Search Result for : Steel Ministry

The Dollar Business Bureau The Government on Monday said that India exported 8.22 million tonnes of finished steel during April-January period of the current financial year. As compared to exports, the country’s imports were lower at 6.45 million tonnes during the 10-month period of 2017-18, said Vishnu Deo Sai, Minister of State for Steel, in a response to the Lok Sabha. The country had exported 8.24 million tonnes of finished steel during the fiscal of 2016-17 and 4.08 million tonnes in the 2015-16 fiscal, the Minister said. On the other hand, the country’s imports of finished steel stood at 7.23 million tonnes in 2016-17 financial year, while imported 11.71 million tonnes of finished steel during 2015-16 fiscal. Replying to a question on volatile pricing of ...

The Dollar Business Bureau The exports of finished steel from India dropped by more than 30% to 0.616 million tonnes during January this year as compared to same month a year ago, as per the data compiled by the Ministry of Steel’s Joint Plant Committee (JPC).  Joint Plant Committee (JPC) is the only organisation in the country empowered by the Government to maintain data on steel and iron sector. The country’s finished steel export stood at 0.890 million tonnes during the month of January 2017.  Earlier, Steel Minister Chaudhary Birender Singh had said that steel exports of should make up for around 6-7% of country’s overall steel production in the coming few years, from the current 1.5%.  On the other hand, the import ...

The Dollar Business Bureau Steel Minister Chaudhary Birender Singh said on Thursday that the country has become a net exporter of steel, and the imports of the metal had come down by around 40-45%. “Following protective measures taken by the Government like the minimum import price (MIP) and anti-dumping duty, steelmakers had been posting better results. This has also helped India emerge as a net exporter of steel, and imports had come down by 40-45%,” Singh said while speaking at an interactive session organized by the Bharat Chamber of Commerce. The Minister said that India has to set a target to export 6-7% of its overall steel production from the current 1.5%. “There is no reason to be happy with 1.5% of export. In ...

The Dollar Business Bureau The crude steel production in India increased by 3.5% to 8.36 million tonnes in July this year, compared to the 8.08 million tonnes output in the same month last year, according to the latest data by international trade body World Steel Association. Domestic output during the period January-July 2017 grew 5.4% to 58.01 million tonnes compared to 55.07 million tonnes in the corresponding period last year, the data showed. Global steel output for the 67 nations reporting to World Steel Association was 143.24 million tonnes in the month of July this year, witnessing a growth of 6.3% over the same month last year. In July 2016, global steel production stood at 134.798 million tonnes. During the first seven months of ...

The Dollar Business Bureau  State-owned steel firms are not holy cows and these public sector undertakings (PSUs) should have to come out from their comfort zone in order to perform and to compete with the private players, said Steel Minister Chaudhary Birender Singh. “I have told my PSUs, especially those that produce steel, that there is a new environment where PSU is not a holy cow. You should perform and compete with your private players,” he said in an interview to PTI on Friday. The steel minister has warned that these PSUs can’t afford to just sit on their glories in this changing world scenario. “So, either perform or perish,” he said, in a blunt message. Singh suggested that the state-run organisations should expand their ...

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 ...

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 ...