Search Result for : Steel Industry

The Dollar Business Bureau  N Chandrasekharan, the Chairman of Tata Steel in his address to the shareholders in the company’s Annual Report for 2016-17 said, Tata Steel’s strategic priorities going forward will be to focus on India while pursuing  pension restructuring programme in the UK, which is likely to conclude soon.  Speaking about the steel demand in India which is likely to witness growth soon in the near future, Chandrasekharan said, "While the steel sector in India is financially stressed currently, the government of India has outlined its intent for ensuring long-term viability of the sector through the recently announced National Steel Policy 2017.”  Chandrasekharan who had taken over as Chairman of the company in February after the departure of Cyrus Mistry said, ...

The Dollar Business Bureau Indian-origin businessman Sanjeev Gupta is likely to bail out yet another ailing plant in Britain after he agreed to acquire the UK’s biggest producer of merchant bars that are used in shaping steel products. As per the deal, Gupta’s Liberty House Group will buy out 100% of the share capital of the Caparo Merchant Bar Plc (CMB) from its managers of Caparo Industries. The acquisition forms a part of Liberty House’s broader strategy for Britain’s steel industry, with taken over major parts of Tata Steel’s UK business and earlier acquiring a large part of Caparo’s engineering operations when the plants owned by Indian-born business magnate Lord Swraj Paul, went into management in 2015. “CMB remained solvent despite its parent, Caparo Industries Plc, ...

The Dollar Business Bureau The Union Minister for Steel Chaudhary Birender Singh on Friday said the government will ensure that steel products are not brought into the country in the guise of utensils or finished products. “We are keeping an eye on the import of steel in guise of finished products. We will not allow such kind of practice even in trade,” Union Minister of Steel Chaudhary Birender Singh told reporters after addressing a meeting of the National Steel Consumers’ Council here. He stated that the government has been successful in reducing steel imports by 37% which were mostly from China in FY 2017.This happened due to India's tough anti-dumping measures and also due to the withdrawal of the Minimum Import Price of ...

The Dollar Business Bureau The government is planning to utilise surplus land available with public sector units (PSUs) by forging joint ventures (JV) with private players for setting up of new steel plants, which will also help the government to achieve its target of taking the steel production capacity of the country to 300 million tonnes by 2030.  The Union Cabinet on Wednesday has approved the New Steel Policy (NSP) 2017 that is aimed at achieving the country’s steel production capacity to 300 million tonnes by 2030 with an additional Rs.10 lakh crore investment. Currently, the steel production capacity of the country is 126 million tonnes. “A new policy for steel industry has been approved after 12 years that will give a ...

The Dollar Business Bureau  With an aim to give impetus to the steel sector in India, the government has approved the National Steel Policy (NSP) 2017 on Wednesday. The new policy is aimed at achieving the country’s steelmaking capacity to 300 million tonnes by 2030, which would translate into Rs.10 lakh crore of additional investment by 2030-31. “The Union Cabinet chaired by Prime Minister Narendra Modi has given its approval to the National Steel Policy (NSP) 2017,” the Steel Ministry said in a statement. “The new Steel Policy enshrines the long term vision of the Government to give impetus to the steel sector.  It seeks to enhance domestic steel consumption and ensure high quality steel production and create a technologically advanced and globally competitive steel industry,” the statement said. The Union Cabinet also cleared the ...

PTI India's steel industry has come out of the stress, with the exports going up by 57% and imports declining by 34%, the government told the Rajya Sabha today. Steel Minister Chaudhary Birender Singh said the country's steel output is at around 120 million tonnes and the government is aiming to achieve 300 million tonnes by 2030. "There was recession in global steel sector and it had an impact on India as well. Our steel industry was in stress for more than three years. But the situation has changed in last six months," he said. In the last six months, steel output has gone up by 15 lakh tonnes and exports have shot up by 57 per cent while imports have down by ...

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 ...

The Dollar Business Bureau The government has set up joint task forces with representatives from road, transport and highways ministries to examine possibilities to boost steel demand in the country. "Joint task forces covering railways, urban development, Ministry of Shipping, Road Transport and Highways etc have been constituted comprising representatives from ministries concerned and their agencies to assess the possibilities of boosting demand of steel," Minister of State for Steel Vishnu Deo Sai informed the parliament in a written reply to the Lok Sabha.   “The scope of these committees inter-alia covers codes and standards, life cycle cost analysis, development of designs of various structures and other suitable measures,” Deo said.  Steel Minister Chaudhary Birender Singh had earlier noted that steel demand is projected to ...