Sajjan Jindal, Chairman and Managing Director of JSW Steel informed that the firm would begin production at its upcoming 2.3 million tonne plant in Bellary, Karnataka from December 2013. The company is setting up the plant specifically for the auto-industry and it would produce high-grade automotive steel
Category: Materials
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Steel output rises 6% for SAIL in June quarter
During Apr-Jun 2013, output of saleable steel rose 6 percent to 3.2 million tonne (mn t) from the year-ago period for Steel Authority of India (SAIL). Production of value added steel touched the best ever Q1 mark, at 1.28 mn t, a year-on-year growth of 4 percent. Across the company's various units, new projects worth around Rs 2,700 crore commenced operation betw
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PPMAI seeks removal of import duty
Process Plant and Machinery Association of India (PPMAI) wants government to abolish import duty on on stainless steel and special steels which are used by the manufacturers of Process Plant machineries. Specifically, the industry demands removal of import duties on import of stainless steel hot rolled sheets, coils and cold rolled products. The association seeks removal of duty because of the steep depreciation of rupee against the dollar and also because of the fact that some of the steel prod
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RINL, APMDC to ink pact on steel plant
AP Choudhary, Chairman and Managing Director of Rashtriya Ispat Nigam (RINL) said the firm would enter into an agreement with the AP Mineral Development Corporation (APMDC) to set up an iron ore and steel plant at Bayyaram in Khammam. He informed reporters that the firm almost completed formalities with regard to the agreement. Meanwhile, Kudremukh Iron Ore Company (KIOCL) would invest about Rs 1,000 to Rs 1,500 crore to set up beneficiation and pellitization plants of 1.2 million tonne per annu
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Tata BlueScope gets Mercedes-Benz order
Tata BlueScope Building Products, a business division of Tata BlueScope Steel has bagged the order to supply LYSAGHT® roof and wall cladding profiles to the extended manufacturing facility of Mercedes-Benz India at Chakan, Pune.
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Secondary steel firms take hit due to weakening rupee
The cost of imported raw material for secondary steel producers in the country rose owing to the recent sharp depreciation in the Indian currency. Secondary steel producers import steel scrap and coking coal, besides other things. The exchange rate of rupee depreciated up to Rs 60 per dollar thereby raising the imported raw material cost of companies. Some reports indicate that the secondary steel units conc
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India steel output rises 3% in 5 months to May
Data from the World Steel Association (WSA) shows that India's steel output rose 3 percent to 33.5 million tonne during the first five months of this year (Jan-May 2013). This is well above the world average growth rate of 2.1 percent at 658 million tonne. In May 2013, India's steel output expanded at a lower rate of 1.5 percent as against the global growth rate of 2.6 percent. During the month, India produced 6.73 million tonn
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Essar Steel raises $1 bn via ECB
In order to reduce interest cost, Essar Steel decided to swap rupee debt with dollar loans. As part of this initiative, the flagship firm of Ruia Group raised $1 billion through external commercial borrowings (ECB), thereby saving interest cost by at least 6 percent or 450 crore. Banks led by IDBI and ICICI Bank subscribed to the ECB. The company is making attempt to convert its rupee liabilities into dollar as its earnings are in
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Expert panel suggests renewal of green nod for Posco project
An Expert Appraisal Committee suggested the renewal of the environmental clearance for the proposed steel plant of the South Korean giant Posco at Jagatsinghpur, Odisha. Posco wants to set up a 12-mn tpa steel plant in the area. In the interim, it will be starting off with 4 mn tpa capacity and add another 4 mn t in the second phase. The committee
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Crude steel output of JSW rises 40% in May
In May 2013, crude steel output of JSW Steel rose 40 per cent to 10 lakh tonne after the amalgamation of its subsidiaries with itself. It may be noted that the Bombay High Court recently cleared the companyÂ’s composite scheme of amalgamation and arrangement with JSW Ispat Steel, JSW Building System and JSW Steel Coated Products. The production numbers for May 2012 did not include the production of Dolvi (of JSW Ispat Steel in Maharashtra) unit as the appointed date for the scheme was