PRIVATE STEELMAKER
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.
Pricey ore, tepid local demand, Chinese imports weigh on steelmakers' margins
This is the third time in the past decade that local producers are confronting such a situation. "The government has in the past imposed duties against Chinese steel products, including those being routed from countries like Vietnam," a top official of a steel company told ET, adding that the primary steel makers had flagged their concerns to theCentre.
Hydrogen-powered private jets can cut emissions — If they can get off the ground
A 2021 report found that some private jets emit two tons of CO2 per hour — at least five times more pollution per passenger than commercial flights. That’s 50 times worse than trains.
Naveen Jindal group plans Rs 15,000-crore green energy push
As per the blueprint being finalised, the group wants to power the new steel capacity additions by creating 4 gigawatts (GW) of renewable power sources in-house within the next couple of years, said the people. This would help the group reduce carbon emissions and produce green steel, they said.
Jindal Steel promoters receive 4.5% pledged stake from OPJ Trading
OPJ Trading Private Ltd, a promoter entity, released on Tuesday a pledge on 43 million shares, equalling 4.23% stake in the company. The shares were pledged with SBICAP Trustee Company Ltd. OPJ Trading Private Ltd held 18.47% stake in JSPL as on June 23, data showed.
Hybrid energy project likely to start by 2024: JSL MD
Jindal Stainless Ltd. is partnering with ReNew to develop a 300 MW hybrid energy project. When asked about the timeline of the project, Jindal told PTI that it is on track and that land acquisition has already been completed. The project will start in the next one and a half years. Jindal Stainless Ltd. is also in process of investing Rs 120 crore to set up a 21 MW rooftop solar capacity at its Jajpur unit and another 6 MW in the Hisar facility.
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Jindal Steel and Power Limited consortium wins contract to build new Western Dock at Paradip Port
The consortium will pay a royalty of Rs 54 per metric tonne of cargo handled at the new Western Dock to the Paradip Port Authority, as per the letter of award, a copy of which ET has seen. The dock will be operated by the JSPL-JPPL consortium for a period of 25 years.
Export duty levy may force steel companies to review capex plans
"This quantity (export) cannot be absorbed in the domestic market as almost all steel producers are affected by the new export duty regime," Seshagiri Rao, JSW Steel's joint managing director, told ET. "Capacity utilisation will fall, and consequent reviews of further capex plans are inevitable."
Shell to acquire Sprng Energy for $1.5 billion
An important part of this strategy is to develop a best-in-class integrated power business, which will help Shell to reach its target of becoming a profitable net-zero emissions energy business by 2050.
Steelmaker Arcelormittal South Africa considers renewable energy projects
The two 100 megawatt (MW) renewable energy plants are planned for Gauteng and the Western Cape provinces and are intended to supply existing facilities within the company, the steelmaker said.
Steel industry can lead the way in private investment revival in India, says Tata Steel MD
Top three producers - Tata Steel, JSW Steel, and ArcelorMittal-Nippon Steel - have discussed plans of investing up to ₹1.5 lakh crore over an unspecified period.
Indian stainless steelmakers voice concern over jump in imports from China and Indonesia
Import of stainless steel in the first four months of FY22 was about 177% higher than the year-ago period.
A Bajaj JV, one of India's oldest tie-ups, will get unstuck this week
Sources close to both families say the separation has been in the works for several months now. Mukand has been languishing for years and became the smallest Bajaj group company, hamstrung with high debt that went as high as Rs 3,100 crores in June last year and rising losses till December 2020, following bad business calls.
Slow domestic demand, surging input prices worry India's secondary steelmakers
“NMDC’s price reduction on iron ore is not very significant. Iron ore prices have risen more than four times in the past year, and now the domestic demand is also slow,” said a top executive at a leading Indian secondary steelmaker.
Iron ore shortage, soaring prices make steelmakers seek government help
ESL Steel is currently sourcing iron ore majorly from private players such as Essel Mining and Industries of Aditya Birla Group and Rungta mines in Orissa.
Steelmakers respond to government’s call for support, to pump more oxygen into nation’s lungs
State-owned Steel Authority of India has supplied around 35,000 tonnes of liquefied medical oxygen from its plants in Bhilai, Bokaro, Burnpur, Durgapur and Rourkela since the beginning of the pandemic last year. Private manufacturers such as Tata Steel, JSW Steel and ArcelorMittal Nippon said they are supplying oxygen.
Auto and steelmakers voice concern over complete lockdowns amid the rise of second wave of Covid-19
"We should focus on the preventive spread and ensure vaccination of the workers as fast as possible. Then there is no need of a lockdown," says Anurang Jain, managing director of auto component maker Endurance Technologies. It has facilities in Aurangabad, which is going into a lockdown for 10 days from April 1.
Mukand Ltd completes sale of land in Thane for Rs 801 crore to NTT Global Data Centers Nav2
Mukand in December 2020 entered into an agreement for the transfer of this 55-acre leasehold land and the accompanying structures at the Trans Thane Creek Industrial Area (TTC Industrial Area), Dighe and Navi Mumbai.
Tata Steel transfers stake in processing arms to TSDPL
The step was taken to reorganise the company's India footprint into four clusters to drive scale, synergies and simplification and to create value for all stakeholders, the steelmaker said.
JSW Steel to acquire 26.45% stake in JSW Vallabh Tinplate for Rs 35 crore
“JSW Steel Limited (“Company”) has entered into a legally binding share purchase agreement to acquire JSW Vallabh Tinplate Private Limited in one or more tranches, 1,32,37,227 equity shares of INR 10/- each,” the company said in a BSE Filing on Tuesday.
Miners and steelmakers lock horns over mines ministry's proposal to amend MMDR Act
The ministry has proposed amending Sections 10A(2)(b) and 10A(2)(c) of the Mines and Minerals (Development and Regulation) Act, 1957 to pave way for auctioning of a large number of potential leases currently blocked in legacy cases.
India's secondary steelmakers are facing troubles in procurement of iron ore
Due to the supply shortage, iron ore prices have shot up around 35% since April. This is because of low production and no dispatch by the miners, an executive at another company said.
China steelmaker default sparks debt contagion fear
China Hongqiao Group Ltd’s dollar bond due 2023 and Shandong Sanxing Group Co’s 2021 dollar bond have both dropped to their lowest levels after Xiwang’s default.
Steelmakers, miners at odds over pricing benchmark for ore
Export prices are lower than domestic realisation by nearly Rs 500 per tonne after adding export duty and transport costs.
Tatas seek to regain top steelmaker tag by hitching a ride on beleaguered Essar
Tata Steel is currently undertaking projects to raise capacity. If it acquires Essar Steel, it would take its capacity well past JSW’s.
Demand will grow faster than local supply in medium term: TV Narendran, MD, Tata Steel
Overseas expansion, niche products, a relook at the portfolio and capacity addition are on the cards for Tata Steel as its MD says the majority of non-core assets and investments have been dealt with.
Safeguard duty to provide temporary relief to steelmakers: India Ratings
The Indian steel sector which is struggling at the moment is set to benefit from the proposed 20 per cent safeguard duty, India Ratings and Research (Ind-Ra) said.
Mesco plans Rs 13,500 crore investment to raise capacity in 3-5 years
Private steelmaker Mesco plans to take its capacity to 4.5 million tonnes (MT) in the next 3-5 years with an investment of Rs 13,500 crore.
Steelmakers seek immediate implementation of customs duty hike
Imports have jumped by over 67% during April-February period of current fiscal to 8.39 MT while exports have declined by 11% to 4.8 MT.
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