Page 2 - Steel

Steel major JSPL Mauritius' arm makes $ 357-mn prepayment to lenders

Homegrown steel major JSPL on Sunday said its subsidiary in Mauritius has made a prepayment of USD 357 million to lenders. The prepayment will help clear the entire debt on Jindal Steel & Power (Mauritius) (JSPML), Jindal Steel and Power Limited (JSPL) said in a statement. "Jindal Steel & Power (Mauritius) has prepaid a USD 357 million loan to its lenders. (Entire) overseas debt will get entirely paid in the coming quarters," it said. Over the past three years, JSPL said, it has been able to reduce its overseas debt from USD 1.8 billion to USD 130 million. The bulk of its overseas debt now sits in its Australian subsidiary at USD 113 million, it added. In September 2021, JSPL had announced making a pre-payment of USD 106 million to the lenders of its arm Jindal Steel & Power (Australia) Ltd. As per the company statement, JSPL Group's net debt has come down from a peak of Rs 46,500 crore to Rs 10,981 crore in December 2021. "We are pre-paying our lenders to further ...

Russian-Ukraine war impact: Steel producers feel a new pinch in India

The Russia-Ukraine crisis has seen product prices soar, but raw material costs are rising even further

Bright outlook for steel makers over fears of Ukraine war-led supply crunch

High input costs amidst supply disruptions, and adverse change in output/demand in key markets like China are downside risks

Iron ore spikes, but China intervention fears weigh

Dalian and Singapore iron ore futures advanced on Wednesday, reflecting optimism about demand prospects for steel products and raw materials in China, but concerns about China intervention weighed.

JSW Steel reports 15% rise in crude steel production for the month of Jan

JSW Steel on Friday reported 15 per cent rise in crude steel production at 16.46 lakh tonne for the month of January. The company's crude steel production was at 14.32 lakh tonne (LT) in January 2021, JSW Steel said in a filing to BSE. "JSW Steel reported the crude steel production for the month of January 2022 at 16.46 lakh tonne, that grew by 15 per cent Y-o-Y on standalone basis," the filing said. The production of its flat-rolled products increased by 23 per cent to 12.47 LT over 10.14 LT in January 2021. Its output of long-rolled products registered a growth of 4 per cent to 3.74 LT, as against 3.59 LT in January 2021. The expansion project at Dolvi works, which commenced commercial operations in November last year is gradually ramping up capacity utilisation. JSW Steel is the flagship business of the diversified USD 13 billion JSW Group. As one of country's leading business houses, JSW Group also has other business interests in sectors such as energy, infrastructure, ceme

Pressure easing at auto, consumer appliance firms as input costs cool down

Manufacturers, however, remain watchful of inflationary trend, even as their prices hikes begin to outpace incremental costs

India's crude steel output grows 18% to 118 MT in 2021, says worldsteel

India's crude steel production rose by nearly 18 per cent to 118 million tonne (MT) in 2021, while world leader China recorded a 3 per cent decline to 1 032.8 MT, according to worldsteel.

JSW push to see Bhushan Power & Steel post best-ever performance in FY22

Firm has been able to achieve full capacity utilisation; Exports ramped up, accounted for 36% of sales mix in Q3FY22

Steel firms expect higher offtake from auto in Q4 after weak show earlier

It isn't clear how soon the chip shortage will get sorted, but analysts expect a gradual easing of constraints. Over a two-year timeframe, strong growth is expected from CVs and PVs

Steel firms roll over prices in January after steep correction in December

The rationale for prices to hold rests on a bunch of factors. Indian prices while similar to import price parity were still among the lowest prices globally, companies point out

India's 2022 steel consumption seen strong amid muted prices, infra push

Offtake is expected to jump to 111 million tonnes in CY2022 after a severely impacted year CY2020 which saw consumption falling to 89.3 million tonnes, said Care Ratings in a recent report

Domestic steel prices to soften 10-15% in 2022: S&P Global Platts

Domestic hot-rolled coil prices are expected to average Rs 53,550-56,700 a tonne in CY 2022. This compares with Rs 63,000 per tonne YTD in 2021, which is 58% higher than Rs 39,761 per tonne in CY2020

Govt support will spur industry to shift to low-carbon steel: Sajjan Jindal

The JSW group CMD says steel industry has a crucial role to play in India's pledge to Net-Zero by 2070

Subdued demand reduced freight rates for mining, steel in Nov: Crisil

Freight rates for mining, cement, and steel have seen some corrections on-month in November as infrastructure-building activities were subdued, ratings agency Crisil said.

Steel prices weaken on local, global cues, short-term blip, say companies

While huge production cuts in China have driven down prices; companies see demand improving in international market going forward

Steel firms hike prices by up to Rs 3,500 a tonne on input cost pressure

Analysts say coking coal prices more than tripled in the past five months to $390-400 a tonne in October

JSW Steel to invest Rs 150 crore to set up steel facility in Kashmir

The planned downstream manufacturing facility of capacity 120,000 tonne per annum will also house special lines to produce 'Steel Sandwich Panels' and 'Steel Doors'

Tata Steel commissions 5-tonne-per-day carbon capture plant at Jamshedpur

Is country's first steelmaker to adopt such a technology that extracts CO2 directly from blast furnace gas; will reuse captured CO2 on-site to promote circular carbon economy

Jindal Steel and Power prepays $106 million debt for Australian arm

JSPL has made a pre-payment of USD 106 million (about Rs 777.4 crore) to the lenders of its arm Jindal Steel & Power (Australia) Ltd. Without sharing further details, the steelmaker said the prepayment has helped the company reduce the "Australian debt" by approximately 50 per cent. In a statement on Wednesday, Jindal Steel and Power Limited (JSPL) said through its step down subsidiary, Jindal Steel & Power (Australia) Ltd it has made a pre-payment of 105.66 million USD (approximately Rs 777.4 crore). The company is now aiming to clear all its overseas debt in the coming quarters, the statement said. JSPL Managing Director V R Sharma said, "We are paying back to lenders before time in order to strengthen our balance sheet. The company is aligned with the India growth story and we want to become a net debt-free company by FY23 through accelerated deleveraging". Part of O P Jindal Group, JSPL has a presence in steel, power and mining sectors. The company has made investments ...

SAIL to double capacity to 50 mn tonnes by 2030, starts land bank study

The last phase of expansion by SAIL entailed raising capacity from 12.8 mt to 21.4 mt. But the plan, conceived in 2006-2007, was delayed due to the 2008 global financial crisis