Tag: Steel

Indian steel sector poised to become 3rd largest producer in world: Min

Indian steel sector poised to become 3rd largest producer in world: Min

16/06/2017 16:48

India being one of the fastest growing economies in the world, and steel finding its extensive application in areas like construction, infrastructure, power, aerospace, industrial machinery and consumer products, the sector is poised to become second largest producer putting Indian steel prominently on the map of the global industry, says Chaudhary Birender Singh, the Union Minister of Steel.

“Indian steel sector has evolved as 3rd largest steel producer in world and is poised to become 2nd largest producer putting Indian steel prominently on the map of the global industry,” said Singh in a meeting of the recently constituted National Steel Consumers’ Council of Ministry of Steel in Bhubaneswar on Friday.

He mentioned that owing to the significance of the sector and dynamic scenario in steel sector, the government came up with National Steel Policy (NSP) 2017. With the roll out the New Steel Policy, it is envisaged that the industry will be steered with appropriate policy support in creating an environment for promoting domestic steel and thereby ensuring that production meets the anticipated pace of growth in demand, he stated.

Outlining the thrust areas of National Steel Policy he said, the NSP would focus on ensuring raw material security, import substitution, enhancing steel consumption, R&D of value added steel, increasing energy efficiency and sustainability, establishing India as cost-effective and quality steel destination, and reducing Carbon foot-print of the industry.

Singh also elaborated on the policy on preference to Domestically Manufactured Iron & Steel products (DMI & SP) which will cause increase in the consumption of domestic steel and help the Indian steel makers.

The steel minister mentioned that steel is one of the most important products in the modern world and forms the backbone to any industrial economy. The qualities and advantages of this material must be popularized for increasing the consumption of steel. Emphasizing on the low life cycle cost of steel, the minister said, it is a viable option for large construction, buildings or for individual users too. He said to enhance steel consumption, Steel Ministry has identified construction and manufacturing sectors like Rural development, Urban infrastructure, Roads & Highways, Railways etc. to be the key focus areas.

JSPL hits fresh 52-week high

JSPL hits fresh 52-week high

21/02/2017 12:25

Shares of Jindal Steel & Power Limited (JSPL) continued gaining streak for the fifth straight session and surged 10 per cent, hitting fresh 52-week high, on the Bombay Stock Exchange after the company unveiled plan to optimize assets and reduce debt in the next few years.

Extending previous session rally, shares of company gained as much as 9.98 per cent and touched 52-week high in the intra-day trade to Rs 110.20 apiece on the Bombay Stock Exchange.

In a similar fashion, stocks of company rose 7.69 per cent to Rs 107.85 apiece on the National Stock Exchange.

Meanwhile, the broader benchmark BSE Sensex was trading at 28,634.99, down 26.59 points, or 0.09 per cent, at 12:15 hours.

Steel ministry asks Govt to lower import taxes on raw materials

Steel ministry asks Govt to lower import taxes on raw materials

04/01/2017 09:50

A Government Official has said that steel ministry wants lower import taxes on a number of key steelmaking raw materials, including nickel, to protect the domestic industry from the rising costs of basic resources.

As per reports, Finance Minister Arun Jaitley could announce some of these measures when he presents his annual budget for the 2017/18 fiscal year on Feb. 1.

Commenting on the issue, a Government Official told the media, “The finance ministry could even scrap the current 5 percent import duty on nickel, largely used in stainless steel production. Nickel is not present in India at all, so our argument is there is no point in having the customs import duty on it. There is a case to do away with it.”

“The ministry has also sounded out the government about lower dividend payouts by state-owned companies, including Steel Authority of India Ltd (SAIL), the biggest steel producer, due to their poor financial health,” Sharma said.

Essar’s flat steel production up 58% in Q2 FY17

Essar’s flat steel production up 58% in Q2 FY17

14/10/2016 16:37

Essar Steel India Ltd (EStIL) said that it has recorded a 58 per cent quarter-on-quarter growth in flat steel production in the second quarter ended September 30, 2016.

The total production of flat products stood at 1.34 million tonnes (MT) in Q2 FY17 as compared to 0.85 MT in the corresponding period last fiscal. Pellet production also grew by 89 per cent to 2.43 MT compared to 1.28 MT in the same quarter last year, a statement issued here said.

The company’s liquid steel production increased by 65 per cent to 1.34 MT in Q2 FY 17 as against 0.81 MT last year.

At 81 KT (kilo tonnes), EStIL’s PPGI (Pre Painted Galvanised Iron) production was up by 98 per cent as compared to 41 KT produced in the corresponding period last year, it said.

Essar Steel India is country’s leading integrated steel producers with an annual production capacity of 10 million tonnes, which is supported by a 20 million tonne pellet-making capacity.

JSW Steel’s crude steel production rises 27% in August 2016

JSW Steel’s crude steel production rises 27% in August 2016

09/09/2016 11:56

JSW Steel said that it produced 13.52 lakh tonnes (LT) steel in the month of August 2016, its highest ever in any given month.

The company in a filing to the Bombay Stock Exchange said that crude steel production for the given month jumped 27 per cent from 1.06 million tonne in the same month of last year.

Production of flat and long steel jumped 15 per cent and 24 per cent at 9,71,000 tonne and 2,51,000 tonne,respectively.

JSW Steel is part of the JSW group which, in turn, is a part of the O P Jindal group. JSW Steel is one of the largest steel manufacturing companies in India having units in Karnataka and Maharashtra producing crude steel, long steel and flat steel products.

Meanwhile, shares of the company were trading at Rs 1828.30 apiece, down 1.10 per cent from the previous close at 11:59 hours on BSE.

Tata Steel faces Brexit heat; scrip falls 11%

Tata Steel faces Brexit heat; scrip falls 11%

24/06/2016 10:32

Shares of Tata Steel tumbled nearly 11 per cent amid rising concerns that its UK assets sell face the uncertainty as Britain votes to exit the European Union. As per BBC report, Britain voted to leave the European Union.

Reacting to the news, shares of steel maker declined as much as 10.89 per cent in intra-day trade to trade at Rs 297.40 a piece on Bombay Stock Exchange.

In a similar fashion, stocks of the company fell 9.51 per cent to Rs 302.20 apiece on National Stock Exchange.

Meanwhile, the broader benchmark BSE Sensex was trading at 26,016.05, down 986.17 points, or 3.67 per cent, at 10:25 hours.

Steel players to enjoy profitability in near term: ICRA

Steel players to enjoy profitability in near term: ICRA

03/06/2016 14:08

Rating agency ICRA has said that domestic steel players are likely to enjoy better profitability in the near term due to improved steel prices in the current year, supported by an imposition of minimum import price (MIP) by the government.

As per reports, post the operationalisation of MIP, domestic hot-rolled coil (HRC) prices have witnessed a sharp increase of about 25 percent from their lows reached in February 2016.

Further, industry players can see additional gains due to an increase in sales volumes as imports are likely to reduce in the current year.

The report further added that although MIP is scheduled to expire in the second quarter of the fiscal, currently buoyant international prices, along with the extension of safeguard duty ( SGD ) up to March 2018, will continue to help Indian steel producers.

Commenting on the issue, ICRA Senior VP and Co-Head, Corporate Sector Ratings Jayanta Roy told the media, “While the prospect of international prices declining again cannot be ruled out, given the still adverse demand- supply equation in the world, the final outcome of the anti- dumping investigations initiated by the Directorate General of Anti-Dumping and Allied Duties would be a key determinant of longer-term price trends in the domestic market.”

Steel industry under stress due to rising imports: Min

Steel industry under stress due to rising imports: Min

05/05/2016 10:19

The Indian Government has said that steel industry in India, one of the fastest growing steel producing nations, is passing through stress for some time due to rising imports.

The Government has further said that it will take all steps to promote and safeguard the sector.

Commenting on the issue, Steel Minister Narendra Singh Tomar told the media, “The concern of the member is justified. It has come to the notice of the government that the imports from China, Japan and Korea have increased, which is creating trouble for the domestic industry and also causing losses to it.”

“Government has made efforts to check this by steps like imposing anti-dumping duty, safeguard duty on imported steel products and policy announcement on minimum import price (MIP). After these steps, the pressure on the steel industry is gradually coming down,” he added.

The Minister further expressed confidence that steel consumption will pick up with the Government’s focus on infrastructure development.