Page 3 - Steel

Trump, Starmer hail limited US-UK trade deal, but 10% tariffs remain

President Donald Trump agreed on Thursday to cut tariffs on UK autos, steel and aluminum in a planned trade deal but played down the possibility of other nations getting similarly favourable terms on his import taxes, which are roiling the global economy. Under the framework agreement, the United Kingdom is to buy more American beef and ethanol and streamline its customs process for goods from the United States. But Trump's baseline 10 per cent tariffs against British goods are to stay in place, and the Republican president suggested that even higher import taxes would be charged on other countries trying to reach deals with the US. That's a low number, Trump said of the UK's 10 per cent tariff rate, adding that other countries would face higher tariff rates in their deals because the US runs trade deficits with them and in many cases they didn't treat us right. The announcement provided a political victory for UK Prime Minister Keir Starmer and offered a degree of validation for .

Safeguard duty of 12% on steel may halt imports, hit MSMEs, says GTRI

Imposition of 12 per cent safeguard duty on five steel product categories may halt their imports and force importers to buy these goods from domestic players, who are likely to raise prices following the levy, think tank GTRI said on Tuesday. It said since Indian producers can not meet demand for specialised steels like abrasion-resistant plates, imports are essential but the new safeguard duty could raise input costs by 8-10 per cent, just like the recent hikes by local steel mills. The Global Trade Research Initiative (GTRI) said that "12 per cent safeguard duties with high threshold values, is expected to halt most imports, effectively forcing buyers to shift to domestic suppliers. Indian steel companies are likely to exploit this policy to raise prices further, a trend already evident with an 8-10 per cent price increase seen in recent months following news of the safeguard proposal." It raised concerns that the DGTR (Directorate General of Trade Remedies) recommended these duti

Steel: Strategic backbone of India's industrial growth, eco transformation

The steel industry contributes directly over 2% of India's GDP

India to impose 12% temporary tariff on steel to curb cheap China imports

The government would enact the tax as soon as possible, the source, who did not wish to be named, told Reuters on Monday

Duties on steel, aluminium not safeguard measures: US tells India at WTO

India previously sought WTO consultations on US metal tariffs. The US responded, saying the measures are rooted in national security, not safeguard provisions

AM/NS India makes initial payment for land to set up steel plant in Andhra

This mega steel plant will not only create substantial employment opportunities but also foster socio-economic development for the communities and beyond, says Andhra Pradesh CM Naidu

Trump signs proclamations to close steel, aluminium tariff loopholes: WH

Leavitt noted that Trump continues to take bold action to protect the steel and aluminium industries of the US

Trump's steel, aluminum tariffs may drive up car costs: Industry leaders

President Donald Trump's tariffs on steel imports this week could wreak havoc on American auto manufacturing, industry leaders say. The moves align with the Trump administration's aggressive global trade agenda and ambitions to strengthen US industry, but they could have an inverse effect. On March 12, all steel imports will be taxed at a minimum of 25%, the result of two orders the president signed Monday that also include a 25 per cent tariff on aluminum. That could have a serious impact on domestic auto companies including Ford, GM and Stellantis and make these companies' vehicles more expensive for the nation's car buyers. Tariffs on crucial products coming from outside of the US places pressure on domestic sourcing of the materials, experts say. The basic rules of supply and demand could drive up costs. "Steel producers have to find ways to increase capacity, and aluminum and steel might be in short supply in the short term," said Sam Fiorani, analyst at AutoForecast Solutions

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

Growth of cheap and dirtiest steelmaking tests govt's carbon mission

A lot of new output is emerging from small-scale plants that are relatively easy to build, but highly polluting

GTRI calls for assessment of steel industry before imposing safeguards

Economic think tank GTRI on Thursday called for a comprehensive assessment of the Indian steel industry to evaluate the impact of existing import measures before imposing the proposed safeguard duty. The Global Trade Research Initiative (GTRI) report has also claimed that the commerce ministry's ongoing safeguard investigation into alleged jump in imports of certain steel products suffers from "several" technical weaknesses such as focus on products with minimal import surges, and inappropriate use of global safeguards. The report has stressed that any new measures should be based on a clear understanding of the implications of existing measures for the industry and the broader economy. "Conduct a study on the state of the steel industry in India and assess the impact of proposed and existing import measures on resulting higher costs, economic growth and jobs. Take any new action after this assessment," GTRI Founder Ajay Srivastava said. He said that the current system comprising .

Capacity utilisation of domestic steel may hit 4-year low in FY25: ICRA

Following the post-Covid metals rally, the domestic steel industry was able to achieve the "impossible trinity" of maintaining above 80 per cent capacity utilisation rates

Thyssenkrupp to cut 11K jobs at steel division in major corporate shakeup

Germany's largest steelmaker, a division of Thyssenkrupp AG , is under pressure from cheaper Asian competitors, high power prices and a weakening global economy,

Chinese steel exports booming higher but here's why that won't last

Unless Beijing rips up its current playbook and decides to re-inflate the housing market or splurge on infrastructure, then steel consumption in China is in long-term decline

Turkey imposes anti-dumping duties on steel imports from China, India

Duties imposed on imports from China range from around 15% to 43%, and tariffs imposed on imports from Russia, India and Japan go from 6% to 9%, according to the decision

India's finished steel imports from China hit 7-year high in April-August

China was the largest exporter of finished steel to India during this period, followed by South Korea and Japan, primarily shipping stainless steel, hot-rolled coil steel, galvanised sheets, plates

Vibhor Steel Tubes IPO subscribed nearly 300 times on final day of bidding

The initial share sale of steel pipes manufacturer Vibhor Steel Tubes Ltd subscribed nearly 300 times on the final day on Thursday, driven by overwhelming participation from institutional investors. The IPO received bids for 1,07,36,25,993 shares against 35,92,445 shares on offer, garnering a 298.86 times subscription, as per NSE data. The portion for non-institutional investors got subscribed by a whopping 721.34 times, while the quota for retail individual investors (RIIs) received 188.17 times subscription. The category for qualified institutional buyers (QIBs) attracted bids 178.73 times. On Monday, Vibhor Steel Tubes collected nearly Rs 22 crore from anchor investors. The price band has been fixed at Rs 141-151 per share. The Haryana-based Vibhor Steel Tubes's initial public offering (IPO) comprises a fresh issue of equity shares with a face value of Rs 10 each, aggregating to an issue size of up to Rs 72.17 crore through the book-building route. Proceeds from the issue will

NMDC Q3 results: Net profit rises 62% to Rs 1,470 cr, income at Rs 5,746 cr

State-owned NMDC on Wednesday posted a 62 pc rise in consolidated net profit to Rs 1,469.73 crore in the December quarter, pushed by higher income. It had clocked a net profit of Rs 903.89 crore in the year-ago period, the mining company said in an exchange filing. The company's total income surged to Rs 5,746.47 crore over Rs 3,924.75 crore a year ago. NMDC's expenses stood at Rs 3,516.78 crore in the third quarter of the current fiscal as against Rs 2,693.01 crore a year ago. The board of the company has also approved an interim dividend of Rs 5.75 per equity share for 2023-24 and fixed February 27 as the record date for the purpose. NMDC, under the Ministry of Steel, is India's largest iron ore mining company contributing to around 20 per cent of the country's demand of the key steel making raw material.

Steel products manufacturer Goodluck India raises Rs 200 crore via QIP

Steel products maker Goodluck India Ltd on Thursday said it has raised around Rs 200 crore through issue of equity shares on Qualified Institutional Placement (QIP) basis. Its board on Wednesday approved the issue and allotment of 21,27,659 equity shares to Qualified Institutional Buyers (QIBs) at an issue price of Rs 940 per share at a premium of Rs 938 per share, aggregating to nearly Rs 200 crore, the company said in a statement. Goodluck India successfully raised nearly Rs 200 crore in the QIP round, it said. MC Garg, Chairman of Goodluck India, said, "The recently concluded round of fundraising is well in line with the company's growth strategy." The company also floated a wholly-owned subsidiary, Goodluck Defense and Aerospace Private Limited, which will cater to the extensive needs of the defence and aerospace industries. Goodluck India manufactures a wide range of engineered steel structures, precision/auto tubes, forging for defence and aerospace, CR (cold rolled) product

Jindal SAW Q3 results: Net profit rises over twofold to Rs 532 crore

The company posted a consolidated profit after tax of 5.32 billion rupees ($64.1 million) for the quarter ended Dec. 31, 2023 from 2.14 billion rupees a year ago