Till July 2013, state-run firm Steel Authority of India (SAIL) invested Rs 42,101 crore out of the proposed Rs 61,870 crore it plans to spend on modernisation and expansion of its existing facilities. Through this investment, the company plans to raise its crude steel production capacity to 21.4 million tonne per annum (mn tpa) from 12.8 mn tpa now
Category: Materials
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India consumed 17.80 mn t steel during April-June: Govt
India had a steel stock of 1.824 million tonne after real consumption of 73.33 million toone by the end of 2012-13, said the Union Minister of Steel Beni Prasad Verma recently. By the end of last June this year, the country had a steel stock of 1.626 million tonne, he added.
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Tata Steel gets nod to use land for its Canada project
To feed its EuropeÂ’s plants Tata Steel Minerals Canada (TSML), a joint venture of the Indian steel maker, has secured key permission last week for land use related to its proposed iron ore project in north-eastern Canada.
Toronto-listed New Millennium Iron Corp, Tata SteelÂ’s 20 per cent strategic partner, said that TSML signed agreement with the appropriate aboriginal council of the south Labrador for the direct shipping ore (DSO) project.
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Centre clears Rs 1.1 lakh cr big ticket infra projects
In a big relief to investors, the Union government has cleared big-ticket investment projects worth Rs 1.1 lakh crore. The projects were held up for years for want of several government clearances. The clearances relate to 18 power projects with a generation capacity of 15,500 mw, four highway projects worth Rs 4,400 crore, and a Rs 1,200-crore steel plant in Odisha.
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Poor quality iron ore affects steel makers in Karnataka
Due to supply of poor quality iron ore, steel manufacturers in Karnataka have been facing several difficulties like sharp rise in cost of operations, maintenance shutdowns. The supply of low-grade and sub-grade iron ore has also resulted in higher consumption of coke in steel making, as well as affecting the life of their blast furnaces, say media reports.
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Finished steel consumption inches up 0.2%
During Apr-Jul 2013, consumption of finished steel in India rose just 0.2 per cent to 24.1 million tonne (mn t) on year-on-year basis. During the same period, steel output grew 3.1 per cent to 26.1 mn t, from 25.3 mn t during the year-ago period. The muted growth in steel consumption is attributed to poor off-take by large sectors like construction and auto
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Steel Exchange posts profit in June quarter
The standalone net profit of Steel Exchange of India stood at Rs 2.71 crore during Apr-Jun 2013 compared to a net loss of Rs 13.10 crore in the year-ago period. The standalone sales turnover of the firm rose to Rs 310.55 crore from Rs 292.43 crore in the year-ago period. Other income for the quarter declined to Rs 0.91 crore from
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Rupee depreciation to hit steel firms
Analysts feel that the depreciation of rupee against the dollar may affect the bottomlines of steel companies further. Already, companies like JSW Steel, Steel Authority of India (SAIL) bore the brunt because of the unfavourable exchange rate. The depreciating rupee may further hurt the cost of production of steel companies in turn affecting their mar
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RINL may rope in NMDC for Rs 20 bn STML project
Rashtriya Ispat Nigam' (RINL) may rope in either MOIL or NMDC for its Rs 2,000 crore joint venture project as BHEL is bot keen on the project. Earlier, BHEL and RINL planned to set up a seamless tube mill (STML) with an annual production capacity of four lakh tonne per annum. BHEL requested NMDC to join in the proj
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Tata plans to produce 1 mnt iron ore from Canadian project
During the current fiscal, Tata Steel is planning to produce one million tonne iron ore from its Canadian project. When it materialises, it will boost the raw material supply to Tata's European operations. The company is also targeting to ramp up the production from Direct Shipping Ore (DSO) project to over 3 million tonne (mt) next fiscal, the company has said.
The production is expected to begin from October-December quarter.