Steel
UK Govt open to investing more if Tata Steel builds assets: CEO TV Narendran
Tata Steel UK's CEO, TV Narendran, revealed that the British government is willing to provide further funding if Tata Steel opens additional product lines to mitigate job losses. The company and government had previously agreed on a £1.25 billion investment to transition to an electric arc furnace, with the government contributing £500 million. The transition could make about 2,800 jobs redundant. Tata Steel is exploring additional investments in downstream operations, such as a steel galvanizing line or a scrap processing unit, which could be supported by the government to preserve jobs.
Tata Steel CEO says no change in UK job cut plan
India's Tata Steel will not alter its plans for proposed job cuts in Britain, according to CEO T. V. Narendran. The company is also assessing the need for additional funding from the UK's new government. Last month, Tata began shutting down one of its carbon-intensive blast furnaces, with the other furnace set for closure in September.
How China is exporting its domestic problem to India
China’s manufacturing overcapacity, particularly in steel, has caused global disruptions as it exports excess products at low prices. Countries like India, grappling with the influx of cheap Chinese steel, are investigating and considering extending duties to shield local industries and promote advancements in their manufacturing sectors. The issue highlights global trade tensions.
Domestic steel companies to coordinate on import price
The panel wants private and public sector domestic steel companies to work together and develop a domestic index for coal pricing which will mitigate volatility in imported coking coal prices by bringing transparency and coordination among buyers, they said. This would also insulate domestic companies from price manipulation by overseas players, according to the panel.
Jindal Stainless to explore breakbulk for shipments amid rising cost of containers
Jindal Stainless shifted to the breakbulk method for exports amid container shortages and rising costs. Targeting 10-15% of total produce for export, the company faced lower consolidated sales and net profit in the June quarter. Key markets include the US and Europe, with new ventures planned in Japan.
India’s steel sector likely to see investment of Rs 30,000-crore by 2029: Ministry of Steel Secy
India's steel sector is poised to receive an investment of nearly Rs 30,000 crore and boost its production capacity by 25 million tonnes within five years, according to a senior official from the Ministry of Steel. By the end of FY 2029, the sector is expected to achieve a total investment of Rs 29,500 crore and increase its production capacity by 25 million tonnes, stated Nagendra Nath Sinha, Secretary, Ministry of Steel.
Vizag Steel Plant misses payment, lenders look for cover
Government-owned Rashtriya Ispat Nigam Ltd (RINL) missed a payment to lenders due to financial stress, raising alarms among stakeholders. With Rs 14,000 crore in term loans and Rs 15,000 crore in fund-based limits, the company defaulted on a Rs 410 crore payment on June 30. The State Bank of India is the major lender, followed by Canara Bank and Indian Bank. Some banks have made precautionary provisions of 15% of their exposure. The Reserve Bank of India mandated that banks sign an inter creditor agreement to take immediate action. The company is operating at a low capacity of 30% and faces additional issues due to unpaid customer invoices. The government may sell non-core assets to reduce debt. Minister HD Kumaraswamy assured assistance to increase production capacity.
Jai Corp's Virendra Jain, son acquire Kamachi Industries for ₹487 crore
Jai Corp's vice chairman Virendra Jain and his son Ankit Jain have acquired Chennai-based steel company Kamachi Industries for ₹487 crore. The company produces thermomechanically treated steel bars for construction, facing insolvency proceedings due to default on ₹2,200 crore loans. Their bid was approved by the National Company Law Tribunal after offering the highest bid. Virendra Jain has also bid for Rolta India.
India steel production to cross 300MT by 2030: Official
A senior central government official expressed confidence in steel demand, predicting domestic production will exceed 300 million tonnes by 2030. Steel Secretary Nagaendra Nath Sinha highlighted strong current demand driven by government infrastructure projects and robust GDP growth.
JSW Steel chairman reiterates growth plan while flagging import concerns
Sajjan Jindal, chairman of India's largest steel producer, announced the company's ambitious plans to expand production capacity to 50 million tonnes per annum by FY31, while raising concerns about the impact of rising imports on local profitability. Speaking at the company's annual general meeting on Friday, Jindal outlined the company's strategy to meet the growing domestic demand for steel.
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Chinese steel pressuring global steel market, India engaging with govt to ensure level playing field: JSW Steel's Jindal
Jindal, speaking at the annual general meeting, said that as a result of weakened global market for steel and higher imports of the metal into India, the margins for local steelmakers have been affected despite a growth in domestic steel demand. Jindal added that geopolitical risks continue to remain high, particularly regarding their impact on commodity and energy prices.
India's JSW Steel CEO says mills in talks with govt on trade measures against imports
The Indian steel industry is engaging with the government to address the surge in steel imports, notably from China and Vietnam. This comes as the country shifted to being a net steel importer in the past fiscal year. There are ongoing discussions ongoing regarding potential trade measures and the exploration of coking coal assets overseas while also considering importing from Mongolia.
Rising imports may pose a challenge for local steel akers: JSW Steel's chief executive officer Jayant Acharya
JSW Steel's CEO raises concerns about the impact of rising steel imports on domestic manufacturers in India. Despite strong local demand, the surge in imports, especially from countries with Free Trade Agreements, poses a threat to the investments made in expanding capacities. The company aims to increase production capacity significantly by 2030-31 but faces risks due to the current import trends. With profits already declining in the June quarter, the industry is looking for trade measures to mitigate the challenges. India's steel sector, the second largest globally, is at a critical juncture as it navigates through increased competition and trade dynamics.
Jindal Stainless seeks zero customs duty on ferro nickel, molybdenum
Finance Minister Nirmala Sitharaman will table the full budget for FY25 in Parliament on Tuesday. The industry has also sought continuation of zero customs duty on stainless steel scrap, steel scrap and pure nickel, and the maintenance of the 30 per cent export duty on chrome ore, Jindal said.
CCI approves two acquisitions involving Arjas Steel, Suven Pharmaceutical
The Competition Commission of India (CCI) has approved two major acquisitions involving Arjas Steel Private Limited (ASPL) and its wholly owned subsidiary, Arjas Modern Steel Private Limited (AMSPL). The acquisition will be carried out indirectly by The Sandur Manganese & Iron Ores Limited (SMIORE) and BAG Holdings Private Limited (BHPL), as per an official statement by CCI.
Jai Balaji aims 25% growth in sales, to turn debt-free in 15 months
Jai Balaji Industries expects 25% revenue growth driven by ductile pipes and ferro-alloys. Operating margins at 15%, profitability 17-18%. Aiming for 15-20% market share, Rs 300-350 crore capex for full year 2023-24 revenue of Rs 6,413.80 crore. Targeting 80% revenue from value-added products and 660,000 tonne pipe capacity by 2026. Debt reduction planned.
