Steel Firms

Union Minister Faggan Singh Kulaste on Thursday directed the domestic seel industry to increase use of scrap in their production, underscoring that carbon emission is a serious concern. India uses 30 million tonne (MT) scrap annually to manufacture steel, out of which 26 MT is generated domestically and remaining through imports. Currently, India's overall steel production stands at around 120 MT. "Carbon emissions are a concern.... the steel sector must increase use of scrap in their steel production," he said at CII Steel Summit 2022 here. The industry must also adopt new-age technologies to lower their carbon emissions, the Minister of State for Steel said. However, he did not speak on the quantum of scrap which steel makers must include in their production. According to a ministry document, the iron and steel industry globally accounts for around 8 per cent of total carbon dioxide (CO2) emissions on an annual basis, whereas in India, it contributes 12 per cent to the total CO

The removal of export duty on steel products will help the domestic metal producers pull up their profits with now having the freedom to explore overseas markets as well, experts said. The government has cut the export duty on steel products and iron ore to nil with effect from November 19, 2022 -- six months after imposition of the levy on May 21. The relief comes on the back of domestic steel prices correcting by 15-20 per cent since these duties were imposed, Jayanta Roy, Senior Vice President & Group Head, Icra Limited, said. "We believe that the latest measure will help pull up the industry's profits from the second quarter lows as companies now get the freedom to explore overseas markets, depending on the pricing environment," the expert said. SteelMint India also termed the government's decision of withdrawing export duty on steel and raw material as a positive move for the industry. However, according to the research firm, the move may not help the industry in the short ..

Led by an increase in volumes, the firm saw net sales increase by 28.9 per cent at Rs 41,122 crore

Both the Netherlands and UK facilities have turned around but the transition to a green steel future may differ

'The UK business has come a long way. Today, it is Ebitda positive and cash positive'

Tata Steel said domestic despatches were up 5% YoY, leveraging a strong marketing network and an agile business model

Apart from a 1.1 mt plant, Neelachal Ispat Nigam has iron ore mines with reserves of 90 million tonnes and 2,500 acres of land providing scope for future expansion

Tells investors at AGM that Indian steel industry is globally competitive and companies should be able to expand capacity in value-added products for both, Make in India and Make for The World

"ArcelorMittal recorded net income for 1Q 2022 of USD 4,125 million as compared to...a net income of USD 2,285 million for 1Q 2021," the Luxembourg-based firm said

Input costs have skyrocketed between February-end and March due to supply chain disruptions due to the Ukraine crisis and volatile market

The government's ambitious target of generating over 6 million jobs in five years from PLI scheme will hinge on five of the 14 specified sectors reaching the magic numbers

Analysts say coking coal prices more than tripled in the past five months to $390-400 a tonne in October

Housing sector demand yet to get back with construction activity being impacted by lockdowns and migration of workers

Here are the top business headlines on Wednesday morning

The MoU for the Odisha plant comes shortly after AM/NS India completed a year of operations

The plant, coming up at Kendrapara, is in addition to other investments of AM/NS in the state such as 6MTPA pelletization plant in Paradeep, beneficiation complex in Keonjhar and slurry pipeline

Recovery has been sharp after the economy opened up, say industry leaders at a conclave

For the next one to two months, the focus will be on a balance between domestic sales and exports, say experts

Analysts see commodity prices looking up and say looking forward to a pick-up in consumption

Presence of more companies in the market will lead to more innovation, quality and R&D activities, said domestic steel players on Thursday while reacting to the entry of global steel giant ArcelorMittal in India. "We don't see ArcelorMittal as a challenge," JSW Steel Chairman Sajjan Jindal told PTI on the sidelines of the ISA Steel Conclave here. More the number of players, more the research & development (R&D) activities, innovations, quality in the market, he added reacting to a question how will the ArcelorMittal's entry benefit the consumers. Jindal Steel and Power Chairman Naveen Jindal said, "We see its (ArcelorMittal's) entry as a positive step." Tata Steel Chief Financial Officer Koushik Chatterjee also said there should be competition in the market. Steel Authority of India Ltd (SAIL) Chairman A K Chaudhary said, "ArcelorMittal's entry will promote healthy competition in market." The industry looks forward to work with them in future, he added. Last week, the ...