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Steel Growth

Firms committed to investing Rs 27,106 cr under PLI scheme for steel: MoS

MoS for Steel and Heavy Industries Bhupathiraju Srinivasa Varma said that steel is deregulated sector and decisions such as investment, production are based on techno-commercial considerations

Updated On: 08 Feb 2025 | 6:58 AM IST

India remains net importer of steel in Apr-Jan; imports surge over 20%

India stayed net importer of steel with the inbound shipments rising over 20 per cent to 8.29 million tonnes during the April-January period of this fiscal, official data showed on Friday. The country had imported 6.89 million tonnes (MT) of steel in the 10-month period of 2023-24 financial year. "India was a net importer of finished steel. Import of finished steel was at 8.292 MnT, with a year-on-year (y-o-y) growth of 20.3 per cent," according to the data. Against imports, exports have shrunk to 28.9 per cent to 3.994 MT during the said period compared to 5.619 MT in April-January period of preceding fiscal year. Steel and stainless steel industry players have been consistently raising the issue of import with the government, claiming the surge in inbound shipments from select group of countries including China has affected their competitiveness. Recently Steel Secretary Sandeep Poundrik said that India needs to add 100 million tonnes (MT) of steel making capacity by 2030 on ...

Updated On: 07 Feb 2025 | 3:39 PM IST

Tata Steel Q3 preview: Analysts estimate losses; revenue may fall up to 7%

On the bourses, Tata Steel shares closed 0.38 per cent lower at Rs 130. In comparison, BSE Sensex settled 0.43 per cent lower at 76,190.46 levels, on Friday, January 24, 2025

Updated On: 27 Jan 2025 | 10:56 PM IST

Rise of US Steel paralleled arrival of United States on world stage

President Joe Biden blocked the USD 15 billion acquisition of US Steel by Japan's Nippon Steel on Friday something he had first vowed to do in March. His decision comes after the Committee on Foreign Investment in the United States, known as CFIUS, failed to reach consensus on the possible national security risks of the deal last month. The rise of US Steel, a storied American company, runs parallel to the arrival of America on the world stage. With roots dating to the late 19th century, US Steel has produced the materials used for everything from the nation's bridges and skyscrapers, to its tanks and battleships. Following is a brief history of the company. The origins of a manufacturing giant What eventually became the largest corporation in the world was created by J.P. Morgan and others who financed the merger of Andrew Carnegie's Carnegie Steel Co. with rival Federal Steel at the start of the 20th century. It instantly became the world's first USD 1 billion company. In 1907

Updated On: 04 Jan 2025 | 6:48 AM IST

Steel ministry urges FinMin to hike Customs duty to counter Chinese threat

The steel ministry believes that a higher import duty, if implemented, could mitigate the adverse effects of a rise in cheaper imports of finished steel, particularly from China

Updated On: 25 Dec 2024 | 11:59 PM IST

Capacity utilisation of domestic steel may hit 4-year low in FY25: ICRA

Following the post-Covid metals rally, the domestic steel industry was able to achieve the "impossible trinity" of maintaining above 80 per cent capacity utilisation rates

Updated On: 12 Dec 2024 | 10:29 PM IST

Return of bad ideas & missing reformers: Steel lobbying and lost reforms

There are three perfectly timed triggers for this week's column: Old, povertarian instincts are back; the steel industry lobbying for more import duties; and the absence of reformers like A D Shroff

Updated On: 07 Dec 2024 | 9:30 AM IST

JSW Steel Q2 Preview: PAT likely to fall 96% YoY; volumes, realisation eyed

Analysts noted that Q2 is typically weaker than Q1 in terms of volumes and prices due to seasonal factors like the monsoon and maintenance shutdowns.

Updated On: 23 Oct 2024 | 1:29 PM IST

Secondary long steel makers likely to see 7% rise in FY25 revenues: CRISIL

Producers of long steel products in the secondary sector are expected to see a 7 per cent growth in their revenues in the ongoing financial year, Crisil Ratings said on Thursday. Secondary steel makers produce recycled products using electric arc furnace (EAF) and induction furnace (IF). Secondary steel players witnessed 4 per cent rise in their revenues in preceding 2023-24 fiscal year, the ratings agency said in its report. "Secondary long steel producers will see revenue grow 7 per cent this fiscal, up from 4 per cent last fiscal, riding on robust domestic demand fuelled by central government spending on housing and infrastructure," it said. This fiscal, the central government's spending on rural and urban housing and infrastructure projects, particularly under Pradhan Mantri Awas Yojana and the National Infrastructure Pipeline, will sustain demand. The uptick seen in the first half of the fiscal will pick up pace in the second half. Rahul Guha, Director, Crisil Ratings, said:

Updated On: 17 Oct 2024 | 4:56 PM IST

Chinese stimulus to real estate checks steel price slide, worries persist

A BigMint analyst said China's latest economic stimulus measures provided a short-term boost to steel prices, driven by infrastructure spending and interest rate cuts

Updated On: 16 Oct 2024 | 1:35 PM IST

Nippon Steel to sell $211 mn in assets to manage debt amid US Steel deal

The Japanese company's debt-to-equity ratio is expected to increase to 0.9 from 0.5 as a result of the US Steel deal which both companies target to close by the end of December

Updated On: 20 Sep 2024 | 2:26 PM IST

India to hold more talks over import curbs on steelmaking raw material

In June, India's federal steel ministry also wrote to the trade ministry to make clear it did not favour limits on imports of met coke, citing risks to domestic output

Updated On: 28 Aug 2024 | 2:46 PM IST

Steel sector's tech investment likely to hit $2.7 bn by 2030: Report

The investments in process and digital technologies across the steel value chain in the country are expected to grow up to USD 2.7 billion by 2030, according to a report. These investments will advance technological capabilities and drive progress toward a more efficient and sustainable mining and steel industry, the FICCI-Deloitte Report said on Thursday. "The investment in process and digital technologies across the steel value chain in India is projected to increase from USD 1-1.2 billion in 2024 to USD 2.3-2.7 billion by 2030, excluding ERP upgrades," said the report on 'Automation, Digitalisation and Technology Integration for the Indian Mining and Steel sector'. The year 2030 is significant for the domestic steel industry as the government's National Steel Policy 2017 aims to scale up India's installed steel-making capacity to 300 million tonne by 2030. As per the report, the per capita steel consumption is anticipated to reach 160 kg by 2030 and around 220 kg by 2047. Digit

Updated On: 22 Aug 2024 | 4:19 PM IST

Congress slams govt over bid to privatise steel plants, suffocate industry

The Congress on Saturday attacked the government over attempts to privatise steel plants, alleging the country's industrial base is being "suffocated" and Union Steel Minister H D Kumaraswamy is party to it. Congress general secretary in-charge communications Jairam Ramesh cited a written reply in the Rajya Sabha by Kumaraswamy. "Yesterday in the Rajya Sabha, the Minister for Steel revealed that the Modi Government has attempted and failed to privatise 4 steel plants and is currently attempting to privatise another 2," Ramesh said on X. None of these six privatisations were necessary, he argued. "Perhaps the Government's incompetence in enacting its own decisions, however ill-founded, is a small mercy," he said. However, these PSUs are now in a state of inactivity, and will be for an indeterminate period of time, Ramesh said. "The Government will not invest in them - in fact, there is evidence that the Government is actually systematically trying to further throttle these units t

Updated On: 10 Aug 2024 | 3:35 PM IST

Indian steelmakers seek to soften proposed import curbs on key ingredients

The Indian Steel Association said in a letter, dated Aug 1, to the country's federal trade ministry that the proposed metallurgical coke import quota could hit the ramp-up of blast furnaces

Updated On: 09 Aug 2024 | 5:11 PM IST

India shelves plan to form consortium for coking coal import: Report

Some steelmakers believe they will cease to get a discount under their long-term deals if they negotiate through a consortium, reports stated

Updated On: 06 Aug 2024 | 4:44 PM IST

Steel industry in talks with govt for level-playing field: Sajjan Jindal

Cheap imports affecting domestic companies' margins, says chairman and managing director of JSW Steel

Updated On: 26 Jul 2024 | 11:42 PM IST

SAIL to make Rs 6,500 cr capex investment in FY25: CMD Amarendu Prakash

Steel Authority of India Ltd will be investing Rs 6,500 crore towards capex during the current financial year as part of its Rs 1 lakh crore investment plan over the next few years, SAIL CMD Amarendu Prakash said on Friday. Speaking to mediapersons on the sidelines of a programme organised by Indian Steel Association here, Prakash said the steel industry approached the government seeking measures to control the dumping of cheap metal by China into India and hoped that steps will be taken to address the menace. "This year, the capex target is Rs 6,500 crore. We also have regular capex on maintaining our facilities, as well as debottlenecking exercises. Most of the capex expansion (Rs 1 lakh crore by 2030) will start flowing from FY26. In the first phase from (the capacity) 20 million tonnes, we go to 35 million tons tonnes per annum by 2031. In the next phase, we will make it 50 million tonnes," the SAIL CMD told reporters. In the past, SAIL management had informed investors about a

Updated On: 05 Jul 2024 | 5:45 PM IST

ICRA revises domestic steel consumption growth upwards to 9-10% for FY25

Domestic steel consumption between February to April 2024 registered a growth of 11.3 per cent

Updated On: 03 Jun 2024 | 2:25 PM IST

India's steel demand boom to continue, to grow at 10% over next few years

The domestic steel demand is expected to grow at a rate of 10 per cent over the next few years, supported by the government's focus on infrastructure, Steel Secretary Nagendra Nath Sinha said on Wednesday. The official made the remarks addressing a 'CII Conference on Future Ready and Green Manufacturing' conference in the national capital. With the government's focus on infrastructure, the domestic steel demand will grow in double-digits, he said. "The demand has grown by 13-14 per cent year-on-year in the financial year 2023-24. It will continue to grow by 10 per cent in the future," Sinha said. As per official data, crude steel production was around 145 million tonnes (MnT) in 2023-24 financial year, up from 127 MnT in the last fiscal. Consumption stood at 136 Mnt in the financial year 2023-24, as against 120 MnT in 2022-23.

Updated On: 08 May 2024 | 1:50 PM IST