Page 9 - Essar Steel

Lenders want Ruias to infuse Rs 2,500 crore in Essar Steel

To agree to debt-recast plan after Essar Steel gets fresh equity from promoters

Essar Steel to supply Posco over 1-mn-tonne flat steel products

contracted volume is 30% higher as compared to last year

SC rejects Essar Steel's plea seeking exemption from power dues in Gujarat

The state government had first refused Essar group's claims for duty exemption in 2003

Essar Steel logs 47% growth in flat steel output in FY17

Essar Steel India Ltd has logged 47 per cent spike in its flat steel production in 2016-17. Output of flat steel products moved up from 3.8 million tonne (mt) in FY16 to 5.6 mt in the last fiscal.Pellet production, too, moved up 60 per cent from 5.8 mt to 9.3 mt. For the quarter ended March 31, 2017, Essar Steel has recorded a growth of 25 per cent in flat steel production at 1.5 mt as against 1.2 mt in the same period last year. The company has registered a growth of 21 per cent in pellet production at 2.3 mt compared to 1.9 mt in the corresponding period of last year.Dilip Oommen, managing director, Essar Steel said, "We have made a quantum leap in our performance in the last fiscal. The growth clearly reflects the company's march towards full capacity utilization in the coming years. The value-added component in the product-mix has also jumped significantly. The downstream units are currently operating at capacity levels.""Various measures taken by Ministry of Steel and Government .

Essar Steel urged to seek consent for developing iron ore block

The Odisha State Pollution Control Board has asked Essar Steel to apply for consent to establish to develop its iron ore block in the state. Essar Steel has bagged the Ghoraburhani-Sagasahi block in the first ever iron ore auctions held in Odisha after outbidding contenders like Tata Steel, Jindal Steel & Power Ltd (JSPL) and Bhushan Steel Ltd. The block has 100 million tonne of high grade iron ore deposits and is supposed to feed Essar Steel's flagship operations at Hazira (Gujarat).Essar Steel has proposed a production capacity of 7.16 million tonne per annum (mtpa) run of the mine product from the iron ore block. As part of the project, the steel company is also setting up a crushing & screening plant and a beneficiation plant with a capacity of 6.7 mtpa over an area of 139.16 hectares (ha) at Ghoraburhani, Sagasahi and Kalmang villages situated in Sundargarh district.The Odisha government has issued the letter of intent to Essar Steel after it emerged as the preferred ...

Essar Steel develops special steel grades for defence applications

Essar Steel has forayed into the high growth defence manufacturing sector by developing steel grades which find applications in land and naval defence. The estimated expenditure in defence sector is projected at over $200 billion over the next five years.The company has developed several products which are import substitutes as well as innovated to develop indigenous armour plate for ballistic protection.Essar Steel's import substitute products have been used in the construction of advanced naval destroyers, offshore patrol vessels and floating docks. They also provide ballistic protection to combat vehicles and battle tanks. In addition, Essar Steel products are used in the construction of Coast Guard vessels and in the repair of naval ships.The steel company aims to participate in the indigenisation of products used in Naval defence, including naval destroyers, offshore patrol vessels used by both Navy and Coast Guard, rocket launchers, floating docks and submarines. In Land ...

Debt restructuring: Ruia stake in Essar Steel to fall to 40%

This will also be the largest debt restructuring in recent years, say bankers

Essar Steel faces delay in forest clearance to mine Odisha block

The govt's delay in identification of land for compensatory afforestation has put the brakes on expediting forest clearance

Essar Steel eyes passenger car segment for bullet proof steel

ESIL is the first Indian company to develop bullet proof steel

Ruias to shift focus to steel, power

However, sale of Essar Oil will result in a major drop in revenue and profit for the group

Banks may seek more bids for Essar Steel loans

Banks with loan exposure of over Rs 40,000 crore to Essar Steel have received a proposal from SSG Capital to buy the debt at half the price

Essar Steel readying to get nod for Odisha iron ore block

The mine Essar Steel has bagged has reserves of 100 mn tonne; firm plans to mine six million tonne a year

Banks to meet on Essar Steel debt recast today

Essar Steel carry's Rs 40,000 crore debt as on March 31, 2016

Essar's US unit files for bankruptcy

The filing follows Minnesota's decision to revoke Essar's mineral leases for non-payment of dues worth $66 mn

Essar's flat steel Q1 output up 48%

The total production stood at 1.22 million tonnes

Essar Steel Pune facility eyes turnover of Rs 3,000 cr for FY17

The galvanising and pre-coated steel manufacturing unit produces 6 lakh tonnes of processed steel every year with capacity utilisation nearing 100% this fiscal

Essar Steel: First Indian company to develop bullet proof steel

Such steel has been previously either manufactured under restrictive technology transfer agreements with foreign countries, or simply imported into India

Essar Steel bags letter of intent to develop iron ore block in Odisha

A robust bidding helped the steel maker to bag the Ghorhaburhani-Sagasahi iron ore block, upstaging strong contenders like Tata Steel, JSPL and JSW Steel

Essar Steel Minnesota hires debt restructuring advisers: sources

Essar Steel Minnesota, a US affiliate of India's shipping, natural resources and power conglomerate Essar Global Group, has hired financial and legal advisers to help it restructure its debt

Essar Steel aims to double Ebitda margins

Debt-laden firm prepares plan to lower dependency on natural gas, reduce loan burden; sees no need now for stake sale