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
Category: Materials
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Tata Steel posts best output, sales performance in FY13
Production of hot metal and crude steel by Tata Steel expanded 14 per cent to 8.85 million tonne (mn t) and 8.13 mn t during 2012-13, the company said in a press release. During the year, the firm achieved 14 percent growth in the output of saleable steel at 7.94 mn t. The company posted 13 per cent growth in sales at 7.48 mn t
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RSP to complete expansion, modernisation project
Rourkela Steel Plant (RSP) may be able to increase its steel output as it is almost completing the Rs 12,000 crore expansion project, which would double its production capacity from 2 mn t to 4.5 mn tpa (million tonne per annum) of hot metal. The project would also increase its crude steel and saleable steel capacity. The company is also expected to commission the new 4,060 cubic metre blast furnace, large
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Tata Steel expects demand to expand 6-8 % in FY14
Agency reports indicate that Tata Steel expects the country's demand for steel to grow 6-8 per cent in 2013-14 assuming the economy to expand 6 per cent. The company expects major steel consuming sectors to grow well in the ongoing fiscal year, unlike last year when the growth was
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Study shows steel firms must attain raw material security
Long-term success of steel companies would be determined by investment in raw material security, capital project management, customer centric measures, a study by consulting firm Accenture shows. The study also laid emphasis on building differentiated supply chains and securing human capital for t
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RINL to set up Rs 25 bn worth steel plant in Rajasthan
Rastriya Ispat Nigam (RINL) plans to set up a 2 million tonne (mn t) steel plant in Banera, Rajasthan with an investment of Rs 2,500 crore. Recently, the state government gave approval for the project and it would issue a Letter of Intent (LoI) soon. In February 2012, the state government is learnt to have sent a letter to the centre for setting up of the plant
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Essar Steel to reduce interest cost by raising dollar debt
Dilip Oomen, Managing Director and Chief Executive of Essar Steel informed media persons that the company plans to replace its rupee debt with dollar debt in order to reduce interest cost. By September 2013, the firm plans to refinance its entire domestic debt of around Rs 20,000 crore into dollar terms
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Output of Tata Steel expands 27%
The aggregate saleable steel output of Tata Steel expanded 27 percent to 2.26 million tonne (mn t) in January-March 2013 from the year-ago period. The company said this in a communication to the stock exchange. The company sold 29 percent more steel in January-March 2013 at 2.28 mn t compared to 1.77 mn t
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RDCIS completes 5 MoUs in 2012-13
According to a statement from the Research & Development Centre for Iron & Steel (RDCIS), the centre completed five memorandum of understandings (MoU) projects and 54 planned R&D projects during the 2012-13. These projects and the MoU would result in a financial benefit of Rs 570 crore, the corporate unit of the SAIL said in the statement
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Rising cost may prompt steel firms to hike price
Rise in coking coal prices and the increase in rail freight tariff may prompt steel makers in the country to hike prices of flat and long steel products, reports indicate. The transportation cost for the steel makers rose by Rs 60 per tonne because of the hike in rail freight from this mont