Steel Companies

RINL aims to make 55,000 wheels in FY24 to meet Railways' demand: CMD Bhatt

State-owned steel maker RINL is aiming to produce 55,000 wheels in the current financial year to meet the demand from Indian Railways, its CMD Atul Bhatt said. Visakhapatnam-based Rashtriya Ispat Nigam Ltd (RINL) has set up a forged wheel plant at Lalganj, in Uttar Pradesh at an estimated cost of Rs 2,350-crore with a capacity to manufacture one lakh forged wheels per annum. "RINL supplied 2,465 Loco wheels and 2,639 LHB wheels to Railways in FY23. Preliminary Acceptance Certificate (PAC) has been issued for the plant and very soon production will be ramped up to 55,000 wheels in the current fiscal to meet the demand of Railways," he told PTI. The steel maker started supplying wheels in December 2021 when the first consignment of 51 loco wheels was flagged off from its Rae Bareli unit in Uttar Pradesh to the Railways. The targeted 50 per cent utilisation of the plant will significantly reduce the dependence on imports and help the national transporter to source the Made in India ..

Steel, power cos bag major slice of blocks auctioned in 6th coal auctions

Steel, power and cement companies have bagged a sizable number of blocks auctioned under the sixth round of commercial coal auctions. As per an official note, JSW Steel has won Banai and Bhalumunda mines in Chhattisgarh, another block Parbatpur Central and Sitanala mines in Jharkhand, while JSW Cement bagged Marwatola - VI mine in Madhya Pradesh (MP). Jindal Power won Gare Palma Sector - I, Gare Palma IV/2 and Gare Palma IV/3 coal mines located in Chhattisgarh. Rungta Sons Private Limited has bagged Sakhigopal B Kankili and Chhendipada (Revised) blocks in Odisha, and Choritand Tiliaya in Jharkhand. RCR Steel Works won Patal East (Eastern Part) located in Jharkhand, Orissa Metallurgical Industry has secured Kagra Joydev mine in West Bengal. Cement companies Ambuja Cements Limited won Dahegaon-Gowari mine in Maharashtra, Ultratech Cement got Arjuni East in Madhya Pradesh, Dalmia Cement (Bharat) won Mandla North in Madhya Pradesh, Rama Cement Industries got 1 Marwatola VII mine in

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

JSPL to invest Rs 7,930 crore under PLI scheme for steel: MD Bimlendra Jha

Jindal Steel and Power Limited (JSPL) will spend Rs 7,930 crore under the PLI scheme for specialty steel to manufacture eight types of high-end alloy in the country, its Managing Director Bimlendra Jha said. JSPL is one of the qualifiers of the government's production linked incentive (PLI) scheme which aims to increase the output of value-added steel using new age technologies in the domestic steel sector. On December 9, the government announced the selection of 67 entries with an investment potential of Rs 42,500 crore under the scheme. The proposed investments are expected to generate 70,000 job opportunities and add 26 million tonnes of speciality steel capacity in the country. When asked about the share of JSPL in the said investment amount, Jha replied, "Our commitment to the PLI scheme (for specialty steel) will be around Rs 7,930 crore." JSPL through subsidiary company Jindal Steel Odisha has submitted the highest number of entries to manufacture eight types of specialty st

Top five steel companies, few others selected under the PLI scheme

The top five steel companies -- Tata Steel, JSW Steel, JSPL, AMNS India and SAIL -- dominate the list of qualifiers under the PLI scheme for specialty steel. Besides, there are a few others like Gallant Metalliks, Shyam Metalics Flat Products, and Sunflag Iron and Steel who have been selected to invest under the production linked incentive (PLI) scheme. On Friday, the government announced shortlisting 67 out of 79 applications, with an investment potential of Rs 42,500 crore, under the PLI scheme for specialty steel. The proposed investments are expected to generate 70,000 job opportunities and add 26 million tonnes of speciality steel capacity in the country. As per an official document, Tata Steel has submitted applications to manufacture seven types of speciality steel products, while JSW Steel submitted for six categories. Jindal Steel Odisha, a subsidiary of Jindal Steel and Power Limited, has submitted the highest number of entries to manufacture eight types of specialty stee

AMNS India to invest Rs 60,000 crore to expand Hazira plant: Chairman

ArcelorMittal's arm AMNS India will invest Rs 60,000 crore to scale up capacity of its steel plant here to 15 million tonnes (MT), the company's chairman Aditya Mittal said on Friday. The existing capacity of the plant is 9 MT. "We will invest Rs 60,000 crore to increase capacity of our plant to 15 MT," Mittal said after performing the "Bhoomi Pujan" at the plant, which marked the start of the expansion project. The investment will also be for installation of new steel making technologies, setting up new-age machineries and increase product mix, he said. Mittal said a round-the-clock renewable energy source will also be set up to supply green energy to the plant. The investment will create over 60,000 crore job opportunities across the country in various verticals of the company, the chairman said. Mittal is also the CEO of parent company ArcelorMittal which holds 60 per cent equity in AMNS India. In 2019, ArcelorMittal along with Japan's Nippon Steel completed the acquisition o

Global steel demand downgraded, to drop 2.3% in 2022: WorldSteel

A global recovery in steel demand next year is still expected, mainly due to a rise in infrastructure spending, but the growth will be 1% instead of 2.2% as forecast earlier this year, the WSA said

Steel demand needs 9% CAGR to meet 160 kg/capita consumption target: Icra

The domestic steel demand needs to grow at a compound annual growth rate (CAGR) of 9 per cent over the next decade to meet 160 kg per capita steel consumption target envisaged in the National Steel Policy (NSP). Launched in 2017, NSP also aims to ramp up the country's crude steel production to 300 million tonne (MT) by 2030-31. Jayanta Roy, Senior Vice-President & Group Head, Corporate Sector Ratings, Icra said, India's current per capita steel demand of 76 kg is not only significantly below the world average of 233 kg per capita, but also remains the lowest among Brazil, Russia, India, China and South Africa (BRICS) nations. To take the country's steel consumption close to NSP target of 160 kg per capita in FY2031, the domestic steel demand would need to grow at a CAGR of 9 per cent in the next decade, the expert said in an Icra report on Wednesday. He further noted, "This is almost double the growth rate achieved in the decade gone by. While achieving this milestone will be ...

35 firms submit applications under PLI scheme for specialty Steel: Scindia

As many as 35 companies have submitted 79 applications under the PLI scheme for specialty steel, Union Minister of Steel Jyotiraditya Scindia said on Tuesday. The minister shared the information while speaking at the 'National Management Convention' organised by the All India Management Association (AIMA) in the national capital. "We closed all the applications two days ago and we received close to 79 applications from 35 companies. Looking at putting in place a capacity close to 28 million tonne per annum (MTPA) of new specialty steel capacity which will result in the creation of 70,000 jobs," he said. The applicants include major steel players like Tata Steel, JSW Steel, JSPL, AMNS India and SAIL, a senior steel ministry official told PTI. However, there was no proposal from any foreign entity. After shortlisting the proposals, the government will come out with a final list which would take around 35-40 days, the official said. September 15 was the last date for manufacturers to

Japan's JFE to decide on joint venture with JSW in India by 2022-end

Japan's second-biggest steelmaker, which is under JFE Holdings, aims to tap growth in the Indian market by offering advanced steel products to boost efficiency in power generation

Next British PM to decide fate of Tata Steel UK's demand for subsidy

Tata Steel seeks 1.5 bn pounds subsidy to keep operations afloat

AM/NS India to invest Rs 273 crore on zero liquid discharge at Hazira

ArcelorMittal and Nippon Steel joint venture has announced that it was in the process of investing Rs 273 crore for zero liquid discharge, other environmental initiatives at its Hazira steel complex

NMDC's steel plant sale may fetch enterprise valuation of up to $4 bn

Lenders, shareholders meeting to demerge steel company on Tuesday

Kamdhenu demerges paints biz; to list new entity Kamdhenu Ventures in Q2

Post demerger, Kamdhenu Ltd will continue to focus on steel business, while Kamdhenu Ventures Limited will expand the paints business

Sanjeev Gupta's Liberty Steel says reached a standstill with Greensill Bank

Sanjeev Gupta's Liberty Steel said it reached a standstill agreement with Greensill Bank AG, its largest creditor, on debt facilities relating to its European steel businesses

Top mining, steel groups warn of adverse impact from export duty hikes

The increase in export taxes on iron ore, announced by the government over the weekend, will lead to large surpluses at home, and mainly hit producers of low grade ores that depend on overseas markets

Rising raw material cost pushes steel prices to fresh record highs

Raw material prices had been on the rise, but since Russia waged war on Ukraine, prices surged.

Steel firms expect higher offtake from auto in Q4 after weak show earlier

It isn't clear how soon the chip shortage will get sorted, but analysts expect a gradual easing of constraints. Over a two-year timeframe, strong growth is expected from CVs and PVs

Steel firms roll over prices in January after steep correction in December

The rationale for prices to hold rests on a bunch of factors. Indian prices while similar to import price parity were still among the lowest prices globally, companies point out

Steel production needs to be decarbonised, says new worldsteel chief

Newly elected worldsteel Chairman Sajjan Jindal on Wednesday called for a joint effort of the industry to "build cleaner future" by working towards decarbonising steel production.