Page 2 - Steel Producers

Japan PM says US opposition to Nippon Steel deal 'very unsettling'

Japanese companies , especially those considering investing in the US, are also closely watching Washington's review of Nippon Steel's deal, Japan's biggest business lobby Keidanren said on Friday

CFIUS warns against Nippon merger with US Steel, citing China steel glut

The Committee on Foreign Investment said in its 17-page letter sent to Nippon Steel and US Steel, that decisions by Nippon could lead to a reduction in domestic steel production capacity

Will try to convince finmin to raise steel duties to 10-12%: HD Kumaraswamy

Union Steel Minister H D Kumaraswamy on Wednesday said he will try to convince the finance ministry to raise duties on steel imports to 10-12 per cent from the current 7.5 per cent. The minister expressed concerns on the manner in which China was dumping steel into India, and said several players from the steel industry visited him in the last two months and discussed the problems they were facing in the growth of the steel industry. "The problem which you are facing from China for that I will try to convince... the finance ministry to look at (raising the duty on steel imports) from 7.5 per cent tax to 10-12 per cent tax," he said while speaking at the Fifth Steel Conclave organised by the Indian Steel Association. The minister also stressed on the need to remain vigilant against challenges such as the global demand slowdown, especially from the ramifications of a demand meltdown in China. The steel ministry, he said, is committed to ensuring that the journey towards Aatmanirbhar

President elections put Nippon Steel's $15 bn takeover of US Steel in peril

On December 18, the companies announced that Nippon Steel had agreed to acquire US Steel for $14.9 billion, a 40 per cent premium to US Steel's share price at the time

New mining cess may increase cost pressure for steel makers: ICRA

The enforcement of the new mining cess by some states following the Supreme Court ruling may bring challenges for the domestic steel industry by adding to the cost pressures, according to rating agency Icra. On August 14, the Supreme Court upheld the power of states to levy tax on mineral rights and mineral-bearing land, and allowed them to seek refund of royalty from April 1, 2005 onwards. This development is poised to compress operating margins across the sector, impacting both primary and secondary steel producers, Icra said in a note. While margins of the primary steel producers could shrink by 60-180 basis points, secondary producers may face a more severe impact, with margins declining by 80 -250 basis points, based on various scenarios that cess rates could vary between 5-15 per cent. The power sector, which is heavily dependent on coal, may see a rise in the cost of supply by 0.6-1.5 per cent, potentially leading to higher retail tariffs. Further, primary aluminium producer

SAIL, NMDC are down up to 9% in 1 month; is it time to buy steel stocks?

Domestic steel spread is at Rs 24,330 per tonne ( the lowest since March 2024) and the price of hot rolled coil (HRC) is at Rs 51,370 per tonne (the lowest since December 2020), said Dixit

Tata Steel's Aashiyana expects to cross Rs 3,500 crore GMV in FY25

Tata Steel's retail sales volume was about 2 million tonne (mt) in FY24

Tata Steel acquires about 1.16 bn equity shares in Singapore-based T Steel

Tata Steel on Wednesday said it has acquired about 116 crore equity shares in its Singapore-based arm for USD 182 million. "Tata Steel acquired 1,15,92,35,669 ordinary equity shares of face value USD 0.157 each aggregating to USD 182 million (Rs 1,528.24 crore) in T Steel Holdings Pte Ltd (TSHP)," the company said in an exchange filing. Post this acquisition, TSHP will continue to be a wholly-owned subsidiary of the company, it added.

Steel prices trade at 3-year lows on increased supplies, says report

Domestic steel prices have dropped to a three-year low on account of increased imports, according to a report. Hot rolled coils (HRC) prices have fallen to Rs 51,000 a tonne from a peak of Rs 76,000 a tonne in April 2022, markets research firm BigMint said in a report. The rate of cold rolled coils (CRC) is trading at Rs 58,200 a tonne from the peak of Rs 86,300 a tonne in April 2022. The prices exclude the 18 per cent GST on the commodity. "The rates of HRC and CRC in India are trading at their three-year low graph. The surge in imports has impacted the domestic prices hitting the demand," BigMint said. According to the data, imports during the April-June quarter surged by 68 per cent to 1.93 million tonnes (MT) from 1.15 MT in the same period of 2023-24. Steel imports rose by 38 per cent to 8.319 MT in 2023-24, making India a net importer of the commodity. Steel players have raised the issue of increased imports from select countries with the government and sought measures to .

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

Steel maker Rudra Global Infra to set up 30 MW solar plant at Rs 190 cr

Steel maker Rudra Global Infra Products on Friday said the company will invest around Rs 190 crore to set up a 30 megawatt captive solar project in Gujarat. The solar plant is scheduled to commence operations by January 2025, the company said in a statement. "The first phase of the project entails a capital expenditure of Rs 190 crore, with 80 per cent of the funding secured through financial institutions over a five-year tenure. The remaining 20 per cent will be invested by the company," the statement said. The clean power generated will be primarily utilized to meet the energy requirements of the company's existing billet and TMT bar manufacturing operations. This initiative is expected to increase the capacity utilization of the SMS (steel melting shop) division from the current 33 per cent to 50 per cent. With the project, the company aims to produce 1 lakh tonne of billets and 2.1 lakh tonne of TMT bars annually. "By harnessing solar energy, we aim to significantly reduce our

Germany's proposed low emission steel standard may hurt India biz: GTRI

Germany's proposed Low Emission Steel Standard (LESS) is expected to pose new challenges to Indian industry which is already reeling with lower exports, higher imports and Europe's carbon tax, think tank GTRI said on Friday. India's steel exports have dropped by 31.2 per cent from USD 31.7 billion in 2021-22 to USD 21.8 billion in 2023-24, while imports have increased by 37 per cent, from USD 17.3 billion to USD 23.7 billion, making India a net importer, it said. The Global Trade Research Initiative (GTRI) said that the Indian steel industry is not legally bound to follow the new German steel standard, but ignoring it could hurt domestic exports. "Global markets are demanding low-carbon products, and Indian steel producers not aligning with LESS may struggle to compete," GTRI Founder Ajay Srivastava said. He added that India's steel industry must prepare to comply with new steel standards introduced by Germany, but may soon be adopted by other developed countries. LESS is a volunt

Godawari Power and Ispat Q1 results: Net profit grows 24% to Rs 287 cr

Godawari Power and Ispat on Wednesday posted 24 per cent rise in consolidated net profit at Rs 286.89 crore for June quarter FY25, helped by reduced expenses. Net profit from ordinary activities after tax was at Rs 230.88 crore in April-June FY24, the company said in an exchange filing. Total income rose to Rs 1,372.42 crore from Rs 1,344.37 crore in the same quarter a year ago. Expenses reduced to Rs 987.30 crore from Rs 1,063.00 crore in first quarter last financial year. The company's board has also approved the appointment of MD Bajrang Lal Agrawal as the chairman with effect from August 9, 2024, in place of Shashi Kumar. Besides, the board approved a proposal for payment of a special dividend of Rs 1.25 per equity share of Rs 5 each on the occasion of 25th anniversary of the company. The payment will be made on or after August 28, 2024. The board also approved a proposal for sub-division of equity share with face value of Rs 5 each into 5 equity shares of Re 1 each, subject

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

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

Rashtriya Ispat Nigam stake sale plan likely to pick up pace this year

The Centre holds 100% in Visakhapatnam steel plant. RINL is the parent company of Eastern Investments Ltd (EIL), owning 51% in it

Steelmaker ArcelorMittal's Q2 core earnings slide but ahead of expectations

Steel prices in Europe and the US are below the marginal cost of production and excess output from China has resulted in very low domestic steel spreads and aggressive exports

India's domestic steel production likely to cross 300 mn tonnes by 2030

Expressing optimism in steel demand amid headwinds, a senior central government official said on Saturday that the domestic production is likely to cross 300 million tonnes by 2030. The ministry also does not foresee any hurdles in capacity addition due to decarbonisation efforts in the steel sector and will soon release a draft roadmap seeking public opinion to reduce the carbon footprint in the steel sector, which accounts for 12 per cent of total emissions, Steel Secretary Nagaendra Nath Sinha said. "The current steel demand remains strong with infrastructure push from the government and expecting a growth of about 10 per cent. The GDP is also growing robustly, and with continued emphasis on infrastructure from both government and private sectors, steel demand will continue to stay strong," Sinha said, while addressing members of the Bharat Chamber of Commerce (BCC). Finished steel output during 2023-24 was 138.5 million tonnes, up 12.4 per cent year-on-year. To achieve 300 milli

Jindal Steel Q1 results: PAT falls 21% to Rs 1,338 cr on weak steel demand

In April-June, general elections, which lasted for nearly half quarter, led to muted steel demand, analysts said, which was compounded by higher costs of rebar, a key raw material for steelmakers

Research, infra allocation will boost innovation in steel sector: ISA

The increased funding for R&D announced in the Budget and the support extended to startups and MSMEs will foster innovation in steel manufacturing, the apex industry association said on Wednesday. Further, the allocation of Rs 11.11 lakh crore is set to enhance national infrastructure, create millions of jobs, and directly benefit the steel industry, the Indian Steel Association (ISA) said in a statement. In her Budget speech on Tuesday, Finance Minister Nirmala Sitharaman announced a slew of measures for sectors, including infrastructure, manufacturing, healthcare, education, startups, and green energy, among others. The Budget's strong emphasis on roads, railways, ports, and urban development will not only generate employment but also improve overall productivity. The increased funding for R&D and the support extended to startups and MSMEs will foster innovation in steel manufacturing, the ISA said. Jindal Steel and Power Ltd (JSPL) Chairman Naveen Jindal said, "The ...