The net profit of steel maker and trader Steel Exchange India rose to Rs 5.85 crore during October-December 2012 from Rs 3.86 crore in the same quarter of previous year. But sales of the firm contracted slightly to Rs 304.89 crore during the quarter, from Rs 355.22 crore in the year-ago period. The company expects to save costs considerably with the recent lau
Category: Materials
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JSPL to raise steel production capacity
Jindal Steel & Power (JSPL) has a steel production capacity of 3.5 million tonne (mn t) at present, which the firm expects to raise to 15 mn t by 2020. This would make the company the fourth largest steel maker from its current position of sixth. In 2013-14, additional 7 mn t would be commissioned in Angul (Odisha) and
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Prithvi Steels to set up steel tube plant in Rajasthan
Prithvi Steels, which makes steel pipes, agreed to set up a steel tube manufacturing facility on 2 acre land in Rajasthan for Mahindra World City, Jaipur. Prithvi Steels would set up the plant at a cost of Rs 20 crore. Mahindra World City, which is an integrated business city, expects the plant to be ready by mid-2014 and also plans to set up a strip mill in the future.
It e
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Assocham suggests exclusion of Japan, Korea from FTA
Industry body Assocham said that companies in Japan and Korea are flooding the Indian market with their steel products and hence these products must be excluded from the ambit of FTA with these nations. The body alleges that the companies from these two nations are taking advantage of concessional duty rates at the cost of
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Delay in Posco project may be dealt by IMG
According to some press reports, the union government may form an inter-ministerial group (IMG) for recommending ways to fast-track clearance for PoscoÂ’s $12-billion investment plans in Odisha. Last year, the National Green Tribunal sought a fresh environment impact analysis for for the entire 12 million tonne per annum (mn tpa
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Govt may introduce policy for steel sector
Press reports suggest that the union government is discussing a new steel policy and it would be introduced soon in order to promote overall growth of the sector. According to reports, the new policy would address several issues including foreign direct investments (FDI), land acquisitions and environment clearances. The new policy would make sure that such problems did
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AIFI seeks govt support to become more competitive
Association of Indian Forging Industry (AIFI) requested the government to support the sector and enable firms to compete effectively in the global markets. Among other things, the industry body asked the government to promote value added products and ban export of higher grade iron
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AIIFA seeks CENVAT credit on duty
Secondary steel manufacturers want the union government to consider deemed duty paid on steel scrap for availing CENVAT credit in the union budget 2013-14. According to the All India Induction Furnaces Association (AIIFA), the revenue collection of the central government would rise remarkably by allowing Deemed Duty Cre
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Overseas steel firms may invest in local companies
In order to gain foothold in a growth market, overseas steel manufacturers may make strategic investments in smaller steel mills in India, agency reports suggest. Such investment by foreign steel firms may be beneficial for both the investor and the local company. The local partner gets both funding and technology while the
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DSP posts 5% growth in steel output
The production of saleable steel by the Durgapur Steel Plant of SAIL rose 5 per cent in January from the year-ago month. The company also witnessed expansion in output across major categories such as hot metal, crude steel, continuous casting, blend mix and sinter during the month. The company produced 121,150 tonne of special steel and