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
Tag: Steel
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Revival in demand enables steel firms to hike prices
Industry watchers feel that demand for steel has improved recently and this enabled steel makers to raise price of their products. It is learnt that there has been a five to seven per cent price hike in both flat and long steel products on a year-on-year basis. Rashtriya Ispat Nigam (RINL) increased rates by Rs 500 per tonne this month when it followed most of the
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Land, green clearance hit steel projects
Some industry observers feel that governmentÂ’s policy affected many steel projects in the country. According to one estimate, at least 35-40 million tonne of capacity has been cancelled or postponed over the past few years, putting a question mark over the steel ministryÂ’s dream of taking the installed capacity to 200 million tonne from 90 million tonne now
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WB govt seeks national policy on iron ore
In order to ensure even distribution of raw materials for steel industry across states in the country, the West Bengal government demanded a national policy on iron-ore, on the lines of the coal policy from the centre. Call for such a policy comes while the steel industry, particularly the secondary players, in the state, face prob
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Assocham for reforming duty structure in steel sector
Government received a request from industry body Assocham to remove the inverted duty structure prevailing in the steel sector. Assocham said the present duty structure between finished steel and Iron ore denies an opportunity to steel sector for value addition and it called for exemption iron ore i
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MSTC to build steel scrap unit for Rs 120 cr
Media reports suggest that public sector trading firm MSTC plans to set up a automotive and white goods steel scrap shredding unit in Dahej at a cost of Rs 120 crore. The plant, to be located at Dahej, may be operationalised in the first half of 2013-14. For installing the unit, to be built on a 20-acre plot, selection of an EPC contractor would be done through a global tendering
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Sales of RINL rises 5% in Nov
According to a company statement, sales of Rashtriya Ispat Nigam (RINL) grew 5 per cent to Rs 1,085 crore in November from Rs 1,028 crore in the year-ago month. During the month, sales of iron and steel registered a growth of six per cent, while pig iron sales expanded 48 per cent.According to the statement, the company is increasing its prese
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Ambiguity in duty hits galvanised steel export
Reports suggest that export of huge amount of galvanised steel is affected because of confusion over export duty on the product and consequently exporters are seeking clarity on the issue. The recent move by Kolkata port to impose 20 percent export duty on galvanised steel created confusion among primary steel manufacturers. Following this, EEPC India, (formerly known as Engin
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INSDAG warns of ore shortage
Sushim Banerjee, Director General of Institute for Steel Development and Growth (INSDAG) cautioned that the Indian steel industry may face severe iron ore shortage in the coming years. Expressing his views in a leading media, he said the bigger issue facing the industry is iron ore shortage. This is going to hit the industry hard. He argued that Indian steel firms did not pay adequate atte
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Lloyds steel to get more funding from Uttam Galva
The loss making Lloyds Steel, in which Uttam Galva group acquired 58.35 percent stake recently, is set to get a further capital infusion of Rs 380 crore from the group. Agency reports suggest that the Rs 380 crore additional investment would be used to turnaround Lloyds Steel, which posted net losses of Rs 290 crore in last three financial years. Lloyds Steel has a total loan portfolio (both, secured and u