Big Billion Days

JSW Group would build the 3-D model green steel plant in two phases. The first phase of the KSP involving an investment of Rs 3,300 crore and having an annual production capacity of 10 lakh tons will be commissioned in 24 to 30 months and in the second phase, the production capacity of the plant will be enhanced by 20 lakh tons with an additional investment of Rs 5,500 crore.

Union Minister for Steel Jyotiraditya Scindia said that the Central government stands firm on its commitment to the material recycling industry, a sector that needs to be encouraged and pushed forward in today's world. The recycling industry contributes almost Rs 10,000 crore to India's GST and in the years to come, it is expected to go up by Rs 35,000 crore.

Amid this scenario, Indian steel makers have sought suo moto safeguard in terms of import duty of up to 25 per cent on ad-valorem basis, in the forthcoming union budget. In a representation to the finance ministry, the domestic steel makers have also sought reinstatement of anti-dumping measures on HR coil, sheets and plates as well as colour coated and wire rods.

In November 2022, coal production with a weightage of 10.33 per cent, grew by 12.3 per cent over corresponding period. From April to November 2022, compared to the same period the year before, its cumulative index rose by 17.2 per cent. However crude oil output, which has a weightage of 8.98 per cent in the index, fell by 1.1 per cent in November 2022 as compared to corresponding period of last year.

The government had withdrawn the export duty on iron ores lumps and fines below 58 per cent Fe content, iron ore pellets and the specified steel products including pig iron last Saturday. The import duty concessions on Anthracite / PCI coal, coking coal, coke and semi coke and ferronickel were also withdrawn.

Officials said that the current measures will provide a fillip to the domestic steel industry and boost exports. With effect from Saturday, exports of iron ore lumps and fines with less than 58 per cent Fe will attract nil export duty and with more than 58 per cent Fe will attract lower export duty of 30 per cent.

In the first phase, silos of 34.875 LMT capacity at 80 locations would be constructed by the FCI. Out of this, 10.125 LMT at 14 locations would be under the develop build operate and transfer (DBFOT) mode and 24.75 LMT at 66 locations would be under the develop build own and operate (DBFOO) mode.

During the Maharatna company's annual general meeting on Wednesday, it was informed that for the first time, it entered the elite club of Indian companies having a turnover of over Rs 1 lakh crore. The company's turnover of Rs 1.03 lakh crore during 2021-22 saw a substantial growth of more than 50 per cent over the previous best turnover of Rs 68,452 crore, achieved during 2020-21.

In a regulatory filing, Tata Steel said its Board of Directors at a meeting held on Friday has approved the seven schemes of amalgamation.

Steel major Tata Steel Ltd closed the first quarter of the current fiscal with a lower after tax profit on a higher turnover, as compared to corresponding period previous year. In a regulatory filing on Monday, the company said the after tax profit for the period ended June 30, 2022 stood at Rs 5,783 crore on a turnover of Rs 34,015 crore.