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
Tag: Steel
Post
Post
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
Post
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
Post
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
Post
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
Post
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
Post
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
Post
Ore price rises on expectation of supply disruption
Since early December, the price of spot iron ore rose around 33 percent and it is said to be trading almost at a 15-month high because of expectation of supply disruption. Traders expect that iron ore export from Australia, leading ore exporter, may be affected by the upcoming cyclo
Post
ArcelorMittal to trim debt via stake sale
As part of its strategy to offload assets and reduce debt, ArcelorMittal decided to sell 15 percent stake in Canada's Labrador Trough iron ore mining and infrastructure asset. The stake would be bought by a consortium that includes South Korean steelmaker POSCO and Taiwan-listed China Steel Corp in a deal valued at $1.1 billion, repo
Post
Vizag Steel works on captive power plant project
In order to ensure assured power supply for its future requirement, the Visakhapatnam Steel Plant is working on a 240 mw captive power plant project in two phases. In the first phase, the firm would be setting up a 120 mw blast furnace gas-based captive plant with an investment of Rs 677 crore. AP Choudhary, Chairman and Managing Director of the firm, laun