Steel
SAIL rolls out work flexibility to net talent; to add 1,000 at entry level people in FY25
Steel Authority of India Limited (SAIL) is introducing work flexibility and agility for over 55,000 employees, with plans to hire over 1000 entry-level workers in FY25. The aim is to attract Gen Zs, retain talent, and increase productivity. SAIL introduced the 'Work from Other Than Workplace' policy in May 2024, which has already been used for learning and developmental activities.
Essar awaits final approvals to start work on $4.5 billion steel plant in Saudi Arabia
The oil-rich kingdom is eyeing becoming an electric vehicle manufacturing hub, manufacturing more than 3 lakh cars annually by 2030. Essar is looking to tap into the demand for steel for such cars as well as for other consumer goods industry.
Tata Steel may shut blast furnaces in UK earlier amid strike by workers
Tata Steel plans to shut down its blast furnaces in the UK earlier than scheduled due to a potential indefinite strike by workers protesting against job losses. The company cites operational instability and unsustainable losses as reasons for the closures. The strike, set to begin on July 8, involves around 1,500 workers and aims to halt Tata's plans. Tata Steel is transitioning to an electric arc furnace to reduce carbon emissions, with a significant investment and support for impacted employees.
Arcelor-Nippon says India's plan for raw material curbs ignores Red Sea crisis
ArcelorMittal's India joint venture warned New Delhi that planned curbs on low ash metallurgical coke imports, crucial for steelmaking, could harm the industry. The Red Sea crisis complicates supply chains, and the proposed 40% quota for European imports could disrupt operations. India's imports of this key steelmaking fuel have doubled in four years.
Domestic demand for steel soars in India, country turns net importer in FY24: CRISIL Report
India has shifted from being a net exporter to a net importer of steel in fiscal 2024, with a trade deficit of 1.1 million tonnes. Surging domestic demand led to increased imports from China, South Korea, Japan, and Vietnam. Despite a rise in exports, India faces challenges from Chinese competition. Strong domestic demand and production growth indicate positive prospects for the Indian steel industry. Strategic adjustments are needed to manage imports and maintain export competitiveness.
Creative credits controversy erupts over Jindal Steel & Power's Cannes Lions winning campaign
A campaign by Jindal Steel & Power, titled 'The Steel of India,' won a silver and a bronze at the Cannes Lions International Festival of Creativity on June 18, sparking a controversy over creative credits. Wieden+Kennedy India claimed that they were unfairly excluded from credits despite their involvement in the campaign's creative ideation. The dispute began when W+K India approached the Delhi High Court in March 2024, alleging that JSP's campaign closely resembled their original concept presented to the company.
Vedanta sees sale of steel operations by October, to spend $1.9 billion on capex
The plan to divest the steel business is a part of the company’s efforts to cut debt, Agarwal said in the company’s annual report for 2023-24 (Apr-Mar). At holding company Vedanta Resources, debt has been cut by $3.7 billion in two years, as against the company’s commitment of bringing it down by $4 billion. “We seek to further deleverage Vedanta Resources by US$ 3 billion over the next three years,” he reiterated.
Low domestic demand, Chinese dumping depress steel prices
Besides these, sustained Chinese steel output is also eating into India's share of metal exports to Vietnam and the United Arab Emirates (UAE). These are the two most prominent destinations for Indian steel products after the European Union.
Indian steel producers worry as weak domestic demand and Chinese dumping depress prices further
Indian steel makers are grappling with weak local demand and Chinese steel imports impacting exports to UAE and Vietnam. Steel prices in India under pressure due to low import prices.
India's April-May steel imports hit five-year high on buoyant domestic demand
The surge in imports has raised concerns among Indian steel mills, prompting calls for government intervention and safeguard measures. However, the Ministry of Steel has refrained from such actions, emphasizing the strong local demand for steel. Notably, China and South Korea emerged as top exporters of steel to India in recent months, with Indian steel producers like Tata Steel expressing apprehensions about the growing influx of Chinese imports.
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Steel demand to grow by 9-12 pc in FY25: Ind-Ra report
India Ratings and Research (Ind-Ra) forecasts a 9-12% growth in steel demand for the ongoing 2024-25 fiscal year, driven by end-user industries like automobiles and infrastructure. Global steel demand is expected to remain steady, with China transitioning to low carbon initiatives. Domestic players are predicted to have stable credit metrics.
Tata Steel apprehensive of UK media reports over investment plans
Tata Steel expressed concerns about UK media reports indicating potential impact on the 1.25 billion pounds investment in Port Talbot plant due to policy differences between UK government and opposition. They had signed a joint agreement in September 2023 for decarbonisation plans. Tata Steel plans to proceed with the closure of heavy-end assets at Port Talbot, emphasising their commitment to sustainability and transition to low-emission electric arc furnace process within three years.
Icra revises domestic steel demand growth rate to 10 pc for FY25
ICRA revises FY2025 steel demand growth to 9-10% due to strong government spending and sector demand, leading to increased earnings and India remaining a net steel importer in the current fiscal.
Tata Steel credit metrics to improve in FY25: CreditSights
CreditSights predicts Tata Steel's credit metrics to improve this fiscal year due to increased domestic steel demand, lower coking coal prices, and a strong EBITDA growth in FY25. It expected net leverage to enhance. Despite a significant drop in consolidated net profit for the March quarter, CreditSights believes Tata Steel's annual results were better than expected, with revenues and EBITDA declining due to losses in Europe and higher expenses.
Welspun Corp associate company signs Rs 3,670 crore contracts with Aramco for steel pipe supply
Welspun Corp Ltd has signed multiple agreements worth SAR 1.65 billion with Saudi Arabian Oil Co. (Aramco) for the supply of steel pipes. The contracts, which will last 19 months, will impact the fourth quarter of the 2024-25 financial year to the last quarter of the 2025-26 financial year.
2,500 job cuts! Layoffs in Tata Steel's UK operations inevitable, says CEO Narendran
Tata Steel's transition to low-emission electric arc furnace process at its UK operations will lead to the loss of around 2,500 jobs. The move, part of a decarbonization plan, aims to reduce production costs and cut CO2 emissions. Worker unions are protesting against the job cuts, which are seen as inevitable.
