JSW Steel to spend up to $1 billion on capacity expansion and acquisitions
The Dollar Business Bureau JSW Steel on Thursday said the company is planning to spend up to $1 billion (about Rs.6,500 crore) a year on its capacity expansion and acquisitions. Sajjan Jindal-led company is also looking to bid for two iron ore mines in Odisha and coking coal mines in Jharkhand in the upcoming auctions, JSW Steel Joint MD and Group CFO Seshagiri Rao said: “We are capable of spending up to $1 billion per annum without increasing debt on capacity expansion and acquisitions.” Rao confirmed that the company is working at its expansion plans, by bidding aggressively for iron ore mines and coal mine auctions later this year. Replying to a query on whether JSW Steel would bid for all the five coking ...
Domestic steel prices to feel limited pressure in next 12-18 months: Moodys
The Dollar Business Bureau Moody's Investors Service on Wednesday said the domestic steel prices are expected to experience limited global pressure over the next 12-18 months due to the government’s adequate protectionist measures such as safeguards and anti-dumping duties. "Nevertheless, with domestic steel prices lower than international prices and adequate protections in place in the form of safeguards and anti-dumping duties, Moody's anticipates limited pressure on steel prices over the next 12-18 months," Moody’s said in a statement. Moody's expects India's steel consumption be in the proximity of India’s projected GDP growth of 7.5% and 7.6% in 2017 and 2018, respectively. Meanwhile, the global rating agency assigned Ba3 rating to JSW Steel's suggested senior unsecured notes. It said the proposed issue will primarily be ...
India's steel exports rise three-fold in January 2017
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 ...
JSW Steel to buy JSW Praxair Oxygen for Rs. 240 cr
The Dollar Business Bureau Indian private sector steel major, JSW Steel, said on Tuesday that it will buy 74 percent share in JSW Praxair Oxygen Pvt Ltd (JPOPL) for Rs.240 crore in an all-cash deal. JPOPL is into the production of industrial gases including nitrogen, oxygen and argon. The company has two air separation units, each having a capacity of producing 2, 500 tonnes a day. The plants are situated in the Bellary district of Karnataka. “JSW Steel has executed a share purchase agreement with Praxair India to acquire their entire shareholding of 74 percent in JPOPL for a cash consideration of Rs.240 crore,” the company said in a regulatory filing. Sajjan Jindal-led JSW Steel has a shareholding of 26 percent in the JPOPL. After acquisition, JPOPL ...
India to slap anti-dumping duty for steel on 6 nations
The Dollar Business Bureau The government is set to levy an anti-dumping charge of up to $557 a tonne on imports of some steel products from six nations including China, Japan and South Korea. The Directorate General of Anti-Dumping and Allied Duties (DGAD), in its preliminary investigation, found that hot-rolled flat products of alloy or non-alloy steel has been shipped from China, Japan, Korea, Russia, Brazil and Indonesia to India at "below-normal value", which has caused significant injury to the domestic steel industry. "Accordingly, the authority recommends imposition of provisional anti-dumping duties on the imports of the subject goods, originating in or exported from the subject countries," DGAD said in an announcement. DGAD has suggested an anti-dumping charge ranging from $474 per tonne ...
JSW to raise $750 mn from foreign investments
The Dollar Business Bureau Sajjan Jindal-led JSW Steel is planning to pool in $750 million from foreign investors. A meeting of the Board of Directors of JSW is scheduled to take place on July 27, 2016 to deliberate on this. The company, in its regulatory filing, stated that the BoD members will consider long-term funding via issuance of non-convertible senior unsecured fixed rate bonds worth $750 mn (approximately Rs 5,032 crore) denominated in rupee or foreign currency in foreign markets. Earlier in June, steel manufacturer JSW was planning to approach the stakeholders for funds up to $2 billion from global capital markets to meet its capex requisites, debt refinancing and meet any unlikely shortage in unforeseen situations. In an effort to maximize the capital ...
JSW logs highest monthly output at 13.48 LT
The Dollar Business Bureau Mumbai based JSW Steel, on Wednesday, broke its previous records by reporting the highest ever monthly crude steel production at 13.48 lakh tonnes for May. The latest figures were 16% higher than the 11.62 LT output recorded in May 2015, revealed the company in a BSE filing. "JSW Steel reports highest-ever monthly crude steel production for May 2016 at 13.48 lakh tonnes showing growth of 16 percent over the corresponding month of previous year," it said. The output of flat-rolled products increased by 7% to 9.30 lakh tonnes in May. The long-rolled products output increased to 2.98 lakh tonnes in May 2016 against 2.44 lakh tonnes for the reviewed month in 2015. JSW steel, led by Sajjan Jindal, is one of the ...
JSW Energy to buy 1,000 MW plant for Rs 6,500cr
Source: PTI Billionaire Sajjan Jindal's JSW Energy will acquire a 1,000 MW power plant from his younger brother Naveen-led heavily indebted Jindal Steel and Power Ltd for Rs 6,500 crore. JSW will pay at least Rs 4,000 crore, excluding net current assets, and an additional Rs 2,500 crore if JSPL's 1,000 MW power plant in Raigarh, Chhattisgarh secures a long term power purchase agreement, the firms said in statements. Sajan and Naveen, sons of billionaire Savitri Devi Jindal, once competed to buy foreign assets, but JSPL has run into rough weather with Supreme Court cancelling its coal mine allocations and weak global commodity prices. JSPL, which has a debt of close to Rs 46,000 crore, said the deal, to be completed by ...
