Page 4 - Steel Producers

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.

Venus Pipes soars 9% to new high on foray into fittings, capex of Rs 175 cr

Both the fittings business and the new product line of stainless and titanium welded tubes will be high-teens margin businesses, as per the company

Steelmakers look to startups in decarbonisation, sustainability journey

Bhattacharjee says, this is like Tata Steel matrimony.com - the matrimony here is between start-ups and corporate needs. And the "matchmaking" is on specific themes

ArcelorMittal's Bosnia steel plant reports nearly $88 million net loss

The results were hit by a 12% annual drop in demand, a 20% rise in electricity prices and 22% lower prices of the metal on the global market, the Bosnian business added

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

MOIL Q3 results: Net profit grows 37% to Rs 54 cr, income at Rs 329 cr

State-owned MOIL on Saturday reported a 37 per cent rise in net profit to Rs 54.10 crore for the December quarter, supported by lower expenses. It had posted a net profit of Rs 39.51 crore in the year-ago period, the company said in an exchange filing. The company's total income rose to Rs 329.72 crore from Rs 322.86 crore in the year-ago period. Its expenses were at Rs 253.37 crore, lower than Rs 276.75 crore reported in the third quarter last fiscal. In a separate statement, the company said its board also also approved an interim dividend of Rs 3.50 per share for the FY24. The company achieved production of 12.73 lakh tonnes of manganese ore, registering a growth of 41 per cent year-on-year. MOIL, under the Ministry of Steel, meets about 46 per cent of the total requirement of dioxide ore in the country. At present, the average annual production of manganese ore is around 1.3 million tonne.

Goodluck Q3 results: Net profit grows 72% to Rs 32 crore, income up 24%

Steel products maker Goodluck India Ltd on Saturday posted a 72 per cent rise in its consolidated net profit at Rs 31.75 crore during the quarter ended December 2023, aided by higher income. It had clocked a net profit of Rs 18.40 crore during the October-December period of preceding 2022-23 financial year, the company said in a statement. The company's income also rose 24 per cent to Rs 878.27 crore from Rs 705.95 crore year on year. Goodluck India manufactures a wide range of engineered steel structures, precision/ auto tubes, forging for defence and aerospace, CR (cold rolled) products and GI (galvanised iron) pipes. These products are used by automobile manufacturers, infrastructure companies, and industries like engineering, oil and gas, among others.

Jindal Steel and Power Q3 results: PAT jumps four-fold to Rs 1,928 cr

The company, which has steel, mining and infrastructure businesses, said its consolidated net profit after tax increased to Rs 1928 crore ($232 million) in the three months to Dec. 31, from Rs 518 cr

Congress' Jairam Ramesh accuses govt of importing 5.6 mn tonnes cheap steel

India is currently the world's second-biggest crude steel producer

Steel imports hit five-year high in April-December amid soaring demand

India's steel demand is likely to stay strong as the government expects economic growth will outpace the global economy in the next fiscal year

Tata Steel Q3 profit at Rs 513 crore as lower costs counter weak revenue

Subdued local prices due to cheaper shipments from top producer China hurt the country's steelmakers in the October-December period, despite sustained domestic demand

Govt aiming to increase scrap share in steel making to 50% by 2047: Scindia

The government is aiming to increase the share of scrap in steel making process to 50 per cent by 2047, Union Minister Jyotiraditya Scindia said on Wednesday. The steel minister emphasised on usage of scrap in steel making as manufacturing the metal through scrap and other waste products is less polluting and termed it as a step "towards green steel initiative". "As per our ministry's vision 2047 document, in the next 25 years, the percentage of scrap will be 50 per cent along with the balance 50 per cent as iron ore," Scindia said at the 11th International Material Recycling Conference in Kolkata. Use of scrap not only reduces the use of natural resources but also cuts emission by 25 per cent in comparison to the primary route of steelmaking, the minister said addressing through a video message. More scrap would be needed in the future to reduce emission and produce green steel and for this to happen there is a need for environment-friendly formal scrapping centres, Scindia ...

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

Jindal Stainless MD calls for removal of raw material duties in Budget 2024

Jindal Stainless Ltd (JSL) MD Abhyuday Jindal has urged the government to remove import duty on raw materials in the upcoming Union Budget, a move, the industry leader said, will provide a level-playing field to domestic players. He suggested levying Basic Customs Duty (BCD) on imports as the domestic market is being affected by cheap and sub-standard stainless steel products from select group of countries like China and Vietnam. "One long-standing requirement of the stainless steel industry has been that there are certain raw materials that are not present in the country like ferro nickel and ferro molybdenum," Jindal told PTI. At present, 2.5 per cent import duty is levied on ferro nickel and 5 per cent on ferro molybdenum. Speaking further on Budget expectations, the JSL MD said severe dumping is happening from China, Vietnam, and certain countries with which India has Free Trade Agreements (FTAs). This is putting severe pressure on MSMEs and preventing the stainless steel indu

Jai Balaji to invest Rs 1,000 crore to boost Durgapur plant capacity

The company, which was once financially stressed, is looking to fund the expansion through internal accruals

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

4 workers critical as molten metal falls on them in Gujarat steel factor

At least seven workers were injured on Sunday, four of them critically, when molten metal spilled out of a furnace and fell on them at a steel factory located in Anjar town in Gujarat's Kutch district, police said. The incident occurred in the morning when some workers were putting metal scrap in the furnace. "The molten metal spilled out of the furnace and fell on seven workers, injuring them. They were shifted to a hospital at Gandhidham. Four of them were referred to Ahmedabad for further treatment as their health condition is critical," said Superintendent of Police, Kutch (East), Sagar Bagmar.

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.