steel
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.
'Usage of scrap in primary steel production to grow to 50%'
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.
Index of eight core industries rise by 0.1% in October
The production of fertilisers, steel, coal and electricity generation increased in October 2022 over the corresponding month of last year, according to a data released by the Commerce ministry said. Fertilisers production increased by 5.4 per cent in October, 2022 over October, 2021.
Government withdraws export duty on steel
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.
FCI to build steel silos at 249 spots in 12 states
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.
US, Britain strike trade deal on steel, aluminum
The deal would allow "historically-based sustainable volumes" of British steel and aluminum products to enter the US market without applying Section 232 tariffs, said US Commerce Secretary Gina Raimondo and US Trade Representative Katherine Tai's joint statement released on Tuesday. The deal will also lift retaliatory tariffs on over $500 million worth of US exports to Britain, including distilled spirits, various agricultural products and consumer goods, the statement said.
South Korea calls for swift revision of Trump-era steel tariffs
In 2018, the US waived the tariffs on South Korean steel products, but it was in return for a yearly import quota of 2.63 million tonnes of steel, or 70 per cent of Seoul's average steel products export volume over the past three years, reports Yonhap News agency. South Korean Trade Minister Yeo Han-koo made the request to US Trade Representative Katherine Tai during in a bilateral meeting held in Washington on Thursday.
POSCO & Adani sign MoU for integrated steel mill
The non-binding MoU signed between POSCO and Adani intends to further collaborate at the group business level in various industries such as renewable energy, hydrogen, and logistics in response to carbon reduction requirements. Both parties are examining various options to cooperate and leverage the technical, financial, and operational strengths of each company.
IT raids Maha steel producer, detects Rs 175 cr black income
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.
Stressed steel plants acquired via IBC seeing faster turnaround
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.
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