Steel Industry
Major Boost to Economy: India clocks record rise in exports, employment at 18-year high in May, reveals PMI Data
India stands out as the sole nation among the leading steel producers globally to witness a surge in steel production in April this year, as per data gathered by the World Steel Association. Ranking second only to China, India accomplished a remarkable production of 12.1 million tonnes of steel, marking a notable 3.6 percent increase compared to the corresponding period of the preceding year. This increase in steel production by India is attributed by analysts to the increased economic momentum reigning in the country.
Glencore Secures Victory Over JSW Steel in Acquisition Bid for Canadian Coking Coal Firm
Glencore announced a notable agreement on Tuesday, revealing that it has signed a deal with Teck Resources to secure a 77 percent stake in the company's steelmaking coal unit for a substantial sum of $6.93 billion in cash.
Lower realisations, higher raw material cost to adversely impact steel firms’ margins
Recent correction in Coking coal prices is likely to aid spreads for steel majors from 2QFY24. Metal names have reacted positively to anticipated demand uptick in China, even as demand greenshoots are yet to be seen on the ground, the report said.
Jindal Steel in nickel pig iron JV with Indonesia's New Yaking
According to JSL, as per the agreement, it will acquire 49 per cent stake for about $157 million in the new greenfield project under a new joint venture company. "The strategic collaboration offers benefits of backward integration as JSL would have stake in the business of NPI," JSL said.
Combined Index of Eight Core Industries up by 7.8% in Jan 2023
The production of fertilisers, coal, electricity, steel, natural gas, cement and refinery products increased while production of crude oil declined in January 2023 over the corresponding month of last year, said the government data released on Tuesday. ICI measures combined and individual performance of production of eight core industries viz. coal, crude oil, natural gas, refinery products, fertilisers, steel, cement, and electricity.
Steel production to be doubled to 300 MT per annum by 2030: Scindia
Addressing the Global Zinc Summit, he said that the Indian Railways and Steel Authority of India Ltd (SAIL) are working together to produce corrosion free steel. "With anti-corrosion features and quality to prevent oxidation in steel products, zinc has tremendous marketing potential for sectors like renewable energy and rural electrification.
Steel production to be doubled to 300 MT per annum by 2030: Jyotiraditya Scindia
India currently is the fourth largest producer of zinc in the world and 80 per cent of zinc produced in India is consumed domestically, the minister said. India has already emerged as the second-largest steel producer in the world and its per capita steel consumption has gone up from 57 kg to 78 kg during the last nine years, Scindia said.
JSW Group's Rs 8,800 crore steel plant to come up in Andhra Pradesh
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.
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