The country witnessed the fastest rate of growth in steel production during March in the last three months at 6.5 percent to 6.86 million tonne (mn t), data from the World Steel Association shows. It may be noted that in January, steel output grew at a slower rate of 3.8 percent to 6.6 mn t while in February it contracted 0.5 percent to 6.2 mn t over the year ago perio
Category: Materials
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District officials acquire land for Rs 520 bn steel project
Local government official sources informed that the process of land acquisition for the proposed Rs 52,000 crore Posco steel plant in Odisha's Jagatsinghpur district was continuing peacefully. The district authorities are acquiring land from betel farmers and demolition of betel vines has reportedly reach
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NMDC to decide on partnering with SAIL, RINL
At its board meeting in May, state-run miner NMDC is expected to take a final decision on partnering with either Steel Authority of India (SAIL) or Rashtriya Ispat Nigam (RINL) for its proposed steel project. It may be recalled that SAIL and RINL evinced interest to partner with NMDC on its proposed Rs 15,525-crore steel project at Nagarnar in Chhattisgarh
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WSA reduces growth forecast for steel usage
According to a recent report of the World Steel Association (WSA), the growth of the global apparent steel usage (ASU) may decline to 2.9 percent in 2013. The association had earlier forecast the growth rate at 3.2 percent in its October 2012 release. Demand for steel may be subdued because of macroeconomic events like the Eurozone crisis, slowdown in the Chinese economy and U
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Rating agencies raise concern on margin pressure for Tata Steels
Rating agencies are not optimistic about the domestic operation of Tata Steel as its margins are under pressure because of low pricing power in the Indian market. Owing to slowdown in the economy and the resultant weakness in steel consumption, the pricing power of the company is restricted. Therefore, rating agencies like Fitch and Moody's assig
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Chinese steel usage may grow 3.5% in 2013
According to a forecast by World Steel Association (WSA), consumption of steel in China may grow 3.5 per cent in 2013 to 668.8 mn t, following a 1.9 per cent increase in 2012. But the association expects steel demand growth in China to slow in 2014 to 2.5 per cent on the back of the local government's measures to control investment in an effort to re-balance the
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Steel firms prefer scrap over local sponge iron
Indian steel companies are said to be preferring to import cheap steel scrap from African and West Asian countries, whose prices are falling, instead of buying domestic sponge iron. In 2012-13, the country's import of steel scrap is estimated to have risen 25 per cent to 7.5 million tonne from the previous year, Metal Recycling Association of India said. Scrap prices declined 8 per cent to $390 a tonn
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Uttam Galva, Posco mull Rs 160 bn steel project
Reports suggest that Uttam Galva Steels is holding talks with South Korean steel major Posco to set up a 3 million tonne per annum (mn tpa) steel plant in Maharashtra at a cost of Rs 16,000 crore. Reports also indicate that both the companies plan to form a joint venture for the project and the world's leadin
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Posco set to get land for steel project
According to a status paper prepared by the Odisha government, the Indian arm of South Korean steel maker Posco is set to get 1,554 acre land for its proposes steel plant in Jagatsinghpur district. The Indian arm of the South Korean firm plans to set up a 12-mn tpa greenfield steel facility near Paradip at an in
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RINL to expand capacity by raising debt
AP Choudhary, Chairman and Managing Director of Rashtriya Ispat Nigam (RINL) said the firm plans to mop up Rs 400-500 crore through debt market in the near future. Speaking on the sidelines of a steel summit, he said the company plans to use the fund for expansion plans. But he did not disclose the timeline for the proposed fund raising plan