Jindal Steel and Power and JSW Steel are eyeing stake in the British steel trader Stemcor's Indian iron ore assets. JSW is reportedly holding discussion with Stemcor on this matter. Stemcor appointed Goldman Sachs to find a buyer for its Indian assets which include a iron ore mine and iron processing facilities in the state of Odisha, valued by a
Category: Materials
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Panel submits report on linkage policy to Odisha govt
An inter-ministerial committee set up by the Odisha government submitted its report on the long-term linkage policy for supply of ore to local industries. The state government would examine the report and may take action to boost supply of raw material to local industries. The submission of the report prompted Vedanta Aluminium (VAL) to be optimistic about securing bauxite ore from
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RBI steps may hit home sales, cement, steel volume growth
In a research note, rating agency CRISIL said new home sales may decline 400 basis points (bps) and volume growth for steel and cement may shrink about 100 bps owing to the liquidity tightening measures of the Reserve Bank of India (RBI). In order to stabilise rupee exchange rate against dollar, RBI raised short-term interest rates and restricted amount that bank
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Steel sector not to be hit by cancellation of projects
The decision of global steelmakers ArcelorMittal and Posco to scrap their India projects will not upset the demand supply equilibrium in the country in the short to medium term, according to some top domestic steelmakers. With economic growth in India slowing, the consumption of the alloy, a key input for industries such as infrastructure, automobiles and consumer goods, is exp
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Steel production rises marginally by 0.9% in June
In June 2013, steel output in India rose a mere 0.9 percent to 6.45 million tonne (mn t) from 6.39 mn t in the year-ago month. It is learnt that during the month, India's rate of growth in steel production declined below the world average. Data from World Steel Association (WSA) shows global steel output touched 132 million tonne in June 2013, a 1.9
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APSEZ, Tata Steel may tie up for goods handling
Adani Ports and Special Economic Zone (APSEZ) has started talks with Tata Steel regarding the terms of handling cargo at Dhamra Port in Orissa, a port which is jointly owned by Tata Steel and Larsen and Toubro, signaling a significant move towards acquiring a strategic control of the port. APSEZ held discussions with Tata Steel previous week regarding cargo handling at the port. Tata's arm TM International Logistics currently manages the port.
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Govt gives 2,000 acre land for Rs 300 bn steel project
For implementing its proposed 6-million tonne-per-annum (mn tpa) steel plant, the Karnataka government granted over 2,000 acre land to ArcelorMittal at Kuditini, Bellary district. The state government and the global steel giant entered into a memorandum of understanding (MoU) for the Rs 30,0
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Tata Steel chief expects challenging months ahead
In the company annual report, Cyrus P Mistry, Chairman of Tata Steel said the next 18-24 months will be challenging for the firm owing to volatile raw material prices and systemic weakness in demand in key markets. But he expects the company to strengthen its position on the back of key management initiatives including investment in select facilities, product rationalisation and right sizing of
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ArcelorMittal abandons 12 mn t steel project in Odisha
After unsuccessfully waiting for seven years to secure land, ArcelorMittal abandoned its 12-million tonne steel plant in Odisha citing unviability of the project. In a press release, the firm said the inordinate delays relating to land acquisition and allocation of captive iron ore blocks means this project is no longer viable
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Posco shelves $5.3 bn steel plant project
Owing to its inability to secure land, South Korean steelmaker Posco cancelled its proposed $5.3 bn steel plant project in Karnataka. In an official communication, the firm said the delay in land acquisition has been prolonged and this prompted it to shelve the project. In June 2010, Karnataka government signed a preliminary agreement with the firm for the project. According to the agreement, the firm was to set up a 6 mn t