steel

The series of simultaneous raids started on Wednesday in Ahmednagar, Nashik, Pune and Goa and investigations are still on with the recovery of incriminating documents and digital evidences. The seizures effected so far include unaccounted investments in property, cash of Rs 3 crore, jewellery worth Rs 5.20 crore, silver articles of 194 kgs worth around Rs 1.34 crore, said the ITD.

The ongoing steel upcycle will also mean stronger-than-expected realisations over the medium term. Consequently, acquirers may see 20% faster payback and are well set to tap the brownfield potential housed under these assets. This is as per a CRISIL study of five stressed steel capacities, totalling 21 million tonne (MT), which were acquired under NCLT-1, mostly by other primary steel producers.

The pact will be signed between India's Ministry of Steel and Russia's Ministry of Energy. "The MoU shall benefit the entire steel sector by reducing their input cost. This may lead to reduction in cost of steel in the country and promote equity and inclusiveness," said a government statement after the decision was taken in the Cabinet Committee meeting chaired by Prime Minister Narendra Modi earlier in the day.

In a regulatory filing, the company said: "It is hereby clarified that such reports stating about the Company's interest in bidding/buying Liberty Steel's assets are not only speculative but also misleading and mischievous." Recent media reports suggested that JSW Steel is considering a bid to buy Liberty Steel's assets in the UK.

In budget 2021-22, Finance Minister Nirmala Sitharaman had revoked the anti-dumping duty (ADD) and countervailing duty (CVD) on certain steel products while reducing customs duty uniformly to 7.5 per cent on semis, flat, and long products of non-alloy, alloy, and stainless steels from 10-12.5 per cent levels earlier. She also brought down import duty to nil on steel scrap to support user industries hit hard by a sharp rise in steel prices.

China's steel exports have been on an uptrend in the current year and grew sharply by 24 per cent YoY in Q1 CY2021, partly aided by a lower base and improving demand from other geographies. Another key reason behind the export growth momentum was market expectations of a cut in export rebates by the Chinese government to rein in steel production.

In the second and final tranche of the divestment transaction, JSPML divested 51 per cent to Vulcan Steel. Last year, the subsidiary had divested 4,86,999 shares, representing 48.99 per cent of the share capital of Jindal Shadeed Iron and Steel LLC, Oman.

Domestic demand recovered strongly in the second half of this fiscal, growing 10 per cent between October and January versus a 30% on-year fall in the first half. Consequently, demand contraction will be less than 10 per cent for the whole of this fiscal, Crisil said.

The steel production in February 2021 increased by 18 per cent y-o-y to 6.53 lakh tonne as compared to 5.54 lakh tonne in 2020. The company also reported a 14 per cent y-o-y growth in shipments to 5.45 lakh tonne as compared to 4.8 lakh tonne in 2020.

As per the report, India's steel consumption grew 9 per cent year-on-year and 3 per cent month-on-month to 9.97 mt in January 2021. Notably, the growth came on a strong base period of January 20 which also witnessed demand growth of 9 per cent YoY.