Page 2 - Steel Industry

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

CCI raids some steel firms for alleged price collusion, says report

In all around eight to nine offices of steel companies were searched, though names of other firms raided were not immediately clear

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

US duty on steel, aluminium inconsistent with global trade norms: WTO panel

A dispute panel of the World Trade Organisation (WTO) has ruled that the US decision to impose customs duties on certain steel and aluminium products is inconsistent with the global trade norms. This ruling was given in the cases brought by China, Norway, Switzerland and Turkey against these duties. The WTO report assumes significance for India also, as the country in 2018 too had approached the Geneva-based WTO against the US move to impose these duties. According to sources here, this ruling will help strengthen the Indian case too. However, the sources said that India is inclined to resolve the dispute with the US amicably and on mutually agreed terms. India had earlier stated that the imposition of high import duties by the US has impacted exports of these products by Indian businesses. India too has alleged that the US move is also not in compliance with global trade norms. In 2018, the US imposed 25 per cent and 10 per cent import duties on certain steel and aluminium produ

UK-based Nithia Capital eyes 3.5 MT steelmaking capacity in India: CEO

Government infrastructure will fuel domestic steel consumption for two years, says Jai Saraf

India's April-Nov finished steel exports fall 55% YoY on low demand: Report

India's finished steel exports more than halved during the first eight months of the current fiscal year that began in April, according to the latest government data reviewed by Reuters

AM/NS bulks up for the future, focuses on acquisitions to secure infra

Nearly Rs 90,000 crore worth of capital expenditure has been incurred so far on various asset acquisitions and projects, with a major investment of about Rs 42,000 crore

Collaborate with institutions to find an alternative of coking coal: Goyal

The availability of coking coal is a major challenge for the domestic steel sector and the industry should collaborate with eminent institutions like IITs to undertake research to find alternate solutions, Commerce and Industry Minister Piyush Goyal said on Tuesday. The industry needs to become self-reliant on coking coal to remove India's dependency on a few countries for the key raw material for steel makers, he added. "Coking coal is a matter of concern for the industry. We can look at investments and alternatives. You can find solutions for its alternatives. I would urge the industry to research with our IITs or the Indian Institute of Science. It is the need of the hour to become self-sufficient," Goyal said here at a steel conclave. The government is preparing a 'coking coal mission' to diversify the sources of key steel-making raw material, for which the country is heavily dependent on imports. India imports around 90 per cent of its coking coal requirement. Coal with high a

Export duty removal will lead to era of growth for steel industry: Scindia

Removal of export duty on steel products will lead to a new era of growth for the domestic steel industry which has gained footprint internationally, Union minister Jyotiraditya Scindia said on Monday. It has taken years for the domestic steel industry to gain footprint in the international markets, the steel minister said at the 3rd Indian Steel Association (ISA) conference here. 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. "It has taken if not months then years for our industry to be able to to firmly plant its footprint internationally... (On) steel product, the duty has been removed completely from Friday evening enabling a new era for the steel industry to grow," he said. The decision was taken very judiciously after taking all stakeholders' concerns into account. There were several rounds of discussions with the advisory committees on integrated steel plan

RHI Magnesita to acquire DBRL's refractory business for Rs 1,708 crore

RHI Magnesita is in process of acquiring the refractory business of Dalmia Bharat Refractories Limited (DBRL) in India for about Rs 1,708 crore, Stefan Borgas, CEO of the Vienna-based company, has said. The share swap deal is being made through RHI Magnesita India, he added. "DBRL will transfer its business to Dalmia OCL (DOCL). Under the terms of a share swap agreement, RHI Magnesita will acquire all outstanding shares in DOCL in exchange for 27 million new shares in RHI Magnesita India Limited," Borgas said. Based on the issuance price of RHI Magnesita India Limited at Rs 632.5029 per share, the share consideration had a value of approximately Rs 1,708 crore (about 208 million euros), the CEO said. The acquisition will significantly increase RHI Magnesita's presence in the fast-growing Indian refractory market, with steel production in India expected to grow 12 per cent in 2022, and a 7-8 per cent compound annual growth rate until 2030, Borgas added. Refractory is used by a wide

ESL Steel capacity expansion by next year: Vedanta's Sunil Duggal

Mining giant says priority is to finish doubling capacity of company it acquired in June 2018

Sanjeev Gupta's Liberty Steel nears deal with Credit Suisse, Greensill

Gupta's sprawling group of metals firms, gathered under a loose umbrella called GFG Alliance, were pushed to the brink when Greensill collapsed in March 2021

Aftermath of Russia-Ukraine war dims the sheen on steel industry

But strong domestic demand and cooling raw material prices encourage manufacturers to stay the course on capex plans

JSW Steel eyes 50 MT capacity by 2030 via greenfield, brownfield options

Jindal's growth plans are in sync with the country's target of doubling crude steel capacity to 300 mt of crude steel capacity in the next 9-10 years

Govt extends date of quality control order for 2 steel grades till Jan 23

The government has extended the enforcement date of its Steel and Steel Products Quality Control Order for two grades of ferrosilicon and ferronickel by three months till January 2023. "The Steel and Steel Products Quality Control Order dated December 22, 2020, and subsequent order dated April 26, 2022, the date of enforcement of Indian Standards (IS) 1110:1990 ferrosilicon specification and IS 4409:1973 specification for ferronickel is extended further," according to a Steel Ministry notification. The extension is for three months till January 23, 2023, the notification dated November 1, 2022, said. According to an expert, ferrosilicon is imported from countries like Bhutan, South Africa etc to make CRGO (cold rolled grain oriented steel) and alloy steel, which are used to manufacture transformers, motors, rotors and other electrical items. The order paves way for the import of these two grades without any duty for another three months, as per the notification. Speaking to PTI ov

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

'Steel man of India' passes away at 86: Who was Jamshed J Irani?

A part of Tata Steel for over four decades, Jamshed J Irani was a tall name in the metal industry in India

Jamshed J Irani, known as the Steel Man of India, passes away at 85

Jamshed J Irani, known as the steel man of India, died in Jamshedpur late Monday night, Tata Steel said. He was 85. Irani was associated with Tata Steel for over four decades. He retired from the board of Tata Steel in June 2011, leaving behind a legacy of 43 years, which won him and the Company international acclaim in various fields. Born on June 2, 1936 in Nagpur to Jiji Irani and Khorshed Irani, Dr Irani completed his BSc from Science College, Nagpur in 1956 and MSc in Geology from the Nagpur University in 1958. He then went to the University of Sheffield in UK as a J N Tata scholar, where he secured a Masters in Metallurgy in 1960, and a PhD in Metallurgy in 1963. He started his professional career with the British Iron and Steel Research Association in Sheffield in 1963, but always yearned to contribute to the Nation's progress. He returned to India to join The Tata Iron and Steel Company (now Tata Steel), as it was then known, in 1968, and joined the firm as Assistant to th

Target is to double crude steel output in 10 years: PM Narendra Modi

Prime Minister Narendra Modi on Friday said India has set a target to double the crude steel production capacity from 154 million tonnes per annum now to 300 million tonnes per annum in the next 9 to 10 years in an order to boost indigenous capabilities. In his virtual address as the chief guest at the "bhoomi pujan" of expansion of ArcelorMittal Nippon Steel India's flagship plant at Hazira in Gujarat's Surat district, Modi said in the past, India had to import high grade steel for the defence sector, but scenario has changed now. Now, however, steel used in making 'INS Vikrant' (first indigenous aircraft carrier) was made in India, said the prime minister. "Due to everybody's efforts in the last eight years, the Indian steel industry has become the second biggest in the world," he said.

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