Bhushan Steel is reportedly nearing completion of its 3 million tonne (mn t) capacity expansion project at its Odisha plant and the firm expects to begin hot metal production from the new blast furnace by March. Presently, the firm has a production capacity of 2.5 mn tpa (million tonne per annum) and it produces secondary steel products like cold-rolled coils, galvanised coils
Category: Materials
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JSW Steel announced 8% rise in output
In October-December 2012, production of crude steel at JSW Steel expanded only 8 per cent to 20.94 lakh tonne because of impediments like shortages of iron ore. In Oct-Dec 2011, the company produced 19.39 lakh tonne (l t) crude steel. But production declined nearly 3.60 per cent from the preceding quarter, when it had produced 21.72 lakh tonne (l t) crude steel
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Uttam Galvas Steels sees recovery in export
Uttam Galva Steels has reportedly witnessed recovery in the sale of its products in the European and US markets. The company, which is an associate of ArcelorMittal, realised 40 per cent of its Rs 5,475 crore total turnover from exports in the last financial year. ArcelorMittal holds 34.42 per cent stake in the firm.The firm
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India’s steel sector fastest growing in the world
The Union Minister of Steel, Beni Prasad Verma congratulated the Indian steel industry on being the number one in terms of growth rate in steel production amongst the top ten steel producing countries. During April - NovemberÂ’12, the Indian steel industry achieved a growth rate of 5.36 percent which was the highest in the world
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ArcelorMittal to resume operation at blast furnace
According to a foreign newspaper, ArcelorMittal may resume operation at its second blast furnace in Dunkerque, France from mid January after it remained shut since August. The company originally shut down the blast furnace for maintenance but kept it closed owing to low demand. According to the firm, steel demand in Europe decli
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Steel firms may face ore shortage
Ratings agency India Ratings warned that domestic steel makers may continue to face inadequate availability of domestic iron ore in the short-to-medium term and may have to import for meeting their requirements. The agency feels that the domestic iron ore mining industry is undergoing a difficult phase given regulatory inter
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Promoter firms offload 6.38% stake in JSW Ispat
Through both off and on market transactions, 10 promoter group companies of JSW Ispat Steel offloaded 6.38 per cent stake in the firm for Rs 174.47 crore, according to a communication to the stock exchange. All the 10 promoter firms belong to Pramod and Vinod Mittal or their families, which held less than 20 per cent
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Investment in infra holds key for steel demand
Experts and industry bodies feel that steel demand may not pick up in the country unless the government realises its targeted investment of $1 trillion in infrastructure sector during 2012-17 (12th five-year plan). In order to attain this target, government must address regulatory hurdles, delays in project execution, amo
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Weakness in rupee may hit margins of steel firms
Credit ratings agency India Ratings expects the margins of firms producing flat steel through the blast furnace route to come under pressure if the rupee depreciates further against dollar. Therefore, the agency expects profit margin of these producers to remain under pressure in 2013, even after effec
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JSW Steel yet to sign final pact on steel project
JSW Steel is reportedly dragging its feet in signing a final development agreement with the state government for its proposed 10 million tonne (mn t) steel plant at Salboni, West Bengal. Once the agreement is signed, the company will be given a definite timeframe to commission the plant in the s