Loss of Tata Steel Europe, Britain's largest steel producer, rose to 1.2 billion pounds during 2012-13 from 846 million pounds the previous year. Owing to poor market condition in the second half of the year, the firm witnessed 14 per cent decline in revenues to 8.7 billion pounds. Decline in steel prices, muted demand and competition from cheap imports are affecting the finan
Category: Materials
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Govt to raise steel capacity 3 fold by 2025
In the next eight weeks, union steel ministry would prepare a road map with time lines for attaining the government's target of trebling steel production capacity to 300 million tonne by 2025. Government aims to raise the production capacity of steel by three-fold in order to support manufacturing sector in the country
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Govt considering ore license for $12 bn steel project
Unconfirmed reports indicate that the union government is considering to provide an iron ore exploration licence to South Korean firm POSCO for its planned $12 billion steel plant in Jagatsinghpur, Odisha. Granting of this license may expedite the long-delayed steel project, which is said to be the largest forei
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PM clears Rs 450 bn plan of steel ministry
At a recent meeting of the high-level committee on manufacturing, Prime Minister Manmohan Singh cleared
a Rs 45,000 crore investment plan of the steel ministry. Singh approved the investment proposal for ultra mega steel plants (UMSP) considering that the expanding infrastructure sector would raise demand for steel in the country. However, Planning Commission and the ministries of coal and mines objected to the approval given by the Prim
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SAIL to take a hit from rupee depreciation
Agency reports indicate that Steel Authority of India (SAIL) would take a hit of roughly around Rs 125-130 crore on an annual basis for every one rupee depreciation. But the falling price of the coking coal, a key input in steel-making, may reduce the impact of rupee depreciation on the finances of the company. SAIL requires to import around 10 million tonne of coking coal
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Odisha govt restricts gram sabhas to 12 villages
Ignoring the suggestion of the union tribal affairs ministry, Odisha government plans to conduct gram sabhas in only 12 villages of Kalahandi and Rayagada districts to decide whether to allow bauxite mining at Niyamgiri hills by Vedanta Group. The state government will conduct gram sabhas on July 18 and August 19. Earlier, the union tribal ministry suggested the state gove
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Odisha govt to get panel report on ore linkage
By July 15, Odisha government would get a report on long-term ore linkage policy for local industries from the inter-ministerial committee set up for this purpose. The state government set up the panel to suggest measures for making iron ore, manganese, bauxite and chrome ore available to the mineral-based industries in the state in a fair and equitable manner through
the state mine PSU, Odisha Mining Corporation (OMC) and
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Odisha govt to get panel report on ore linkage
By July 15, Odisha government would get a report on long-term ore linkage policy for local industries from the inter-ministerial committee set up for this purpose. The state government set up the panel to suggest measures for making iron ore, manganese, bauxite and chrome ore available to the mineral-based industries in the state in a fair and equitable manner through
the state mine PSU, Odisha Mining Corporation (OMC) and
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Task force clears steel projects
A task force of the union government has reportedly cleared Rs 100.53 billion (bn) worth investment projects ,involving eight proposals. These projects include one steel plant and numerous pelletisation projects. Of these, Kalinga Steel Tech Pvt Ltd plans to set up a new integrated steel plant with a capacity of a 1.2 million tonne per annum in the Sundargarh district
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JSW hopes to operationalise new plant by Dec
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