Steel

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

Thyssenkrupp to cut 11K jobs at steel division in major corporate shakeup

Germany's largest steelmaker, a division of Thyssenkrupp AG , is under pressure from cheaper Asian competitors, high power prices and a weakening global economy,

Chinese steel exports booming higher but here's why that won't last

Unless Beijing rips up its current playbook and decides to re-inflate the housing market or splurge on infrastructure, then steel consumption in China is in long-term decline

Turkey imposes anti-dumping duties on steel imports from China, India

Duties imposed on imports from China range from around 15% to 43%, and tariffs imposed on imports from Russia, India and Japan go from 6% to 9%, according to the decision

India's finished steel imports from China hit 7-year high in April-August

China was the largest exporter of finished steel to India during this period, followed by South Korea and Japan, primarily shipping stainless steel, hot-rolled coil steel, galvanised sheets, plates

Vibhor Steel Tubes IPO subscribed nearly 300 times on final day of bidding

The initial share sale of steel pipes manufacturer Vibhor Steel Tubes Ltd subscribed nearly 300 times on the final day on Thursday, driven by overwhelming participation from institutional investors. The IPO received bids for 1,07,36,25,993 shares against 35,92,445 shares on offer, garnering a 298.86 times subscription, as per NSE data. The portion for non-institutional investors got subscribed by a whopping 721.34 times, while the quota for retail individual investors (RIIs) received 188.17 times subscription. The category for qualified institutional buyers (QIBs) attracted bids 178.73 times. On Monday, Vibhor Steel Tubes collected nearly Rs 22 crore from anchor investors. The price band has been fixed at Rs 141-151 per share. The Haryana-based Vibhor Steel Tubes's initial public offering (IPO) comprises a fresh issue of equity shares with a face value of Rs 10 each, aggregating to an issue size of up to Rs 72.17 crore through the book-building route. Proceeds from the issue will

NMDC Q3 results: Net profit rises 62% to Rs 1,470 cr, income at Rs 5,746 cr

State-owned NMDC on Wednesday posted a 62 pc rise in consolidated net profit to Rs 1,469.73 crore in the December quarter, pushed by higher income. It had clocked a net profit of Rs 903.89 crore in the year-ago period, the mining company said in an exchange filing. The company's total income surged to Rs 5,746.47 crore over Rs 3,924.75 crore a year ago. NMDC's expenses stood at Rs 3,516.78 crore in the third quarter of the current fiscal as against Rs 2,693.01 crore a year ago. The board of the company has also approved an interim dividend of Rs 5.75 per equity share for 2023-24 and fixed February 27 as the record date for the purpose. NMDC, under the Ministry of Steel, is India's largest iron ore mining company contributing to around 20 per cent of the country's demand of the key steel making raw material.

Steel products manufacturer Goodluck India raises Rs 200 crore via QIP

Steel products maker Goodluck India Ltd on Thursday said it has raised around Rs 200 crore through issue of equity shares on Qualified Institutional Placement (QIP) basis. Its board on Wednesday approved the issue and allotment of 21,27,659 equity shares to Qualified Institutional Buyers (QIBs) at an issue price of Rs 940 per share at a premium of Rs 938 per share, aggregating to nearly Rs 200 crore, the company said in a statement. Goodluck India successfully raised nearly Rs 200 crore in the QIP round, it said. MC Garg, Chairman of Goodluck India, said, "The recently concluded round of fundraising is well in line with the company's growth strategy." The company also floated a wholly-owned subsidiary, Goodluck Defense and Aerospace Private Limited, which will cater to the extensive needs of the defence and aerospace industries. Goodluck India manufactures a wide range of engineered steel structures, precision/auto tubes, forging for defence and aerospace, CR (cold rolled) product

Jindal SAW Q3 results: Net profit rises over twofold to Rs 532 crore

The company posted a consolidated profit after tax of 5.32 billion rupees ($64.1 million) for the quarter ended Dec. 31, 2023 from 2.14 billion rupees a year ago

Jai Balaji Q3 results: Net up 740% to Rs 234 cr, plans Rs 1,000 cr capex

Steel major Jai Balaji Industries Ltd on Monday announced a 740 per cent rise in net profit for the third quarter ended December 2023 at Rs 234.6 crore over the corresponding quarter in 2022, despite flat quarterly revenue of Rs 1539 crore. The company, which posted a Rs 28 crore net profit in the third quarter of the 2022-23 fiscal, attributed the surge in profit to its focus on higher-value products and cost efficiency. Jai Balaji also disclosed plans to invest Rs 1,000 crore over the next 12-18 months to ramp up the share of value-added products to 80 per cent from the current 50-55 per cent. The expansion will propel the company's revenue to Rs 9500-10,000 crore in FY25-26 with an EBIDTA of 18-20 per cent, officials said. Chairman Aditya Jajodia hailed the quarter as the "best in profitability" in the company's history, marking a strong turnaround. He highlighted the significance of the Rs 1,000 crore investment, the first in a decade due to financial and market-driven slowdow

How billionaire Lakshmi Mittal's brother got a $500 mn bailout in Nigeria

Pramod Mittal, whose career in the steel industry has been less glittering than his better-known sibling has a string of abandoned factories and a trail of unpaid debts to his name

Will India now replace steel crash barriers on highways with bamboo?

The Ministry of Road Transport and Highways Is keen on the technology's adoption and has already run pilots

India criticises safeguard measures on steel import by EU, UK at WTO meet

Certain WTO countries, including India, Switzerland, Russia, and Japan, have criticised the safeguard measures imposed by the EU and the UK on imports of certain steel products, stating it is inconsistent with global trade rules, an official said. The comments were made by these countries during the meeting of World Trade Organisation's (WTO's) Safeguards Committee on Wednesday. The Geneva-based official said, "Switzerland, Brazil, Japan, China, Korea, Russia and India criticised the European Union's decision to maintain its safeguard measure on imports of certain steel products, which was imposed by the EU after the US imposed additional duties on steel imports during the Trump administration. These members regretted the EU's decision not to terminate the measure during a recent review and argued the safeguard was inconsistent with WTO rules, the official said. However, the EU argued that the safeguard will expire at the end of June 2024. Further India, Korea, Switzerland, Japan,

JSW Steel, ArcelorMittal in race to buy Vedanta mines, steel assets

Vedanta's ask price for both assets at Rs 10,000 cr

Strong domestic demand, raw material cost, pushing up steel prices

Flat steel prices began their ascent from August after experiencing a slump between May and July. Nevertheless, trade prices remain shy of their April marks

Upgrading iron plants could lower 2 yrs' worth of emissions by 2050: Study

Roughly two years' worth of global carbon emissions could be cut down by 2050 if iron and steel plants worldwide were upgraded earlier than their scheduled repair, scientists report in a new Nature study. While upgrading these processing plants with low-emissions technology five years earlier than their scheduled refit could lower 70 gigatonnes of carbon emissions, retrofitting them at their scheduled refit could cut down roughly 60 gigatonnes of emissions, the researchers from the University College London, UK, said in their study. Most of the total projected carbon savings, about 74 per cent, could be achieved by upgrading blast oxygen furnaces globally, all of which contribute to around 63 per cent of the world's steel production, the research team found by creating a vast database of more than 19,500 individual processing units across nearly 4,900 iron and steel plants. The second highest net carbon savings (16 per cent of the projected total) could come from retrofitting electr

India imposes anti-dumping duty on some Chinese steel for 5 years

India on Monday imposed an anti-dumping duty on some Chinese steel for five years, according to a government notification

Co-monitoring mechanism for steel exports between India, US at final stage

India and the US are in the final stages of setting up a joint monitoring mechanism to enable domestic exports of certain steel and aluminium products to America without paying extra duties, an official said. Indian exports of these products attract additional duties in the US as Washington, in 2018, imposed a 25 per cent import duty on steel products and 10 per cent on certain aluminium products on grounds of national security. In retaliation, India in June 2019 imposed additional customs duties on 28 American products. During the visit of Prime Minister Narendra Modi in June, the two countries decided to remove trade irritants and as part of that both sides agreed to end six trade disputes at the World Trade Organisation (WTO). They have mutually resolved those six disputes and India has decided to remove additional duties on eight US products, including chickpeas, lentils and apples, which were imposed in 2019. The US, on its part, has agreed to provide greater market access to

ArcelorMittal looks to rope in Indian climate tech start-ups to go green

Launches first country-specific accelerator programme to achieve decarbonisation goal

Steel TMT rebar prices cool off to 2-year low, trend to continue: Report

The prices of TMT rebars -- a key requirement for infrastructure projects -- are trading at 24-month low levels and the trend is expected to continue for the next few quarters, SteelMint said. Rates of TMT bars produced through blast furnace (BF) route have touched Rs 51,400/tonne level and rebars manufactured through induction furnace (IF) are trading at Rs 47,493 a tonne, the research firm said. The latest prices were registered on July 23. Such level for TMT bars produced via BF route was last witnessed in August 2021 when the rate of rebar was Rs 51,625 per tonne. While IF made rebars were priced at Rs 47,041/tonne in July 2021, SteelMint data showed. Since then the prices have maintained an upward movement to reach their all-time high levels -- Rs 72,880 per tonne (BF route) in April 2022 and Rs 68,418 per tonne in March 2022, it said. A SteelMint analyst cited slowdown in demand on account of inflationary pressures as the main reason for fall in prices. "Steel exports from