Steel Sector

Govt to launch another PLI scheme for speciality steel, says steel secy

The government is working on the another round of the PLI scheme for speciality steel as the response for the first round of the initiative did not meet expectations, according to Steel Secretary Sandeep Poundrik. The top ministry official made the remarks at CII Steel Summit 2024 in the national capital on Friday. In his address, Poundrik said speciality steel is still one area where more is needed to be done. The government brought a PLI to incentivise specialities steel but the offtake was not as expected. "So we are bringing another round of PLI so that we can get more interest in the speciality steel business," he said. Later speaking to PTI, the secretary said the government had launched Rs 6,400 crore PLI Scheme for speciality steel, out of that only Rs 2,600 crore could be allocated. Speciality steel is high grades used in sectors like defence, automobile, and electrical among others.

Coal India arm BCCL books 2.40 million tonnes coking coal for steel sector

The government on Thursday said 2.40 million tonnes (MT) of coking coal have been booked of the 3.36 MT offered by Coal India arm Bharat Coking Coal Ltd (BCCL) under auction mode for the steel sector for long-term linkages. Coking coal is a key raw material that is used to manufacture steel through the blast furnace route. "BCCL achieved record-breaking success in the recently concluded long-term linkage e-auction (tranche VII) for the steel sub-sector. Of the 3.36 MT of coking coal offered, 2.40 MT was successfully booked, setting a new benchmark in coal bookings," coal ministry said in a statement. BCCL CMD Samiran Dutta said efforts to make the auction process more inclusive and transparent have paid off significantly. The import of coking coal puts a burden on country's valuable foreign reserve, and to change this, BCCL has undertaken reforms to make its coking coal auction processes more flexible, transparent, and attractive for the country's steel producers, he said. The CIL

India to impose retaliatory measures against European Union's steel tariffs

The move comes after bilateral engagements with the trade bloc had failed earlier this year

Overcapacity effects: Steel sector leads demand for protection from China

Steel producers have petitioned the government that their capacity expansion will be under threat unless prices, and therefore margins, are supported through tariffs

Govt working on policy framework for decarbonisation of steel sector

The Centre is working on developing a policy framework for formulating strategy, roadmap and action plan for decarbonisation of the steel sector, a top official said on Tuesday. Speaking at an event here steel secretary Sandeep Poundrik said, "The ministry of steel is working on developing a policy framework...while covering solutions ranging from minimisation to carbon avoidance to carbon utilisation." Towards this, the ministry has constituted 14 high-powered task forces to carry out discussions, deliberations and brainstorming on various enablers for decarbonisation, with the involvement of experts and the industry stakeholders. These task forces consisted of members from industry, academia, think tanks innovators, various ministries and government departments. The inputs of the task forces have been compiled into a comprehensive document. "I am proud to present the report 'Greening the steel sector in India-Roadmap and Action Plan' as a critical milestone in our efforts to ..

President elections put Nippon Steel's $15 bn takeover of US Steel in peril

On December 18, the companies announced that Nippon Steel had agreed to acquire US Steel for $14.9 billion, a 40 per cent premium to US Steel's share price at the time

New mining cess may increase cost pressures for steel industry: ICRA

The power sector, which is heavily dependent on coal, may see a rise in the cost of supply by 0.6 per cent to 1.5 per cent, potentially leading to higher retail tariffs, ICRA added

If we get operating coking coal mine, will look at it: JSW Steel's Acharya

JSW's economic interest in the coking coal asset would be about 20 per cent, said Jayant Acharya, joint managing director, JSW Steel

Steel sector's tech investment likely to hit $2.7 bn by 2030: Report

The investments in process and digital technologies across the steel value chain in the country are expected to grow up to USD 2.7 billion by 2030, according to a report. These investments will advance technological capabilities and drive progress toward a more efficient and sustainable mining and steel industry, the FICCI-Deloitte Report said on Thursday. "The investment in process and digital technologies across the steel value chain in India is projected to increase from USD 1-1.2 billion in 2024 to USD 2.3-2.7 billion by 2030, excluding ERP upgrades," said the report on 'Automation, Digitalisation and Technology Integration for the Indian Mining and Steel sector'. The year 2030 is significant for the domestic steel industry as the government's National Steel Policy 2017 aims to scale up India's installed steel-making capacity to 300 million tonne by 2030. As per the report, the per capita steel consumption is anticipated to reach 160 kg by 2030 and around 220 kg by 2047. Digit

Union minister HD Kumaraswamy assures support to RINL steel plant in Vizag

Union Steel and Heavy Industries Minister H D Kumaraswamy on Thursday visited the Rashtriya Ispat Nigam Ltd (RINL) here and assured all possible assistance to it. Addressing employees and trade unions' representatives, the Minister sought to assuage their concerns about potential closure of the plant and promised that its production would continue at 100 per cent capacity. He was accompanied by the Minister of State (MoS) for Steel and Heavy Industries, B Srinivasa Varma. the RINL family should not panic about the closure of the plant with the blessings and support of Prime Minister (Narendra Modi), RINL's production will reach 100 percent capacity of the plant permanently, said an official press release from the steel plant. The Union Minister noted that RINL or Vizag Steel Plant (VSP) will help improve India's GDP. Later, in a post on X, Kumaraswamy said, I personally visited and inspected the Vizag Steel factory in VisakhapatnamDuring my visit, I toured various sections of the

1.5K Tata Steel staff in Britain to start indefinite strike from July 8

Unite pointed out that Labour has pledged 3 billion pound for UK steel if elected next month, a commitment secured by the trade union

Ministry of steel bets against limiting imports of key raw material

Imports of low ash metallurgical coke by India, the world's second-biggest crude steel producer, have surged more than 61% over the past four years

JSW Steel Q4 results: Profit plunges 64.5% as revenues take a hit

The company also announced the appointment of Swayam Saurabh as the chief financial officer (CFO Designate), who will take over from Rajeev Pai next month

Domestic steel consumption growth may slow down to 7-8% in FY25: ICRA

With most large steel-consuming hubs globally facing subpar economic activities in the near term, global steel trade flows have been increasingly redirected to high-growth markets like India

Raj govt expects to attract investment with e-auction of iron ore blocks

Rajasthan is one of the richest states in terms of availability and variety of minerals in the country, producing over 57 different minerals

JSW Steel, Italy govt sign agreement to relaunch Piombino steel hub

Apart from doubling the current rail-making capacity from 300,000 tonnes to 600,000 tonnes per annum, the investments at Piombino are aimed at making the rail mill more efficient

Key infra sectors' growth slows to 15-month low of 3.6% in January

The growth of eight key infrastructure sectors slowed to a 15-month low of 3.6 per cent in January, on account of poor performance of sectors like refinery products, fertiliser, steel and electricity, according to the official data released on Thursday. The growth of eight core sectors -- coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity -- was 4.9 per cent in December. It was 9.7 per cent in January 2023. The previous low level of growth rate was recorded at 0.9 per cent in October 2022. Cumulatively also, the growth rate in the output of these sectors slowed down to 7.7 per cent as against 8.3 per cent in April-January 2022-23. The output growth of refinery products and fertiliser was in the negative zone. And the pace of increase in the output of coal, steel, and electricity decelerated during the month under review. However, crude oil, natural gas, and cement production recorded positive growth in January. The eight core sectors contr

Steelmakers look to startups in decarbonisation, sustainability journey

Bhattacharjee says, this is like Tata Steel matrimony.com - the matrimony here is between start-ups and corporate needs. And the "matchmaking" is on specific themes

India seeks greater market access for steel, rice, shrimp from S Korea

India has sought greater market access for certain products such as steel, rice, and shrimp from South Korea with a view to boost exports of these goods, an official said. These are part of the negotiations, which are underway, for the upgradation of the existing free trade agreement between the two countries, which is officially dubbed as comprehensive economic partnership agreement (CEPA). The agreement was operationalised in January 2010. The 10th round of upgradation talks are underway here. "We are asking for greater market access for products such as steel, rice and shrimp," the official said. In the meeting, India has flagged issues over Korean firms not buying Indian steel. "Korean firms in India also place orders from their local firms in Korea, so this is a double whammy for Indian companies. The Korean side has asked for an increase in price competitiveness here," the official added. On rice, there is a tariff rate quota of five lakh tonnes in Korea. Under this, they h

Chhattisgarh's SAIL-Bhilai Steel Plant creates a national record

BSP's Steel Melting Shop 2 produces cast blooms from its bloom casters. The blooms are then rolled into rails at Rail and Structural Mill