Page 4 - Steel Producers

Industry body PHDCCI bats for having regulator to check steel prices

The chairman of the PHDCCI's metals and minerals committee made the request to the government at a session to discuss the issues faced by the stakeholders of the industry

French prosecutors widen investigation into Sanjeev Gupta's GFG group

The investigation was launched in July after suspicious activities were reported by public officials

Jindal Stainless second quarter net profit grows 5-fold to Rs 412 cr

Demand from all major end-use segments like process industry, pipe and tube, railways and wagons, and metro rail grew during the quarter

Steelmaker POSCO reports highest-ever quarterly operating profit in Q3

The South Korean steelmaker reported its highest-ever quarterly operating profit in the third quarter

Coal shortage may prove a hurdle in the recovery of smaller steel players

Many units in this space expect capacity utilisation levels to drop drastically a few months down the line due to the crunch in the supply of the fossil fuel

Government notifies PLI scheme guidelines for specialty steel

The government on Friday said it has notified guidelines for the recently announced Production Linked Incentive (PLI) scheme for specialty steel. On July 22, the Union Cabinet chaired by Prime Minister Narendra Modi had approved the Rs 6,322-crore PLI scheme to boost production of specialty steel in India, attract additional investment of about Rs 40,000 crore and generate fresh 5.25 lakh job opportunities. In a statement, the Ministry of Steel said that "guidelines for an effective operation and smooth implementation of PLI Scheme have been notified on October 20, 2021 on the website of the ministry. Guidelines offer clarity on operational aspects of the scheme such as the application, eligibility, disbursement of incentive and so on". The five categories of specialty steel which have been included in the PLI scheme are coated/plated steel products, high strength/wear resistant steel, specialty rails, alloy steel products, steel wires and electrical steel, the ministry ...

JSW Steel Q2 consolidated net profit rises 350% to Rs 7,170 crore

Saleable steel sales for the quarter stood at 3.83 million tonne (Indian operations excluding JVs), an increase of 10 percent sequentially

Tata Steel rating raised to 'BBB-' on reassessment of group support: S&P

Ratings agency places stable outlook on Tata Steel on continued deleveraging efforts

India to buy coking coal from Russia; Steel firms look to diversify imports

Move is part of India's National Steel Policy 2017 under which the country aims to reach 300 mn tonne steel output by 2030 while simultaneously working on forward and backward integration

Coal shortage in India leads to soaring costs for steel producers

'Mills are paying more than four times the normal costs for procuring coal from e-auctions and from mines'

India's steel output expected to jump 18% to 120 MT in FY22: MoS Steel

India's crude steel output is expected to soar about 18 per cent to 120 million tonnes (MT) by the end of the ongoing financial year, Minister of State (MoS) for Steel Faggan Singh Kulaste said

Ahead of Q1 results, Tata Steel rallies on rare double ratings upgrade

An improving balance sheet is aiding the bullish sentiment as Tata Steel joins scores of Indian corporates who are using record-low interest rates to trim their liabilities.

S&P upgrades Tata Steel's long-term issuer rating to 'BB' from 'BB-'

The outlook on ratings is stable and reflects the view that the company can adequately deleverage to reduce volatility in credit metrics during industry downturns

Steel producers likely to raise prices in August, albeit marginally

Slight uptick in demand, huge gap between domestic and global prices could drive the decision

Union Cabinet approves Rs 6,322-cr PLI scheme for specialty steel

The scheme has an employment generation potential of about 525,000 of which 68,000 will be direct and the rest will be indirect employment, says govt

Stressed steel plants acquired via IBC seeing faster turnaround: CRISIL

The steel plants acquired via IBC process include Bhushan Steel, Essar Steel, Electrosteel Steels, Monnet Ispat & Energy Ltd and Bhushan Power & Steel

India starts probe into alleged dumping of electrogalvanized steel

India has initiated a probe into alleged dumping of electrogalvanized steel, used in auto and electronics industries, from Korea, Japan, Singapore following a complaint by a domestic company.

Steel makers push for exports as rural stress impacts domestic demand

Rural off-take has taken a hit due to increased spend on health and lower incomes

Decarbonisation, ESG a challenge and opportunity for steelmakers: EY Report

The major challenge that remains in the face of more stringent emission targets is to significantly reduce emissions in the steelmaking process, says the report

Chhattisgarh steel plant demerger to be completed in third quarter: NMDC

NMDC produced 34.15 million tonnes and sold 33.25 million tonnes of iron ore during the financial year 2020-21.