Page 3 - Steelmakers

India fastest growing economy in world, says Tata Steel CEO T V Narendran

Tata Steel CEO and Managing Director T V Narendran claimed India is the fastest growing economy of the world and the next three decades are important for the country on the development front. China has emerged rapidly during the last 30-40 years and the next 30 years are important for India, which is the fastest growing economy of the world, Narendran said while addressing the members of Singhbhum Chamber of Commerce and Industry (SCCI) here on Tuesday evening. "Currently, China is the largest steel-producing country in the world and we are second. In view of the global challenges being faced by the steel sector, we have to move forward keeping in mind the steel prices", the Tata Steel MD said. "Today, India is the world's fastest-growing economy and the infrastructure sector witnessed rapid momentum during last two/three years, which resulted in growing steel supply by the private steel major", he said. As Tata Steel's Jamshedpur plant is located in a densely populated area, there

Job cuts in Britain 'least bad option', will continue talks: Tata Steel CEO

The steelmaker will close its two blast furnaces in Britain by the end of this year, axing up to 2,800 jobs at its Port Talbot steelworks in Wales

Jai Balaji to invest Rs 1,000 crore to boost Durgapur plant capacity

The company, which was once financially stressed, is looking to fund the expansion through internal accruals

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

JSPL, RINL to jointly secure supply of liquid steel to upcoming Angul plant

Jindal Steel Power Ltd on Saturday said its partnership with Rashtriya Ispat Nigam Ltd will ensure the supply of liquid steel to its upcoming hot strip mill at Angul in Odisha. In a statement, JSPL said it has entered into a memorandum of understanding (MoU) with RINL for the operationalisation of the latter's blast furnace-3 (BF-3). "The tie-up with RINL will release additional liquid steel for slab casting and onward rolling into hot rolled coils from JSPL's upcoming state-of-the-art hot strip mill at Angul which is slated for commissioning soon," it said. The blast furnace BF-3 at the RINL plant in Visakhapatnam has been closed since January 2021. The restart of the BF-3 is planned for December 30, 2023, at a capacity of 2 lakh tonnes of hot metal per month. "We extend wishes to the management and employees of RINL for embarking on this partnership," JSPL Managing Director (MD) Bimlendra Jha said. On Friday, RINL said JSPL will provide working capital support or raw material su

JSW Steel reports 12% rise in consolidated crude steel production in Oct

JSW Steel on Thursday reported a 12 per cent rise in its consolidated crude steel production to 23.12 Lakh Tonnes (LT) in October. Its consolidated crude steel production was at 20.64 LT in the same month last year, according to a statement. From its India operations, the company produced 22.36 LT of steel in October, up 9 per cent over 20.49 LT in the year-ago period. India operations' production includes the crude steel production of JSW Ispat Special Products Ltd (JISPL) and its subsidiary Mivaan Steels Ltd. In India, the capacity utilisation level stood at 95 per cent in October. JSW Steel USA - Ohio produced 0.76 LT steel compared to 0.15 LT produced in October 2022. JSW Steel is the flagship business of the diversified USD 23 billion JSW Group.

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 ..

Tata Power arm in deal with steel maker Sanyo to set up captive solar plant

Tata Power: The solar plant is projected to produce an annual electricity of 61.875 million units and will be likely commissioned by March 2024

How steelmakers are turning up heat in furnaces for the war on emission

The startup world is also being tapped for innovative solutions by Tata Steel, ArcelorMittal, as well as JSW

EU clears $3.2 bn in green subsidies for Thyssenkrupp, ArcelorMittal

The move highlights Brussels' efforts to help local industry decarbonise production and remain competitive with global rivals

India's steelmaking goals risk quadrupling emissions, says report

The world's second-biggest crude steel producer aims to achieve its steelmaking capacity goal of 300 million tonnes by 2030, and aims to be a net zero emitter of greenhouse gases by 2070

Steel prices may not fall further, but China key: Indian steelmakers

Steelmakers are confident about the business of Indian steelmakers

ArcelorMittal-Nippon Steel India JV signs $5 bn loan with Japanese banks

ArcelorMittal SA on Friday said its Indian steelmaking joint venture with Asian peer Nippon Steel Corp has entered into a $5 billion loan deal

Steelmakers press for higher auto contract prices after three quarters

Spot steel prices have been rising both globally and at home since December; a hike of over 12% in the domestic market would have been the basis of negotiations for the upcoming contracts

US steelmakers flag recession concerns, energy costs could impact demand

Benchmark steel prices are down more than 50% this year as surging inflation has crimped appetite for longer-term projects

Jamshed Irani: Architect of post-lib Indian industry and 'New Tata Steel'

Irani transformed Tata Steel totally to make it the world's lowest-cost steel producer by 2001, completely revamped technology and used his phrase "Customer Har Haal Me" to augment user delight

JSW Steel's 2 Indian subsidiaries expected to return to profit in Q3 FY23

Global macroeconomic challenges to shape turnaround of JSW Steel and Bhushan Power & Steel

India's bad bank NARCL offers Rs 228 cr for Mittal Corp debt held by PSBs

The NARCL will have the right to match any counteroffers, as the lenders have put the debt on the block

Steel-makers margins to nearly double in H2 to 25% from H1 levels: Report

Steel-makers are in for better times from the second half of the current fiscal as lower input cost and robust domestic demand will ease their margin pressure and lift operating margins to over 25 per cent, as per a report. The industry was hit by high input costs in the first quarter and is still under pressure in the ongoing second quarter, the rating agency said in the report. As a result, their operating margins of primary steelmakers are likely to fall to 14-16 per cent in the first half of this fiscal -- massively down from 30 per cent last fiscal, which was a decadal best -- due to high input costs, lower realisations and imposition of export duty on finished steel products, among other reasons, Crisil added. However, from the second half onwards the margin pressure is expected to ease due to lower production costs because of declining raw material prices and steady realisations backed by robust domestic demand, lifting it above 25 per cent, the report said. This will have t

Coking coal price rise likely to delay margin recovery of steelmakers

The domestic market has also seen a sharp correction in steel prices from peak levels