Page 2 - Steel Growth

Jai Balaji Industries Q4 results: Profit at Rs 273 crore, income up 15%

Jai Balaji Industries Ltd (JBIL), a city-based steel product company, on Thursday said it posted a standalone net profit of Rs 273 crore for the fourth quarter ended March 2024 against a loss of Rs 13 crore in the corresponding period last year. Total income grew by 15 per cent YoY to Rs 2002 crore in Q4 FY24. EBIDTA stood at Rs 397 crore during the quarter under review with a margin of 20 per cent, the company said in a statement. The PAT for the financial year 2023-24 was Rs 880 crore, an increase of 1421 per cent YoY jump over FY'23. "Our strategic focus remains on specialised products such as DI Pipes and Special-grade Ferro Alloys, which presently contribute to around 50 per cent to our revenue and the increase in sales will help in achieving higher growth in forthcoming quarters. We take pride in being India's largest recognized producer of special-grade ferro alloys wherein substantial share comes from exports," CMD Aditya Jagodia said.

SAIL-Bhilai supplies over 7,300 tonnes steel for Sela tunnel project

The total volume of steel supplied by SAIL for the project is 24,216 tonnes

AM/NS India will have 'robust financial discipline' while expanding: CFO

Acquisition is growth driver for AM/NS and its parent companies, ArcelorMittal and Nippon Steel, says Amit Harlalka

India becomes net importer of finished steel in FY23-24, shows govt data

The world's second-biggest crude steel producer remains a bright spot globally with robust demand from its construction and automotive sectors

JSW Steel floats subsidiary for production of hot, cold-rolled steel item

JSW Steel on Thursday announced incorporating a wholly-owned arm JSW Green Steel Ltd for the manufacture of hot-rolled and cold-rolled steel products. The arm was incorporated on February 27 in Mumbai and is yet to commence its business operations, JSW Steel informed the exchanges. JSW Green Steel Ltd has now become its wholly-owned subsidiary, the company said. "The new entity has been incorporated for manufacturing of hot-rolled and cold-rolled products of steel, which is in line with the main line of business of the company," JSW Steel said. Hot-rolled steel finds applications in sectors like automobile, agriculture etc, while cold-rolled steel is used by industries manufacturing, construction and home appliances, among others.

JSW to invest Rs 65,000 cr for integrated steel complex in Odisha

Plant will also have a captive power plant, cement manufacturing unit, township, jetties

India fastest growing economy in world, says Tata Steel CEO T V Narendran

Tata Steel CEO and Managing Director T V Narendran claimed India is the fastest growing economy of the world and the next three decades are important for the country on the development front. China has emerged rapidly during the last 30-40 years and the next 30 years are important for India, which is the fastest growing economy of the world, Narendran said while addressing the members of Singhbhum Chamber of Commerce and Industry (SCCI) here on Tuesday evening. "Currently, China is the largest steel-producing country in the world and we are second. In view of the global challenges being faced by the steel sector, we have to move forward keeping in mind the steel prices", the Tata Steel MD said. "Today, India is the world's fastest-growing economy and the infrastructure sector witnessed rapid momentum during last two/three years, which resulted in growing steel supply by the private steel major", he said. As Tata Steel's Jamshedpur plant is located in a densely populated area, there

Steel Authority suspends two directors at direction of anti-graft ombudsman

The suspension will not affect the company's performance, Chairman Amarendu Prakash said in a statement

Domestic steel vacuum bottle makers urge govt to check imports from China

The All India Steel Bottle Association (AISBA) has urged the government to take immediate measures to check the imports of sub-standard and cheap steel vacuum flasks into India. The imports of vacuum steel bottles from China and other countries are on the rise and the country has seen a 35 per cent increase in imports of the product from 2019-20 to 2022-23, the industry body said citing an official data. Bharat Agarwal, Treasurer of AISBA, also suggested the government not to extend import relaxation under a BIS (Bureau of Indian Standards) order which restricts quality approvals to such products beyond January 14, 2024. As per the order, he said, "January 14 is the last date by when the products getting imported are to be approved by the BIS". The products are not as per the BIS standards, hence the government must not extend the relaxation considering the issues faced by local manufacturers who have invested around Rs 1,500 crore in the Indian market, he said. "We have also not

ArcelorMittal to build world's single largest steel site at Hazira by 2029

ArcelorMittal will build the world's single biggest steel manufacturing factory at Hazira in Gujarat by 2029, company's executive chairman Lakshmi Mittal said on Wednesday. The factory will have a capacity of 24 million tonne per annum, he said speaking at the 10th Vibrant Gujarat Global Summit here. He said ArcelorMittal has signed MoUs with the Gujarat government for phase two of the Hazira plant in the summit. Prime Minister Narendra Modi had done the 'bhumi puja' for the first phase of the plant in 2021 and the construction is going on as per schedule for commissioning in 2026, Mittal said.

Steel industry hopes Budget will focus on infra, fair trade measures

Companies want support for capacity addition and anti-dumping measures against substandard imports

Govt plans state-backed consortium for coking coal imports: Report

Indian steel companies consume around 70 million metric tons of coking coal annually, and imports constitute around 85% of the country's total requirement

Govt envisions PLI 2.0 for steel sector in 2024; curbs on imports awaited

The government is working on Production Linked Incentive (PLI) scheme 2.0 as well as looking at ways to ensure adequate raw material supply for the steel sector in 2024, according to Union minister Faggan Singh Kulaste. While a robust economic growth will increase the demand for steel, industry players remain concerned about rising imports and high raw material prices amid geopolitical uncertainties. Production and consumption of steel have shown a strong recovery after the coronavirus pandemic that impacted the sector in 2020-21. During the April-November period this year, the cumulative production of crude steel was 94.01 Million Tonnes (MT), up 14.5 per cent year-on-year. The consumption of finished steel jumped 14 per cent to 86.97 MT on an annual basis during the same period, as per data from the steel ministry. India has set a target of having an installed steel manufacturing capacity of 300 MT by 2030. At present, the country has a capacity of around 161 MT. "We are prepari

India's steel import to be elevated at 6MT in FY24 on strong demand: CRISIL

India imported 4.26 MT finished steel in April- November 2023 and the import may touch 6 MT mark in the current fiscal mainly on account of strong domestic demand, according to a report by Crisil. The report comes at a time when steel players are registering strong concerns of surging imports. Global steel demand, which has been subdued since the onset of the Russia-Ukraine conflict, is expected to grow 1.6 per cent in 2023, after a sharp fall of 3.3 per cent in 2022, the global analytics company said. The tepid rate of growth rides largely on a buoyant 13 per cent growth in demand in India, which has bucked the trend so far, Crisil said. This fiscal, the steel sector in India is poised to clock its third consecutive year of double-digit growth at 11-13 per cent after growing 11.4 per cent and 13.4 per cent in fiscals 2022 and 2023, respectively. "Strong domestic demand, supported by government spending on infrastructure, building and construction segments, is expected to keep Ind

JTL Industries' board approves Rs 1,200 crore investment proposal

JTL Industries Ltd said its board has approved an investment proposal of Rs 1,200 crore in company's arm JTL Tubes Ltd to set up a project in Maharashtra. The investment will be funded partly from the internal accruals and partly from proceeds of a proposed issue, the steel pipes maker said on Monday. The company's board of directors has approved "issue of securities by way of qualified institutions placement (QIP) for aggregate amount not exceeding Rs 500 crore in one or more tranches, including green shoe option," the filing said. The board also approved a proposal to invest up to an aggregate sum of Rs 1,200 crore in wholly-owned subsidiary JTL Tubes Limited to set up a mega project in Maharashtra, an exchange filing said. JTL Industries Ltd (formerly known as JTL Infra Ltd) is the largest producer of electric resistance welded (ERW) steel pipes in India, with a capacity to produce more than 6 lakh metric tonnes per annum.

JSW Steel reports 11% rise in consolidated crude steel production in Nov

JSW's consolidated crude steel production was at 1.94 MT in the same month last year

Import influx, post-festival slack in demand prompt steel price correction

According to market sources, steel companies have corrected the list price by 2-3 per cent for December to align with the levels at which the market was operating

India's April-Oct steel imports from China at four-year high

China, the world's top steel producer, exported mostly cold-rolled coil or sheets to India, followed by hot-rolled coil products, plates, and pipes, among others

Steel demand to touch 190 MT-mark; production to reach 210 MT: SteelMint

India's steel demand is expected to grow at a CAGR of 7 per cent to touch 190 Million Tonne (MT) level by 2030, according to a report by SteelMint India. The demand will be largely fuelled by construction and infrastructure sectors, which contribute 60-65 per cent to the demand, the market research firm said. In 2030, India's steel demand is projected to reach 190 MT based on a 7 per cent Compound Annual Growth Rate (CAGR). "In the best case scenario, it can also reach 230 MT by 2030," the report titled 'India's Steel and Coking Coal Demand 2030' stated. The demand will also be pushed by sectors like auto and engineering, and factors like population growth, growing urbanisation, various government initiatives will be its key drivers. The demand is expected to touch 120 MT mark by 2023-end, and production will be at 136 MT, as per the report. India's crude steel production is expected to be at 210 MT by 2030, 45 per cent higher from production levels of 2023. Many countries, incl

JSW Steel's production grows 12% to 2.32 million tonnes in October

On a yearly basis, production from Indian operations in October grew 9 per cent to 2.23 million tonnes from 2.04 million tonnes