Media reports indicate that the Korean steel major Posco wants the Indian government to revalidate the environment clearance for the Rs 52,000-crore steel project in Odisha. Although the project was given clearance in 2005-06, that was put on hold subsequently. Following this, the green tribunal visited the site and sent its report to the e
Tag: Steel
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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
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Weak demand hits sales revenue of RINL
Owing to weak demand for steel during large part of 2012-13, Rashtriya Ispat Nigam (RINL) posted 5.8 per cent decline in sales revenue at Rs 13,650 crore during the year compared to Rs 14,450 crore in the previous year. But the firm managed to post 45 per cent growth in export revenue at Rs 601 crore and 15 per cent increase in rural sales during the previous fiscal year
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AOSF urges Odisha govt to ensure ore availability
The All Odisha Steel Federation (AOSF) again urged the state government to make available raw material (iron ore) for the local steel and sponge iron makers at fair prices. In a letter to the steel & mines department, AOSF said the policy resolutions taken by the state government to ensure raw material security for the local plant
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NINL commissions steel billet plant
Neelachal Ispat Nigam (NINL) commissioned its Rs 1,650 crore billet-making facility at Kalinganagar in Odisha. The company set up the facility to manufacture billet, which is a value added product compared to pig iron and which gives better sales realisations. NINL, whose main activity is manufacturing of pig iron, said
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Tata Steel to issue dollar bonds to raise $1 bn
Media reports indicate that Tata Steel plans to rise $1 billion through issue of foreign currency bonds mainly to refinance loans. November 2009 was the last time the company raised dollar-denominated bonds. Besides this, the company would raise Rs 130 billion for its 6-million metric-tonne steel plant project in the eastern state of Odisha. The plant would be built in phas
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Steel output contracts marginally in February
Data from the World Steel Association (WSA) shows that steel output in India contracted a marginal 0.5 per cent to 6.2 million tonne (mn t) in February from 6.229 mn t in the year-ago month. During the same month, global steel production expanded 1.2 per cent to 123 mn t. The US produced 6.7 mn t steel in February 2013, down 11.8 per cent over the same month last year
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Indian steel sector holds strong growth potential
Brazilian steelmaker Gerdau SA hopes that the Indian steel sector may grow sizeably given the current low per capita consumptions in the domestic market. In view of the opportunities in the domestic market, the company plans to expand its footprint in India and it is in active talks with a few Indian steel companies for acquiring either majority stake or entire stake. But it is not know
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SEIL hopes to borrow funds for pellet plant project soon
B Satish Kumar, Managing Director of Steel Exchange India (Seil) expressed hope that the firm may achieve financial closure for its proposed Rs 300-crore pellet plant by three-four months. He said the company is awaiting environment clearance for the proposed 600,000 tonne capacity unit which would come up at its existing steel plant and would help it cut production cost