Page 2 - Steelmakers

Kamdhenu results: Net profit grows 12% to Rs 12.5 crore, revenue up 13%

Steel maker Kamdhenu Ltd on Thursday posted a 12 per cent rise in its net profit to Rs 12.5 crore in the December 2024 quarter, aided by higher revenues. It reported a net profit of Rs 11.11 crore in the October-December period of the preceding 2023-24 fiscal, the Kamdhenu Group company said in a regulatory filing. The company's revenue from operations also rose by 13 per cent to Rs 175 crore from Rs 155 crore in the year-ago period. "We enter the fourth quarter on a positive note. The profit numbers align with our focus on profitable growth and maintaining strong margin discipline, underscoring our commitments," its Chairman and Managing Director Satish Kumar Agarwal said. Sharing his outlook, he said the demand for TMT bars in India is poised for strong growth, fuelled by infrastructure development, urbanisation, and government initiatives such as smart cities and affordable housing, as highlighted in the Union Budget 2025. Kamdhenu has a 20 per cent market share in the organise

Surya Roshni Q3 results: Net profit marginally down at Rs 89.9 crore

Steel GI pipes and lighting products maker Surya Roshni Ltd on Thursday reported a marginal decline in its consolidated net profit to Rs 89.9 crore in the December quarter. The company reported a net profit of Rs 90.1 crore for the October-December quarter a year ago, according to a regulatory filing from Surya Roshni. Its revenue from operations in the December quarter slipped 3.6 per cent to Rs 1,867.96 crore. It stood at Rs 1,937.80 crore in the corresponding quarter a year ago. "Revenue slightly declined by 4 per cent due to a decline in average HRC (Hot-rolled coils) price by 18 per cent on YoY (Year-on-Year) basis," the company said in its earnings statement. The company's revenue from the 'Steel Pipe & Strips' segment declined 7.7 per cent to Rs 1,417.14 crore in the October-December quarter. The same was Rs 1,535.70 crore in the corresponding quarter. "Steel Pipes business exhibited strong sequential recovery, driven by higher volumes and improved institutional sales. ...

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

As tariffs loom, Gillette razor-maker P&G sources more steel from India

The stainless steel the Gillette-brand razor maker uses is highly specialised to prevent nicks and cuts and is only produced in large quantities by a handful of companies

World's biggest steelmakers failing to switch to renewables: Survey

Steel is responsible for 7% of global carbon dioxide emissions, around the same as India, with coal-fired blast furnaces producing 2 metric tons of CO2 for each ton of output

JSW Steel, SAIL seek Mongolian coking coal imports amid high steel demand

JSW Steel plans to purchase 2,500 metric tons, while SAIL aims to secure 75,000 metric tons of coking coal from Mongolian

This BSE smallcap stock has zoomed 88% in 4 days; up 179% in 3 months

JSW Holdings, however, had reversed the day's gain and was quoting 6% lower, while the company issued a clarification on rise in trading volume at the counter.

CRGO steel shortage could impact India's power sector expansion plans: GTRI

Shortage of Cold-Rolled Grain-Oriented (CRGO) steel used for making transformers and electric motors could impact India's ambitious power sector expansion plans, think tank GTRI said on Monday. The Global Trade Research Initiative (GTRI) said that India's power sector is facing a 30 per cent shortage of CRGO steel, essential for electric motors and transformers. With domestic production meeting only about 10-12 per cent of demand, India relies heavily on imports, it added. It said the immediate cause of the CRGO steel shortage is import uncertainty caused by the delayed license renewals by the Bureau of Indian Standards (BIS) for many foreign suppliers from Japan, South Korea and China. Many of the licenses are set to expire soon, causing shortages and uncertainty in the power sector, it said, adding that foreign suppliers require BIS certification under a Quality Control Order, which ensures quality but restricts options to a few approved grades and vendors. The entire BIS proces

Govt breaking promises, planning to privatise C'garh steel plant: Congress

The Congress on Saturday claimed the government has gone back on its promise and is finalising plans to privatise the Nagarnar Steel Plant in Chhattisgarh's Bastar after "failing to heed the words" of the state's political leadership. The opposition party's general secretary in-charge communications Jairam Ramesh posted on X a media report that claimed the Union Ministry of Finance is likely to invite financial bids for Chhattisgarh-based NMDC Steel (NSL) in the next two months. "Kya hua tera waada, Woh kasam woh irada! It appears that NMDC Steel in Bastar will now definitely be privatized before the end of FY25. "Aap chronology samajhiye: On October 3, 2023, the non-biological PM inaugurated the Steel Plant and promised that the Nagarnar Steel Plant is the property of the people of Bastar and will remain with them," Ramesh said in a post on X. In the same post, the Congress leader said, "On October 19, 2023, Swayambhu Chanakya reiterated the PM's promise that the NMDC's Bastar Ste

Steel prices trade at 3-year lows on increased supplies, says report

Domestic steel prices have dropped to a three-year low on account of increased imports, according to a report. Hot rolled coils (HRC) prices have fallen to Rs 51,000 a tonne from a peak of Rs 76,000 a tonne in April 2022, markets research firm BigMint said in a report. The rate of cold rolled coils (CRC) is trading at Rs 58,200 a tonne from the peak of Rs 86,300 a tonne in April 2022. The prices exclude the 18 per cent GST on the commodity. "The rates of HRC and CRC in India are trading at their three-year low graph. The surge in imports has impacted the domestic prices hitting the demand," BigMint said. According to the data, imports during the April-June quarter surged by 68 per cent to 1.93 million tonnes (MT) from 1.15 MT in the same period of 2023-24. Steel imports rose by 38 per cent to 8.319 MT in 2023-24, making India a net importer of the commodity. Steel players have raised the issue of increased imports from select countries with the government and sought measures to .

Indian steelmakers seek to soften proposed import curbs on key ingredients

The Indian Steel Association said in a letter, dated Aug 1, to the country's federal trade ministry that the proposed metallurgical coke import quota could hit the ramp-up of blast furnaces

Germany's proposed low emission steel standard may hurt India biz: GTRI

Germany's proposed Low Emission Steel Standard (LESS) is expected to pose new challenges to Indian industry which is already reeling with lower exports, higher imports and Europe's carbon tax, think tank GTRI said on Friday. India's steel exports have dropped by 31.2 per cent from USD 31.7 billion in 2021-22 to USD 21.8 billion in 2023-24, while imports have increased by 37 per cent, from USD 17.3 billion to USD 23.7 billion, making India a net importer, it said. The Global Trade Research Initiative (GTRI) said that the Indian steel industry is not legally bound to follow the new German steel standard, but ignoring it could hurt domestic exports. "Global markets are demanding low-carbon products, and Indian steel producers not aligning with LESS may struggle to compete," GTRI Founder Ajay Srivastava said. He added that India's steel industry must prepare to comply with new steel standards introduced by Germany, but may soon be adopted by other developed countries. LESS is a volunt

Steelmaker ArcelorMittal's Q2 core earnings slide but ahead of expectations

Steel prices in Europe and the US are below the marginal cost of production and excess output from China has resulted in very low domestic steel spreads and aggressive exports

India steel, trade ministries in talks over rising Chinese imports: Report

India is monitoring cheap Chinese imports, the source said, as China continues to be top exporter of steel to the Asia's third-largest economy in recent months

Tata Steel flags concerns over political slugfest ahead of UK's elections

The statement follows UK media reports on Labour urging the company to pause the restructuring process until next month's general election

Japanese steelmaker JFE eyes overseas investments amid slower profit growth

In February, JFE announced an average increase in steel product sale prices of 10% from April to reflect rising raw material costs and global inflation

Steelmakers fall short of investment target due to delays linked to China

Steel companies have been facing difficulties in importing machinery from China and ensuring visa clearances for Chinese experts for more than six months

AM/NS India will have 'robust financial discipline' while expanding: CFO

Acquisition is growth driver for AM/NS and its parent companies, ArcelorMittal and Nippon Steel, says Amit Harlalka

SAIL at 14-yr high; Can steel stocks extend rally? Here's what charts say

The Nifty Metal index has gained 6% in the last 3 days outperforming the benchmark Nifty. Here's a technical outlook on SAIL, Tata Steel, JSW Steel and Jindal Steel.

Rising imports, demand slowdown ahead of polls weigh on Indian steelmakers

Imports from China have surged 88 per cent in the April to February period of the current financial year, which has "majorly impacted" domestic steel