Search Result for : Essar Steel

The Dollar Business Bureau India's steel exports in January 2017 stood at 0.889 million tonnes (mt), which is three times higher than January 2016 exports of 0.274 mt. In the period April-January of the fiscal year 2016-17, steel exports have been valued at 5.865 mt, registering a growth of 71%. The 224% increase in January exports of steel is commendable. This huge improvement comes amid earnest efforts by the government to protect local steel manufacturers from dumping by neighbouring country China. Imposition of anti-dumping duty on steel has been a decisive move in this direction. The Ministry of Steel is also intent on fostering local steel production, as demonstrated by its ambitious goal of taking annual indigenous steel capacity to 300 mt by fiscal 2030-31, from 122 mt in 2015-16. During the first ten months of 2016-17, the import of finished steel has also ...

The Dollar Business Bureau The Central Board of Excise and Customs has extended the anti-dumping duties imposed on imports of Hot-rolled and Cold-rolled flat products of alloy or non-alloy steel from People's Republic of China, Japan, Korea RP, Russia, Brazil, Indonesia and Ukraine for another two months. This is a provision to protect the business interests of local manufacturers and to reduce the dependency on imports. This was conveyed via notification no’s: No.5 & No.6/2017-Customs (ADD) dtd Feb 7, 2017. The government has to make periodic amendments to the safeguard measures until the investigation by the Director General of Anti-Dumping concludes as the anti-dumping duty cannot be imposed for a longer term. The domestic steel lobby including JSW, Essar Steel and the Steel Authority ...

Aamir H Kaki  Indian steel industry believes there is a need for levying anti-dumping duties on cheap and low quality steel and stainless steel imports, and the government is supporting and safeguarding the domestic industry by introducing duties. Abhishek Agarwal, DGM - Sales, ESSAR Steel Ltd told The Dollar Business, “The government has supported us and introduced several duties with which it is trying to safeguard the domestic industry. Cheap imports not only affect the pricing, but when you are dumping you are not sending the best quality of steel. Pricing is one and quality is another aspect of anti-dumping,” he added. Supporting the government’s move to curb cheap imports from countries like China and Australia, Deepak Satpathy, Associate Manager – Marketing, Jindal Stainless ...

The Dollar Business Bureau The government of Jharkhand organized the inaugural of Jharkhand Investment Promotion Board, chaired by Chief Minister Raghubar Das, in Mumbai.  The JIPB will likely include ten representatives from the industry, who will be elected by the government with focus onto the areas of automobiles, information technology, energy, food processing, tourism, education, infrastructure development and healthcare. The state government has already received 27 investment proposals ranging from the sectors of agriculture, food processing, mining, power, healthcare, education and tourism. The 27 proposals are worth Rs.1 lakh crore. The investors inclusive of industry giants like Essar, Tata Steel, Adani, JSW, NTPC, SAIL and NDMC. Of late, the government beefed up the efforts to project Jharkhand as investment hub of eastern India. Jharkhand CM ...

The Dollar Business Bureau Essar Power is mulling plans to begin operations at its 500 MW multi-fuel combined-cycle power plant at Hazira in Gujarat by next quarter. The Bhander Power Hazira plant was established in 2006, and by October 2008 operations began in full fledge. However, due to high prices of fuel, the company suspended its operations three years ago. Sushil Maroo, Executive Vice Chairman at Essar, stated that the operations were suspended at Hazira gas-based plant due to non-availability of fuel at the favorable costs. The expensive fuel at staggering $12-14 per mmbtu stopped from even dreaming of power generation and without much of choice the plant’s shutters were down, he added. However, as the prices are falling now, the company will begin ...

The Dollar Business Bureau Debt-laden Essar Steel is considering to include financial/strategic investors as part of its management restructuring plan. The company met the promoters, the Ruias, and lenders earlier this week, and discussed bringing in more funds and restructuring its existing debts. “The promoters of the company reiterated their commitment to infuse additional funds to support the company’s operations and improve the capital structure, while emphasising that no further funding was required,” Essar said in a statement. Several Indian banks led by State Bank of India (SBI) are believed to have summoned Essar Steel and have asked it to start repaying the debts or be ready for a forced change in management. The banks are holding discussions with Bhushan, Electro ...

The company has a great production capacity of steel at Hazira in Gujarat, where they produce 10 million tons per annum. So, the company is expecting to record an 80-85% of total capacity utilization rate in April 2016, that is the coming financial year The Dollar Business Bureau Essar steel has a great production capacity of steel at Hazira in Gujarat, where they produce 10 million tons per annum   Essar steel is now operating with 70% more capacity utilization, where they have doubled the production since November. The company is also expecting a good turnaround in the March quarter. The company has a great production capacity of steel at Hazira in Gujarat, where they produce 10 million tons per annum. So, the company ...

Deepak Kumar | The Dollar Business    Taking note of the complaints from domestic steel producers, the government has started an investigation to ascertain whether to impose safeguard duty or not on the import of certain steel products shipped from China, South Korea and other countries. The probe began after Steel Authority of India Ltd. (SAIL), Essar Steel India Ltd. JSW Steel Ltd. and Jindal Steel & Power Ltd. had asked the government to impose a 20% safeguard duty for a period of four years on imports of certain types of steel products. The products under consideration were hot rolled flat sheets and plates of alloy or non-alloy steel having nominal thickness less than or equal to 150mm and nominal width of ...