Jharkhand government received a request from the state-run Rashtriya Ispat Nigam (RINL) for allocating the over 2,600 acre Ghatkuri iron ore mine, located at the West Singhbhum district. The company wants the mine, which is estimated to have 600 million tonne reserves, for its proposed 3 million tonne per annum (mn tpa) steel plant
Tag: Steel
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Subdued demand may hit margins of steel firms
Owing to subdued demand for steel, earnings of companies in the sector may remain under pressure despite decline in the cost of coking coal and iron ore, the two key raw materials. Some analysts feel that earnings of steel firms may not improve in the next quarter and may recover only from the second half of 2012-13 as demand revives once cons
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Task force suggests renewal of 11 MoUs
The Odisha government's task force on steel recommended renewal of memorandum of understanding (MoUs) of 11 steel companies in the state based on milestones achieved. The 11 MoUs are part of a list of 15 steel projects whose field verification has been completed by Ipicol. The draft MoUs of the 11 steel companies are prepared by the state steel & mines department. Ipicol will take the views of other concerned departments on the MoU, said steel & min
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India plans to import tariffs on steel products
In order to safeguard the interests of local producers from huge imports, primarily from China and Italy, India plans to impose tariffs on some iron and steel pipes, tubes and profiles. This information is said to be sourced from a filing of India in the World Trade Organization. According to the guidelines of WTO, member countries can impose such tariffs on a temporary basis if they can sho
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Pig iron makers try to overcome muted local demand
Pig iron producers in India are trying to reduce manufacturing cost and diversify their sales to foreign markets amidst muted demand from the domestic steel sector. In order to reduce production cost, some units are said to be using more iron ore fines than lumps. Further, firms like Sesa Goa are now producing according to the need only
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Panel revokes green nod for Posco project
South Korean steel major Posco will have to take environmental clearance again for at least some part of its proposed Rs 54,000-crore integrated steel plant in Odisha as the statutory environment panel revoked the existing clearance. The company has been asked by the expert appraisal committee on industry to furnish detailed infor
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JSPL aims to be third largest steel maker in 2 yrs
Jindal Steel & Power (JSPL), which is currently the country's sixth-largest steel producer, plans to climb to the third slot by 2015. By 2015, the firm reportedly aims to raise its steel capacity to 14 million tonne per annum (mtpa) and pellet (direct reduced iron) capacity to 14.5 mn tpa. The firm plans to set up a 6 mn tpa steel plant in Angu
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Steel output expands 6.5% in March
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
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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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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