Steel Ministry

Commerce department examining steel ministry request on safeguard duty

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

Steel ministry proposes 25% safeguard duty on import of certain steel items

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 .

Govt infuses Rs 1,650 cr in state-owned RINL to keep it as a going concern

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-KIOCL merger on cards, awaits clearances from ministries, regulators

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

Steel ministry favours temporary tax to check imports, says report

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

Govt set to tighten quality norms amid rising substandard steel imports

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

Govt assigns additional charge of RINL's CMD to Ajit Kumar Saxena

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

Indian steel prices plunge to lowest level in over three years: BigMint

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

Steel ministry knocks on finance ministry's door for RINL support

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

Ex-Karnataka CM HD Kumaraswamy becomes heavy industries and steel minister

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

Ministry of steel bets against limiting imports of key raw material

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

Metallurgical coke curbs: Commerce dept, SteelMin tussle over import quota

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

India steel mills most at risk from EU carbon plan, says Goldman Sachs

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

3 directors of SAIL, NMDC suspended for misconduct with immediate effect

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

Jindal Stainless seeks zero customs duty on ferro nickel, ferro molybdenum

Jindal Stainless on Friday said it has sought continuation of zero customs duty on stainless steel scrap, steel scrap and pure nickel. "As we approach the Union Budget for 2024-25, we request continued support from the Ministry of Steel. In particular, we propose a long-term exemption of basic customs duty on ferro nickel and ferro molybdenum to ensure the industry's access to this important raw material at competitive rates. Additionally, we advocate for the continuation of zero customs duty on stainless steel scrap and steel scrap, besides pure nickel," Jindal Stainless Managing Director Abhyuday Jindal said in a statement. The present customs duty on ferro nickel is 2.5 per cent while in the case of ferro molybdenum it is 5 per cent. According to the statement, Jindal Stainless is confident that these proposals will help the stainless steel industry thrive. "We also request continuing export duty of 30 per cent on exports of chrome ore from the country. The issue of dumping and

Govt asks steel makers to enhance use of artificial intelligence in plants

The government on Friday asked steelmakers to enhance the application of artificial intelligence (AI) at their respective plants, as its usage can improve the value chain and energy management, according to an official statement. As the world looks at data-driven decision-making, the Indian steel industry needs to be at the forefront in implementing artificial intelligence technology in their operations, Union Steel Minister Jyotiraditya Scindia said, addressing a Chintan Shivir event here. The minister urged the stakeholders in the steel sector to enhance the application of artificial intelligence (AI) in their respective steel plants, the steel ministry said in a statement. "We in the steel sector need to understand that it is our responsibility to safeguard Mother Earth by embracing the concept of green steel and the latest technologies," Scindia said. Minister of State (MoS) for Steel Faggan Singh Kulaste said the usage of AI and automation can strengthen the value chain system

Ministry holds review meeting on surging steel imports from China, Vietnam

The government has reviewed the steel import situation amid concerns raised by the domestic industry over the increased inward shipments, according to an industry official. Steel players have been raising concerns with various ministries including steel and commerce over the surge in steel imports from select countries like China and Vietnam. The Ministry of Steel on Wednesday held a meeting to review the import situation in the country, an industry executive said. The meeting was chaired by steel secretary Nagendra Nath Sinha and attended by representatives of various steel companies. Several ministry officials also participated in the hour-long meeting, he said. "Steel makers informed the ministry that there has been a continuous surge in imports from countries like China and Vietnam despite the same type of steel being available in India," a Steel Ministry official said. When asked about the steps, the official said any action can be initiated only after the study of details ..

Steel ministry to soon finalise Sectoral Plan for Efficient Logistics

The steel ministry is expected to soon finalise its Sectoral Plan for Efficient Logistics (SPEL), the commerce ministry said on Friday. The ministry stated this during the 60th meeting of the Network Planning Group (NPG) on November 16. They also outlined their SPEL approach, encompassing in-depth supply and demand analysis for iron ore, forecasted requirements up to 2030-31 and beyond, strategic planning for future readiness in logistics. In the meeting, the coal ministry also presented its key findings on the integrated coal evacuation plan prepared under the aegis of Coal Logistics Policy 2023. The "Ministry envisages a 14 per cent reduction in rail logistics cost through railway network optimisation for coal logistics. Further, there is potential to lower Co2 emissions by 100,000 tonnes Co2 per annum by FY'30 due to a reduction in railway leads and the replacement of road transportation by rail," it said.

Coal scam: Delhi court awards 3-yr jail term to ex-steel ministry official

A Delhi court on Tuesday awarded three-year jail term to a former official of the Ministry of Steel in a coal scam case related to alleged irregularities in the allocation of a coal block in Chhattisgarh. In the 14th sentence in the coal scam, Special Judge Arun Bhardwaj also imposed a fine of Rs five lakh on convict Gautam Kumar Basak, former executive secretary, JPC (Joint Plant Committee), Ministry of Steel, holding him guilty of corruption in the allocation of Vijay Central Coal Block. According to the prosecution, an allegation was made against Prakash Industries Ltd., which had applied for the coal block in January 2007, that it had furnished false information about its capacity. The ministry had directed Basak to ascertain the truth of the allegation. The steel ministry official, according to the prosecution, submitted a false report in 2008 supporting the claims made by the company. The company and its director were earlier discharged by Delhi High Court in the case. The C

Coal scam: CBI seeks maximum punishment for ex-steel ministry official

The CBI has sought before a Delhi court seven-year jail term for a former official of the Ministry of Steel, who has been convicted in a case related to alleged irregularities in the allocation of a coal block in Chhattisgarh. The central probe agency on Saturday urged Special Judge Arun Bhardwaj to hand over maximum punishment of seven years to Gautam Kumar Basak, former executive secretary, JPC (Joint Plant Committee), Ministry of Steel. The CBI told the court that the convict did not deserve any leniency, claiming he had committed a very serious offence. The judge will pronounce the sentence in the matter on August 22. In the 14th conviction in the coal scam, the judge on August 18 held Basak guilty of corruption in the allocation of Vijay Central Coal Block. According to the prosecution, an allegation was made against Prakash Industries Ltd., which had applied for the coal block in January 2007, that it had furnished false information about its capacity. The ministry had dire