Page 7 - Steel Industry

Steel becomes costlier; companies hike rates by up to Rs 4,900/tonne

The price revision has been made in the last two days, the sources said.

O2 unavailability deepens steel output fall as secondary players shut mills

RP Steel and Arora Steel secondary speciality steel players impacted by the unavailability of oxygen

Sanjeev Gupta's Liberty Steel to sell UK plant in restructuring plan

Liberty Steel, the company led by British Indian businessman Sanjeev Gupta, on Monday announced very constructive and productive meetings as part of its ongoing restructuring plans, which will result in the sale of its Stocksbridge plant in south-east England to help pay back lender Credit Suisse. Gupta, who heads the wider Gupta Family Group (GFG) Alliance, and his newly-formed Restructuring and Transformation Committee held advanced discussions with Credit Suisse Asset Management (CS) in Dubai over the weekend to reach a formal standstill agreement on its Liberty Primary Metals Australia business while refinancing is completed that will repay Credit Suisse out in full. The investment bank has, meanwhile, agreed to pause court proceedings against Gupta's empire while the sale of Stocksbridge is conducted. Both parties also made significant progress in agreeing a framework to resolve GFG Alliance's remaining exposure with CS, Liberty Steel, the UK's third largest steel maker, ...

Street signs: Nifty's new high on cards, Sensex's costly exclusion & more

Technical analysts say the Nifty looks set to log new life-time highs

Industry body IPMA seeks govt intervention to regulate rising steel prices

Industry body Indian Pipe Manufacturers' Association (IPMA) has sought government intervention to regulate the prices of steel, which are trading at an all-time high in India. In a letter to Union Steel Minister Dharmendra Pradhan, the body has also sought a temporary ban on its export, a move which will prevent steel players from diverting their produce to the international markets. "Pipe manufacturers and MSMEs are struggling for a long time due to increased prices and shortage of steel in the domestic market. We had approached your (Steel Minister) office, requesting your kind intervention for regulating prices and imposing a temporary ban on steel export," the letter dated May 20, 2021 said. The association said it has also marked a copy of the letter to the offices of Prime Minister Narendra Modi, Minister of Commerce and Industry Piyush Goyal, NITI Aayog CEO Amitabh Kant, Commerce Secretary Anup Wadhawan, Secretary Department for Promotion of Industry and Internal Trade ...

JSW Steel examining bid for Sanjeev Gupta's British business: Report

JSW's interest, which extends to plants including Gupta's Adhunik steel mill in eastern India, could mark yet another chapter for Britain's steel industry

Tata Steel bulks up for growth without compromising its deleveraging target

The upturn in the steel cycle has allowed it to reconsider overseas asset sales and plan domestic expansion and acquisitions

Jindal Steel opens capex window amid continued deleveraging plans

To double capacity via internal accruals with eye on debt/EBITDA ratio

An asymmetric story: Big steelmakers mint money as smaller ones struggle

Large producers with iron ore mines and export markets are thriving in the current cycle but small ones, with access to neither, are struggling

Google tax: American IT and steel lobbies back action against India

The group has called for a retaliatory tariff action against India, if New Delhi does not roll back the 'unilateral and discriminatory' equalisation levy or Google Tax

Tata Steel stock is red hot on stock exchanges amid many triggers

The company's m-cap is up 27% in April so far, and has trebled since Sept 2020

Covid-19: Steel firms expect no production disruption amid oxygen diversion

Market cap of top four steelmakers up 29% in April so far; demand from China is a strong tailwind

Centre's disinvestment plan: A stress test for zombie steel plants

The disinvestment of loss-making plants may likely attract interest from secondary steel makers rather than the big players

RINL privatisation prompts Posco to explore new locations for steel plant

Andhra govt has invited Posco to set up a unit at Krishnapatnam, but steel major has not taken a decision yet

3 entities of Tata Group re-enter the Indian Steel Association fold

Bhushan Power & Steel, which was recently taken over by JSW Steel, has also re-entered the ISA fold

SAIL shares surge 7% after best quarterly sales in March quarter

Shares of Steel Authority of India Ltd (SAIL) on Monday soared 7 per cent after the company clocked its best ever quarterly sales at 4.27 million tonnes in the latest March quarter.

JSPL sees34% rise in output; sales jump 37% in January-March FY21

Steel producer JSPL on Monday reported a 34.41 per cent rise in its output, and the sales grew 37.41 per cent during the quarter ended March 31.

India's steel output reports marginal fall to over 19 MT in Jan-Feb 2021

India's crude steel output fell by 1 per cent to 19.1 million tonnes (MT) during the first two months of 2021, according to worldsteel

Adani Group rules post-pandemic rally in FY21, adds Rs 5.34 trn to m-cap

The analysis is based on a common sample of 1,056 companies that are a part of the BSE 500, BSE MidCap, and BSE SmallCap indices

From JSW to SAIL, major steel companies' stocks show strong upside

Brokerages bullish on improving cycle and higher prices