Page 3 - Steel Producers

Union minister HD Kumaraswamy assures support to RINL steel plant in Vizag

Union Steel and Heavy Industries Minister H D Kumaraswamy on Thursday visited the Rashtriya Ispat Nigam Ltd (RINL) here and assured all possible assistance to it. Addressing employees and trade unions' representatives, the Minister sought to assuage their concerns about potential closure of the plant and promised that its production would continue at 100 per cent capacity. He was accompanied by the Minister of State (MoS) for Steel and Heavy Industries, B Srinivasa Varma. the RINL family should not panic about the closure of the plant with the blessings and support of Prime Minister (Narendra Modi), RINL's production will reach 100 percent capacity of the plant permanently, said an official press release from the steel plant. The Union Minister noted that RINL or Vizag Steel Plant (VSP) will help improve India's GDP. Later, in a post on X, Kumaraswamy said, I personally visited and inspected the Vizag Steel factory in VisakhapatnamDuring my visit, I toured various sections of the

India's plan for raw material curbs ignores Red Sea crisis: Arcelor-Nippon

The curbs planned by the world's second-biggest producer of crude steel could hit output, as they cap imports of a steelmaking fuel, low ash metallurgical coke

Nippon-US Steel deal may hike decarbonisation costs, say shareholders

Nippon Steel, the world's fourth biggest steelmaker, last year announced a $15 billion takeover offer for US Steel

Tata Steel flags concerns over political slugfest ahead of UK's elections

The statement follows UK media reports on Labour urging the company to pause the restructuring process until next month's general election

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

ICRA revises domestic steel consumption growth upwards to 9-10% for FY25

Domestic steel consumption between February to April 2024 registered a growth of 11.3 per cent

Tata Steel CEO Narendran says want to move fast on UK decarbonisation

Chinese exports of steel into India were a 'growing concern,' Narendran said, as India turned net importer in the fiscal year that ended in March

JSW Steel stock falls 2% as profit plunges 65% in Q4

JSW Steel's consolidated net profit dropped 64.5 per cent to Rs 1,299 crore, from Rs 3,664 crore in the previous year. Sequentially, the profit fell 46 per cent, from Rs 2,415 crore

Jindal Steel Q4 results: PAT at Rs 933 cr, up 100.2%; revenue falls 1.4%

BENGALURU (Reuters) - India's Jindal Steel & Power reported on Monday a fourth-quarter profit that doubled from a year earlier as input costs declined.

Sandur Manganese & Iron Ores to acquire 80% stake in Arjas Steel

Sandur Manganese & Iron Ores Ltd (SMIORE) on Friday said its board has approved purchase of 80 per cent stake in Arjas Steel Pvt Ltd by entering into a share purchase pact. The company did not reveal the financial details of the deal. However, the enterprise value of Arjas Steel Pvt Ltd (ASPL) is Rs 3,000 crore. "The board of directors.... approved strategic business acquisition through purchase of 80 per cent equity share capital of ASPL, by entering into a share purchase agreement," the company said in a BSE filing. Additionally, 19.12 per cent stake in ASPL will be acquired by BAG Holdings Pvt Ltd --an entity owned by Bahirji A Ghorpade, one of the promoters of SMIORE. The deal is expected to complete within seven months, subject to regulatory conditions of the share purchase agreement. "This acquisition marks a significant milestone for SMIORE as we venture into steel and value-added products manufacturing. It not only unlocks numerous synergies but also represents a ...

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.

YSRCP leader criticises TDP-BJP alliance over steel plant privatisation

YSRCP leader, Botsa Satyanarayana, questioned how Chandrababu Naidu-led TDP can forge an alliance with the BJP without demanding to stop the privatization of the steel plant

Domestic finished steel consumption grows 13% to 136 MT in FY24: Govt data

Domestic finished steel consumption has registered a growth of 13 per cent to 136 million tonnes during 2023-24, supported by increased demand from automotive and infrastructure sectors, SteelMint India said. The country consumed 120 million tonne (MT) finished steel in the preceding 2022-23 financial year, the research firm said in a report. "Demand from the automotive industry improved in FY24, along with focus increasing towards the EVs. Infrastructure and construction sectors also showed resilience with investments, mostly supported by government-funded development projects," SteelMint said. The production of crude steel in the country rose 12.6 per cent to 143 MT over 127 MT in the previous fiscal. The development assumes significance as under the National Steel Policy, the government is aiming to increase India's annual steel manufacturing capacity to 300 MT and per capita steel consumption to 160 kg by 2030. As per the SteelMint data, the consumption of finished steel rose

Steelmakers fall short of investment target due to delays linked to China

Steel companies have been facing difficulties in importing machinery from China and ensuring visa clearances for Chinese experts for more than six months

Tata protests: Steelworkers at UK's plant vote to strike over job losses

Around 1,500 Tata Steel workers based at two plants in Wales voted in favour of industrial action on Thursday over the company's plan to close its blast furnaces and shed 2,800 jobs. The Mumbai-headquartered steel major said it was disappointed over the move while consultation continues and pointed to significant irregularities in the ballot process in favour of strikes. While the company says its restructuring plans were important to sustain the business as it transforms to new electric technology, Unite the Union said its workers from the Port Talbot and Newport Llanwern plants had voted against the disastrous plans because they did not agree with the approach. We are naturally disappointed that while consultation continues, Unite Union members at Port Talbot and Llanwern have indicated that they would be prepared to take industrial action up to and including strike action if an agreement cannot be reached on a way forward for the business and its employees, a Tata Steel ...

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 posts record output at 26.43 in FY24, sees YoY growth of 9%

JSW Steel on Monday posted a record output of 26.43 million tonnes of crude steel during financial year 2023-24, registering an on-year growth of 9 per cent. It had produced 24.14 million tonnes (MnT) crude steel on a consolidated basis in preceding financial year, JSW Steel said in a statement. In the January-March period of 2024, the consolidated output was at 6.79 MnT, higher by 3 per cent over 6.58 MnT in the year-ago quarter. "JSW Steel has achieved its highest-ever annual consolidated crude steel production of 26.43 MnT, with a growth of 9 per cent YoY. The production for Q4 FY24 stood at 6.79 MnT, higher by 3 per cent YoY," it said. The company produced 25.55 MnT steel from its India operations, up 8 per cent over 23.62 MnT in the last fiscal. The output in India rose 3 per cent to 6.54 MnT from 6.37 MnT in the same quarter last fiscal. In the US, JSW Steel USA Ohio posted a 63 per cent rise in output to 0.87 tonnes from 0.53 tonne in FY23. The production in the last quart

Welspun Corp's unit, Saudi Aramco scrap $41 million steel pipe contract

Welspun did not disclose the reason for the cancellation of the contract, but said it would not affect its operating plans

Steel majors to invest billions of capital to meet buoyant local demand

A spurt in economic activity and a revamp of broader infrastructure have drawn steel makers from around the world to India, where demand is rising. In Europe and the United States, it is falling