Steel Authority of India (SAIL) would adopt several steps to increase operational efficiency and thereby save Rs 5,000 crore in cost over the next three years. The state-run steel maker said in a statement after a ‘Strategic Confluence on Cost Control and Cost Competitiveness’ at its Management Training Institute in Ranc
Tag: production
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Rupee weakness to have minimal impact on Hindalco
Kumar Mangalam Birla, Chairman of Hindalco Industries said the impact of rupee depreciation on the company's balance sheet would be minimal as it does not have much of foreign currency loan. Addressing shareholders at the companyÂ’s 54th annual general meeting, Birla said the firm has a foreign loan of only $100 million and so the impact of rupee deva
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Tata Steel hopes to raise sales in FY14
Tata Steel, which sold 7.5 million tonne of steel in 2012-13, plans to raise the sale to 8.5 million tonne in the current financial year, which is a growth of around 13.3 per cent. The company is hopeful of raising sales in the current fiscal as it expects increase in demand following the monsoon season. During Apr-Jun 2013, the firm posted a year-on-year sales growth of 26 per
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Price of sponge iron set to rise further
Rising demand for sponge iron may put upward pressure on the price of the steel-making raw material, reports indicate. Demand for sponge iron has increased after steel companies started using this in a greater quantity in place of steel scrap
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SAIL plans to sell 1 mn t steel through dealerships
Through its dealers, state-run Steel Authority of India (SAIL) plans to sell 1 mn t of steel, SS Mohanty, Director (technical) of the firm said. He said this while addressing the Annual Dealer's Award ceremony. The event was conducted to award the company's outstanding dealers in the Eastern Region
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Panel clears $4 bn investment plan of RIL, partners
At a recent meeting, a block management committee approved the proposed investment of $4 billion by Reliance Industries and its partners to produce natural gas from the D34 blocks in KG-D6 basin. The partners of RIL in this venture are BP Plc and Niko Resources. D34, which is part of the R-Series gas-field in the block, was declared commercially viable. R-serie
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Experts advocate proper pricing policy
Experts remark that oil and gas exploration business is a risky venture which depends on the vagaries of geological conditions and hence the government must incentivise investment in the sector through attractive pricing policy. Experts argue that the whole cycle of discovery to development of hydrocarbons may take 10 years. Yet, when
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Exporters take advantage of rise in price, rupee weakness
Mining firms are exporting iron ore in a big way on the back of increase in the price of the commodity in the global market and depreciation of rupee. Many miners are exporting iron ore fines and pellets to China as the price of the commodity rose considerably in recent days. Sources indicate that the prices of pellets rose from Rs 6,200 per tonne a month ago to Rs 6,700 per t
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SAIL invests Rs 421 bn on capacity expansion plan
Till July 2013, state-run firm Steel Authority of India (SAIL) invested Rs 42,101 crore out of the proposed Rs 61,870 crore it plans to spend on modernisation and expansion of its existing facilities. Through this investment, the company plans to raise its crude steel production capacity to 21.4 million tonne per annum (mn tpa) from 12.8 mn tpa now
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Govt to ascertain hoarding allegation against RIL
The government is taking steps to ascertain whether Reliance Industries (RIL) hoarded natural gas produced from KG-D6 field in anticipation of higher prices. In this regard, the government plans to appoint a reputed independent consultant. If the consultant feels that RIL hoarded gas in anticipation of higher prices, it wou