Good for us if China indeed reduces its steel exports after Trump’s win: Tata Steel MD TV Narendran
Tata Steel’s Managing Director, TV Narendran, expressed concerns over the global steel industry’s profitability, stating that current prices are insufficient for companies to invest in planned capacity expansions. He highlighted the impact of Chinese steel exports, often priced predatory low, on global prices.
Prolonged Chinese imports may hit Indian steel industry’s investments, Tata Steel CEO says
Tata Steel’s CEO has warned that an influx of cheap Chinese steel imports is threatening the Indian steel industry. The surge in imports, deemed “unfairly priced,” could stifle investment in the domestic market. While Indian demand for steel is booming, the influx of Chinese products is keeping prices low. The industry is urging the government to implement protective measures like tariffs to curb the flow of imports.
Anti-dumping duty imposed on welded stainless steel pipes, tubes
India imposed anti-dumping duty on certain steel pipes and tubes from Vietnam and Thailand. The duty will last for five years. The government acted on a complaint by Indian steel producers. The producers said that Vietnamese and Thai companies were selling these products at very low prices in India. This hurt their business. The duty ranges from $246 to $307 per metric tonne.
JSW Steel output falls marginally to 22.81 lakh tonne in October
JSW Steel recorded a slight dip in consolidated steel output, reaching 22.81 lakh tonnes in October compared to 23.12 lakh tonnes the previous year. This minor decrease was primarily attributed to a temporary maintenance halt at its Dolvi plant. Despite this, JSW Steel USA – Ohio observed a production increase, reaching 0.82 lakh tonnes from 0.76 lakh tonnes.
JSW Steel, POSCO to invest $7.7 billion in Odisha steel plant, sources say
JSW Steel and POSCO have announced a $7.73 billion investment plan to build a steel plant in Odisha, India. The plant will initially produce 5 million metric tons of steel annually, eventually increasing to 18 million metric tons. This move aims to capitalize on India’s booming steel demand driven by rapid economic growth and infrastructure development.
Govt infuses Rs 1,650 cr in RINL to keep it as a going concern
The Indian government has invested Rs 1,650 crore in state-owned RINL to tackle its financial issues. This includes Rs 500 crore in equity and Rs 1,140 crore in a working capital loan. The Ministry of Steel is taking steps to ensure RINL remains operational, including consultations with the Ministry of Finance.
AM/NS to set up Rs 1.4 lakh crore steel project in Andhra Pradesh
AM/NS India, a collaboration between ArcelorMittal and Nippon Steel, plans to launch a 17.8 million tonnes steel project in Andhra Pradesh with a total investment of Rs 1.4 lakh crore, encompassing two phases. The project prioritizes coastal location and port facilities, with a captive jetty being the primary requirement.
Lenders to Vizag Steel form consortium for uniform debt resolution
Lenders have formed a consortium led by SBI to create a uniform debt resolution plan for RINL, which has been operating at one-third capacity. SBI Capital Markets is preparing the plan. RINL has missed payments and was downgraded to default category, but received a Rs 1,650 crore infusion from the government recently.
JSW-POSCO to set up greenfield steel plant in Odisha’s Keonjhar: CM Mohan Charan Majhi
JSW Group and POSCO plan to establish a greenfield steel plant in Odisha’s Keonjhar district. The Odisha government has identified two land patches for the project. The plant will have an initial capacity of 5 million tonnes per annum. They will also explore collaborations in battery materials for Electric Vehicles and renewable energy.
JTL Industries ramps up manufacturing capacity to 2 lakh tonne
JTL Industries Ltd has increased its annual manufacturing capacity at the Raipur facility to 2 lakh tonnes, part of a Rs 350-crore expansion plan, raising total capacity to 6.86 lakh tonnes per annum. The company aims to further expand to 10 lakh tonnes per annum by FY 2026-27.
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JSW Group, South Korea’s Posco partner to set up steel plant in India
JSW Group and South Korea’s Posco Group have signed an agreement to establish a 5 million tonnes per year integrated steel plant in India. They will also explore collaborations in battery materials, electric vehicles, and renewable energy. This partnership aims to enhance technology and sustainability in manufacturing.
JSW Group & Korea’s POSCO Group sign MoU to develop integrated steel plant in India
JSW Group has signed a Memorandum of Understanding (MoU) with Korea’s POSCO Group to establish an integrated steel plant in India with an initial capacity of 5 million tonnes per annum. The partnership aims to develop a framework for collaboration in steel, battery materials for electric vehicles, and renewable energy.
Domestic steel companies struggle to clear Rs 89,000 crore inventory as imports persist
Indian steelmakers face an inventory build-up despite increased local consumption due to rising imports. Imports surged by 41% in the first half of 2024-25 while exports dropped by 35.9%. The steel ministry is closely monitoring the situation as high inventory remains a concern for the sector. Excess monsoon rain has also impacted steel demand from the construction industry.
JSW Steel slashes its capex plan for FY25 by up to ₹4k cr; co defers Vijayanagar blast furnace-3 expansion
JSW Steel will reduce its capital expenditure for this fiscal by ₹3,000-4,000 crore. The company postpones expanding blast furnace-3 at Vijayanagar to next year and transfers its slurry pipeline to JSW Infrastructure. JSW will spend ₹16,000-17,000 crore on capex this year instead of the planned ₹20,000 crore.
Incentive package in works to push green steel manufacturing
The government is preparing incentives for green steel manufacturing. Plans include soft loans, interest subventions, and a new definition of green steel. Discussions with the finance ministry are ongoing. Public procurement will prioritise green steel. This move responds to new global challenges like the EU’s Carbon Border Adjustment Mechanism, affecting Indian steel exports.
JSW Steel to commission procurement of 580 MW renewable power by March 2025
JSW Steel’s Board has approved a Power Purchase Agreement for 1,637 MW of renewable power and additional procurement, totaling 2,507 MW by FY27. Project updates include new capacities at Vijayanagar, Dolvi, Salem, and Odisha, with key facilities slated to be commissioned between March 2024 and FY27. Notable projects involve hybrid renewable energy generation and equipment commissioning.
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