In a research note, rating agency CRISIL said new home sales may decline 400 basis points (bps) and volume growth for steel and cement may shrink about 100 bps owing to the liquidity tightening measures of the Reserve Bank of India (RBI). In order to stabilise rupee exchange rate against dollar, RBI raised short-term interest rates and restricted amount that bank
Tag: Steel
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Steel production rises marginally by 0.9% in June
In June 2013, steel output in India rose a mere 0.9 percent to 6.45 million tonne (mn t) from 6.39 mn t in the year-ago month. It is learnt that during the month, India's rate of growth in steel production declined below the world average. Data from World Steel Association (WSA) shows global steel output touched 132 million tonne in June 2013, a 1.9
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Govt gives 2,000 acre land for Rs 300 bn steel project
For implementing its proposed 6-million tonne-per-annum (mn tpa) steel plant, the Karnataka government granted over 2,000 acre land to ArcelorMittal at Kuditini, Bellary district. The state government and the global steel giant entered into a memorandum of understanding (MoU) for the Rs 30,0
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Tata Steel chief expects challenging months ahead
In the company annual report, Cyrus P Mistry, Chairman of Tata Steel said the next 18-24 months will be challenging for the firm owing to volatile raw material prices and systemic weakness in demand in key markets. But he expects the company to strengthen its position on the back of key management initiatives including investment in select facilities, product rationalisation and right sizing of
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ArcelorMittal abandons 12 mn t steel project in Odisha
After unsuccessfully waiting for seven years to secure land, ArcelorMittal abandoned its 12-million tonne steel plant in Odisha citing unviability of the project. In a press release, the firm said the inordinate delays relating to land acquisition and allocation of captive iron ore blocks means this project is no longer viable
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Posco shelves $5.3 bn steel plant project
Owing to its inability to secure land, South Korean steelmaker Posco cancelled its proposed $5.3 bn steel plant project in Karnataka. In an official communication, the firm said the delay in land acquisition has been prolonged and this prompted it to shelve the project. In June 2010, Karnataka government signed a preliminary agreement with the firm for the project. According to the agreement, the firm was to set up a 6 mn t
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POSCO considers abandoning steel project in Karnataka
Owing to its failure to get land for the proposed 6 million tonne per annum steel project in Karnataka, South Korean steel giant POSCO is considering to quit the project, reports suggest. The company is unable to get land for the project because of protests by local residents. Soon, the company would decide on whether to abandon the project, which involves setting up a steel mill i
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Loss of Tata Steel Europe rises to 1.2 bn pounds
Loss of Tata Steel Europe, Britain's largest steel producer, rose to 1.2 billion pounds during 2012-13 from 846 million pounds the previous year. Owing to poor market condition in the second half of the year, the firm witnessed 14 per cent decline in revenues to 8.7 billion pounds. Decline in steel prices, muted demand and competition from cheap imports are affecting the finan
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Govt to raise steel capacity 3 fold by 2025
In the next eight weeks, union steel ministry would prepare a road map with time lines for attaining the government's target of trebling steel production capacity to 300 million tonne by 2025. Government aims to raise the production capacity of steel by three-fold in order to support manufacturing sector in the country
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Govt considering ore license for $12 bn steel project
Unconfirmed reports indicate that the union government is considering to provide an iron ore exploration licence to South Korean firm POSCO for its planned $12 billion steel plant in Jagatsinghpur, Odisha. Granting of this license may expedite the long-delayed steel project, which is said to be the largest forei