Steel Industry

Weekend Bites: Pause not pivot, GDP, Doge, and litti-chokha for thought

In which we munch over the week's platter of news and views

SAIL-BSP gets licence to produce new grades of wire rods

The High Carbon IS 7904 HC38 & HC 80 grade steel wire rod is high value-added steel developed through SMS 3 - WRM route

JSPL gets nod to manufacture India's first fire-resistant steel structures

Jindal Steel and Power Ltd (JSPL) on Sunday said it will manufacture India's first fire-resistant steel structures at its unit in Raigarh, Chhatisgarh. With the production of a special steel item for the first time in India, the company will target segments like refineries, bridges, metro projects, industrial structures, steel, power plants, hospitals, commercial and residential buildings, JSPL said in a statement. "JSPL has received BIS certification to manufacture India's first fire-resistant steel structures at its rail mill in Chhattisgarh. The BIS 15103 grade steel structural steels are designed to withstand temperatures up to 600 degrees celsius for 3 hours," it said. The grade is being imported at present. The new grade steel structures will help the nation to reduce dependence on imports, the company said. "The license provided to the company will be a game-changer in strengthening India's infrastructure & its safety standards. Fire-resistant steel will provide much-needed

India's April-February finished steel exports slump 52%: Govt data

Major steelmakers reported a drop in profits in the December quarter, in part because the government in May imposed the tax, which applied to exports of some intermediate steel products, such as bars

Rebuilding of Turkey post quake may spur steel demand from India: Industry

Since Turkey's own industry, a major player in world steel trade, has also been disrupted, demand from the western world may surge as well

Essar group returns to steel business with $8-billion investment

Setting up steel plant in Saudi, an iron pellet plant each in Odisha, US

Steel industry asks govt to ensure availability of 161 MT coking coal

The domestic steel industry has sought a roadmap to ensure 161 million tonnes of coking coal is available for scaling up the country's annual steel making capacity to 300 million tonnes by 2030. Coking coal and iron ore are the two key raw materials used for manufacturing steel through the blast furnace route. While iron ore is available domestically, the industry is dependent on imports for coking coal. At the sixth meeting of the Advisory Group for Integrated Steel Plants (ISP), a presentation on the roadmap to ensure availability of 161 MT of coking coal for future expansion of steel industry to 300 MT (Million Tonnes) capacity as per NSP 2017 was made by Indian Steel Association (ISA), sources said. The presentation was made to Union Minister for Steel Jyotiraditya Scindia and other senior officials of the ministry. It was agreed upon that future course of action may be charted for exploring the possibility of expanding the sources of coking coal especially from Russia, Mongoli

One year of Ukraine war: A roller-coaster ride for steel companies

In 2021, steel exports from the two countries stood at about 48 million tonnes, accounting for around 10% of global steel trade

ArcelorMittal, JSW in NMDC steel plant race; JSPL also in the fray

Steel company shares to be listed on Monday

Steel firm AM/NS India's EBITDA drops 62.75% to $162 mn in Dec quarter

Joint venture firm says lower selling price and India's duty on steel exports last year impacted business

Essar on a new path of growth, to invest in energy, steel, mining sectors

Armed with substantially lighter balance sheet after repaying Rs 2 lakh crore debt, Essar is embarking on the next phase of growth by investing in hydrogen projects, building LNG import facility and retail chain, and setting up steel plants. Prashant Ruia, director, Essar Capital Ltd, said Essar currently owns businesses in the core sectors of energy, metals and mining, infrastructure, services and technology and its future plans centre around them. It is looking to set up steel plants in Odisha and Saudi Arabia and a facility to import liquefied natural gas (LNG) at Hazira in Gujarat. In the UK, where it owns an oil refinery, the group is setting up a blue hydrogen plant and is exploring opportunities to set up a green ammonia unit in India. Essar has set up a unit to retail LNG to trucks and will set up a chain of outlets dispensing the environment-friendly fuel. "We have completed what is certainly the one of the biggest, if not the biggest, deleveraging exercise by repaying Rs

Steel maker Kamdhenu's Q3 net profit grows 82% to over Rs 12 crore

Steel maker Kamdhenu Ltd has posted an 82 per cent growth in its net profit during the December quarter at Rs 12.02 crore, on the back of increased revenues. The company had recorded Rs 6.6 crore net profit during October-December period of 2021-22 fiscal, Kamdhenu Ltd said in a statement on Friday. Its revenue from operations also rose 23 per cent to Rs 182.7 crore from Rs 149 crore in the year-ago period. At Rs 17.1 crore, the earnings before interest, taxes, depreciation and amortization (EBITDA) was 60 per cent higher from Rs 10.7 crore a year ago. "We have delivered strong performance in Q3 & 9M of FY23. For 9M FY23, our company reported revenue growth of 36 per cent y-o-y to Rs 565.2 crore, EBITDA growth of 26 per cent y-o-y to Rs 44.8 crore and PAT growth of 19 per cent y-o-y to Rs 30.3 crore," Kamdhenu CMD Satish Kumar Agarwal said. Kamdhenu Group recently listed its paints business Kamdhenu Ventures Ltd on the stock exchanges on January 24, post completion of the demerger

JSW Steel plans Rs 20,000-crore capex in FY24 for capacity expansion: Rao

The expansion would take JSW Steel's capacity to around 38 mt

Budget wishlist: Steel sector seeks anti-predatory measures against imports

While domestic steel prices have remained subdued, raw material costs have surged approximately by Rs 6,000 per metric tonnes.

Uncertainty prevails over NMDC's Nagarnar steel bidding in Chhattisgarh

The Centre, on December 1, 2022, invited preliminary bids for disinvestment of the plant and offered to sell a 50.79 per cent stake in the company

Hi-Tech Pipes, UP govt ink pact to set up steel unit with Rs 510-cr fund

Hi-Tech Pipes on Monday said it has signed an agreement with the UP Government to set up a steel manufacturing facility in the state at an investment of Rs 510 crore. The Memorandum of Understanding (MoU) has been signed under the Invest UP Programme of the Uttar Pradesh Government, the steel pipes maker said in a statement. "Hi-Tech Pipes has signed a MoU with the UP Government for setting up a mega manufacturing facility. Under this MOU the proposed Investment will be of Rs 510 crore to be invested in a phased manner," it said. The favourable business environment and the special incentive packages offered by the UP government will additionally help the company to strengthen its position in the steel tubes and pipes, and flat-steel processing industry. Ajay Kumar Bansal, the Managing Director of Hi-Tech Pipes Ltd said the company has been present in the state for more than three decades. "The agreement with the state government will further reinforce our commitment to create ...

More initiatives on anvil to boost steel sector in 2023: Union Minister

With increasing steel production in the country, the focus in 2023 will be on boosting raw material supplies and producing more special grade steel, according to Union minister Faggan Singh Kulaste. India produced 113.43 million tonne of crude steel in January-November 2022, which is 10 per cent higher compared to the year-ago period. The government aims to double the country's annual crude steel making capacity to 300 MT from 150 MT at present. In an interview to PTI, Kulaste, the Minister of State for Steel, said more initiatives for the sector will be taken in 2023. Last year, the government introduced the Production Linked Incentive (PLI) scheme for specialty steel to enhance the production of the high-end alloy. Special grade steel is used in various sectors, including power, shipping, railways and auto. The demand for this steel is being met through imports. "Our focus will also be on taking measures to support industry besides finding new markets as the production of steel

Increase use of scrap in production: Union Minister Kulaste to steel makers

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

Shyam Metalics acquires Mittal Corp, forays into stainless steel business

Shyam Metalics and Energy Ltd on Tuesday said it has forayed into the stainless steel business by acquiring Mittal Corp Ltd in an NCLT-led resolution process. The company will invest about Rs 7,500 crore over the next 4-5 years to scale up its metal business, Shyam Metalics vice-chairman and managing director Brij Bhusan Agarwal said. "Mittal Corp's acquisition cost is about Rs 450 crore, and we outbid Jindal Stainless, the competitor for the sick asset put under the NCLT resolution process. The acquisition will enable us to foray into stainless steel and special products, such as defence materials," he said. To meet market regulator SEBI's norm, the promoters need to dilute their current holding of 88 per cent in Shyam Metalics by at least 13 per cent within the next 18 months, Agarwal said. The process of dilution will depend on the market situation but is likely to begin in the next 6-9 months. The company said that stake dilution will be from a combination of a fresh equity is

India becomes second-largest steel producer in world: Scindia in Parliament

Union minister Jyotiraditya Scindia said on Monday that India had become the second-largest steel producer in the world in the last eight years.