a few people. They always decide the rates. Their cartelism is a big problem for the country," he said, speaking at the IECRP 2025 exhibition here. The Union minister said the fiber-reinforced plastic (FRP) can act as a good alternative to break the hold of the steel and cement companies and offered every help possible. "To create alternative material is my important interest to support you," he said. However, he urged the FRP players to bring down their prices such that the final costs are less by 20-25 per cent than the other entrenched alternatives. He said FRP players will have to invest in their research and development by ..

Jindal Stainless races 4% as Nuvama upgrades to 'Buy,' raises target price

The rally in Jindal Stainless shares followed an upgrade by Nuvama Institutional Equities (Nuvama), which raised its rating on the stock to 'Buy' from 'Hold' and set a revised target price of Rs 836

Finished steel imports hit six-year high in April-December, up 20% YoY

The country remained a net importer of finished steel during April-December, with exports slumping 24.6 per cent

Tata Steel's crude steel production rises 6% to 5.68 mn tonnes in Q3FY25

Steel major Tata Steel on Tuesday said its crude steel production in the country grew by six per cent to 5.68 million tonnes in the third quarter of the current fiscal. The company's crude steel output was 5.35 MT in the corresponding quarter of the previous fiscal. "Tata Steel India crude steel production stood at 5.68 million tonnes. Production was up eight per cent quarter-on-quarter and six per cent year-on-year, aided by the commissioning of the five MTPA blast furnaces at Kalinganagar in September," the steel firm said in a regulatory filing. Deliveries in India reached 5.29 MT for the third quarter, up 8.4 per cent year-on-year, due to steady sales in the domestic market and strategic presence in exports. Tata Steel Netherlands reported liquid steel production of 1.76 million tonnes for the third quarter with deliveries at 1.53 million tonnes. "Deliveries include volumes to UK operations of around 0.12 million tonnes. For nine months of FY25, deliveries were up 16 per cent

Outlook 2025: Govt capex, safeguard duty key to steel sector performance

The monthly average price for December 2023 was Rs 55,000 per tonne while for December 2024, it stood at Rs 46,900 per tonne