Steel Producers

AMNS Luxembourg signs $5 bn loan deal with Japanese banks for Indian ops

The loan proceeds would be used to finance the expansion of the plant at Hazira, Gujarat, from nine million tonnes (mt) to 15 mt

Jamshedpur Steel city is celebrating its 184th Founders Day today

The Tata Founders Day is celebrated on the birth anniversary of Jamsetji Nusserwanji Tata, who founded the Tata group

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

Steel production to be doubled to 300 MT per annum by 2030: Scindia

The government, he told the gathering, has awarded 54 applications submitted by 26 companies under the production linked incentive (PLI) scheme for specialty steel

NMDC's Q3 consolidated net profit more than halves to Rs 904 crore

State-owned NMDC's consolidated net profit more than halved to Rs 903.89 crore for the December quarter, mainly on account of lower income. The company had clocked a net profit of Rs 2,046.88 crore in the October-December period of the preceding 2021-22 fiscal, the miner said in a regulatory filing on Tuesday. Its total income also tumbled to Rs 3,924.75 crore from Rs 6,026.68 crore in the year-ago quarter. Total expenses were at Rs 2,693.01 crore, as against Rs 3,332.44 crore a year ago. NMDC, under the Ministry of Steel, is the country's largest producer and supplier of iron ore.

Govt to push producers to use recycled steel as 50% input by 2047: Scindia

Union Steel Minister Jyotiraditya Scindia on Saturday said his ministry will push primary steel producers to use 50 per cent of their input from scrapped/recycled steel by 2047 to help achieve the government target of moving into a circular economy. Currently, the level of recycled steel usage in primary steel production is only around 10 per cent even though recycled steel contributes to 22.5 per cent of the domestic total steel production of 140 million tonnes, the minister said while addressing the last day of the three-day international conference of material recycling here. The 10th conference is being organised by the Material Recycling Association of India and is attended by over 2,000 delegates from 38 countries. Noting that recycling is the key cog in the wheel of manufacturing as economies move into a circular model of development, he said, "Going forward the industry should focus on the 6Rs philosophy of reduce (exploitation of natural resources), recycle, reuse, recover,

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

Jindal Steel and Power says enquiries from European buyers on rise

We did see some increase in the order book and a lot of enquiries (from Europe): Bimlendra Jha, managing director of Jindal Steel and Power

Odisha collects Rs 28,973 cr mining revenue in current financial year

The Odisha government has collected a total of Rs 28,973.43 crore revenue from mining up to January 17 of the current financial year, state Steel and Mines Minister Prafulla Mallik here on Friday

2023 could be another strong yr for coal as demand may reach record levels

Coal India, companies with captive coal mines in steel, power and other sectors will be at an advantage

Domestic demand for finished steel to grow 8% this fiscal year: Icra

The demand for finished steel in India is expected to grow eight per cent this year compared to 2021, according to rating agency Icra. Supported by the government's infrastructure-led growth model, domestic finished steel demand has registered a double-digit growth of 11.9 per cent in the first eight months of the current fiscal, the ratings agency said in a report on Wednesday. The demand is "poised to close the year with a growth of 8 per cent...7-8 per cent growth for FY 2022-23," Icra said. However, domestic steel companies "face a bumpier road ahead" as the external environment becomes more challenging due to elevated inflation/ energy prices and rising interest rates. Given the expectation of a slowdown in the pace of economic activity over the next few quarters, domestic steel demand growth is likely to moderate to 6-7 per cent in FY24, Icra said. Jayanta Roy, Senior Vice-President & Group Head - Corporate Sector Ratings at ICRA, said dependence on external financing to ...

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.

India's consumer good shipments to Russia rise for 2nd month in Oct: Govt

During October, India exported goods worth $280 million, up 3.7 per cent as compared to a year ago, led by demand for items such as vegetables, tea, coffee, chemicals as well as iron and steel product

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

Indian steel mills hopeful as demand rises, China eases Covid curbs

Prices have plummeted some 29% in domestic market after peaking in April

Arjas Steel to invest Rs 610 cr to augment capacity to 0.55 million tonne

Arjas Steel, formerly Gerdau Steel, on Wednesday announced a Rs 610 crore capex to increase its annual production capacity to 5.5 lakh tonne, adding over 37.5 per cent to its existing capacity across its Andhra and Punjab plants. The company operates two plants at Tadipatri in the Anantapur district of Andhra Pradesh and at Mandi Gobindgarh in Punjab. The Andhra plant has a current capacity of 3 lakh tonne while the Punjab facility, which it acquired in November 2020 for about Rs 100 crore produces 1 lakh tonne per year. Of the total capex, around Rs 350 crore will go into the Tadipatri plant expansion and the rest Rs 260 crore will go into the Punjab unit, Sridhar Krishnamoorthy, managing director said in a statement. The company said the capacity additions will be completed in 2025. Arjas supplies steel to energy, automotive, Railways, and defence units as well as exports. In Tadipatri, investments include a new Kocks sizing block from Germany which will help improve quality and

Crucial for India to secure its nickel needs, says Jindal Stainless MD

Firm's MD Abhyuday Jindal says next milestone after completing expansion would be to achieve 100% capacity utilisation, after which it may look at backward integration

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

After toys, govt looks to curb China electric fan, smart meter imports

Since the quality control order 3 years ago, toy import down 70 per cent

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