Steel Ministry

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

The government is considering merging pellet maker KIOCL with iron ore major NMDC. Union Steel Minister HD Kumaraswamy said that KIOCL is in critical condition. "The process is on to consider merging KIOCL and NMDC. KIOCL has also reported losses," he said on the sidelines of a press meet here to announce a revival package of Rs 11,440 crore for Rashtriya Ispat Nigam Ltd (RINL). The minister said the situation has occurred due to non-cooperation of the state (Karnataka) government. KIOCL Ltd, under the Ministry of Steel, operates a 3.5 million tonne per annum (MTPA) iron-oxide pellet plant and a blast furnace unit to manufacture 2.16 lakh tonne per annum pig iron at Mangaluru, Karnataka. NMDC is also an entity operating under the Steel Ministry. It caters to India's 20 per cent of iron ore demand.

Finance Minister Nirmala Sitharaman will present the federal budget for the 2025-26 fiscal year on February 1

Mining company NMDC aims to export iron ore pellets from KIOCL post the merger

The government will launch another round of production-linked incentive scheme for the steel sector on Monday. The 'PLI scheme 1.1' will be launched by the steel minister H D Kumaraswamy. "Union Minister of Steel and Heavy Industries...will launch 'PLI scheme 1.1' for the steel industry and call for applications...on January 6," the steel ministry said in a statement. To encourage domestic production of specialty steel and lower imports by drawing in capital investments, the government had earlier introduced the PLI scheme for specialty steel. The scheme has attracted investments worth Rs 27,106 crore, envisaging creation of 14,760 direct employment opportunities with an estimated production of 7.90 million tonnes of specialty steel. As of November 2024, companies have already invested Rs 18,300 crore and generated over 8,660 in employment. The government has been interacting regularly with the participating companies and based on feedback, it was felt that there was a scope to n

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

Safeguard duty is a temporary tariff barrier imposed by a country to protect its domestic industry from surge in imports

Taking up the concerns of domestic steel industry, the steel ministry on Monday proposed for a 25 per cent safeguard duty on import of certain steel items into the country. The proposal came at a meeting between Union Minister of Steel H D Kumaraswamy and Commerce and Industry Minister Piyush Goyal in the national capital, sources said. Senior officials from both the ministries and executives of top steel making companies like SAIL, Tata Steel, JSW Steel and AMNS India also attended the meeting, they said. "Held a meeting with stakeholders from the steel and metallurgical coke industries along with my colleague & Minister of Heavy Industries and Steel @HD_Kumaraswamy ji," Goyal said in a post on X. "With both industries playing a vital role in India's development journey, discussed ways to boost production, enhance quality, and further strengthen global competitiveness," the minister said. According to Kumaraswamy, the two ministries discussed ways to collaborate and ensure ease .

The government has infused around Rs 1,650 crore in state-owned RINL, gripped with operational and financial issues, according to an official document. The government is also taking various measures to keep RINL as a going concern, the Ministry of Steel said in a note. "In this regard, the Government of India has infused Rs 500 crore towards equity on September 19, 2024, and a working capital loan of Rs 1,140 crore on September 27, 2024," according to the document. It also said that SBICAPS, a wholly-owned subsidiary of the State Bank of India (SBI), is preparing a report on the sustainability of RINL. "RINL is in serious financial trouble, and the (Steel) Ministry is taking several steps to keep RINL as a going concern in consultation with the Ministry of Finance," it added. Rashtriya Ispat Nigam Ltd (RINL), under the Ministry of Steel, is a steel manufacturing company. It owns a 7.5 million tonne plant at Visakhapatnam in Andhra Pradesh. The company has been facing severe financ

NMDC continues to meet the country's iron ore demands, achieving a turnover of Rs 21,294 crore in financial year 2023-24

India, world's 2nd biggest crude steel producer, became a net importer of the alloy in the fiscal year to Mar 31, 2024, and the trend has continued since then, with imports from China rising steadily

The Centre is preparing to expand its steel quality control norms following a review that revealed an increase in substandard imports, primarily from China, threatening local industry

The government has assigned the additional charge of CMD RINL to Ajit Kumar Saxena, a regulatory filing said on Monday. Saxena is currently the Chairman and Managing Director (CMD) of MOIL, a PSU under the Ministry of Steel. "We have received an order...dated 29.09.2024 from Ministry of Steel assigning the additional charge of the post of CMD, RINL to Ajit Kumar Saxena, CMD, MOIL Ltd with immediate effect...," MOIL said in the filing. As per sources, Atul Bhatt the CMD of RINL is on personal leave from September 9 till November 30, which is also the date of his superannuation. Rashtriya Ispat Nigam Ltd (RINL), under the Ministry of Steel, is a steel manufacturing company. It owns and operates a 7.5 million tonne plant at Visakhapatnam in Andhra Pradesh. The company has been facing severe financial and operational issues. According to a steel ministry document, RINL is in serious financial trouble. It has been running at minimal capacity and facing continuous losses. The overall d

Increased imports from China and Vietnam into India, alongside Chinese supply in overseas markets, have made Indian exports uncompetitive in many regions, putting downward pressure on domestic prices

The request to finance ministry is to help RINL continue as a going concern

In May last year, when his party was defeated, many political observers saw it as an existential crisis for JD (S) and the 64-year-old Vokkaliga leader

Imports of low ash metallurgical coke by India, the world's second-biggest crude steel producer, have surged more than 61% over the past four years

The steel ministry's request comes against the backdrop of the final findings of the DGTR investigation released last week

Policymakers worldwide are seeking to reduce carbon emissions in their fight against climate change, with steel traditionally among the most polluting industries

The Steel Ministry has suspended two board-level officials of steel PSU SAIL and one director of iron ore major NMDC for alleged misconduct, according to exchange filings by the companies. SAIL also has suspended 26 other officials with immediate effect for violation of its code of conduct, the steel PSU said in a filing to BSE. The filing said the Ministry of Steel vide its letters dated January 19, 2024, "in exercise of the powers conferred by sub-rule (1) of Rule 20 of the Conduct, Discipline and Appeal Rules, 1977 of Steel Authority of India Limited, has placed V.S. Chakravarthy, Director (Commercial) and A.K. Tulsiani, Director (Finance) on suspension with immediate effect". Another Steel Ministry PSU NMDC also announced that its board-level official, V. Suresh, has been suspended with immediate effect. "Ministry of Steel...in exercise of the powers conferred by sub-rule 1 of Rule 20 of the Conduct, Discipline and Appeal Rules, 1978 of NMDC Ltd. has placed V. Suresh, Director