Steel Sector

Jindal Steel & Power to start gas production in Bolivia by June this year

Jindal Steel & Power LtdIndia's Jindal Steel and Power, the third largest steel manufacturing company in India, expects to start producing gas in Bolivia in June this year, for export to Argentina.

A company official, who did not want to be recognized, informed that the gas supplies would come from a processing plant in the eastern province of Santa Cruz.

It should be noted that the company and its Bolivian partners began drilling at the El Palmar gas field at the end of March and have already invested around $7 million in the project.

Indian government imposes ‘anti-dumping’ duties on high-end stainless steel

Indian government imposes ‘anti-dumping’ duties on high-end stainless steel In its endeavor to protect domestic industry from a gush of cheap imports from China, Thailand, Japan, and the US, the Indian government has provisionally imposed 'anti-dumping' duty on some of the high-end stainless steel products. To be effective for a six-month period, up to October 21, 2009, the anti-dumping duty would be payable in Indian rupees.

Welspun Gujarat to demerge its Plate-cum-Coil mill into separate entity

Welspun Gujarat to demerge its Plate-cum-Coil mill into separate entitySteel-pipe producer, Welspun Gujarat Stahl Rohren Ltd has announced the demerger of its Plate-cum-Coil mill into a 100% subsidiary.

A senior company executive commenting on latest situation said, "The move will allow better financial control, better fiscal efficiency by rationalization of various applicable taxes, duties and create an independent identity of high-end steel business."

Following the demerger, a separate team with independent board and management would be structured, he added.

ArcelorMittal's Orissa, Jharkhand steel projects delayed by two years

Arcelor-MittalThe LN Mittal-controlled company, ArcelorMittal, is reportedly holding up its $20-25 billion proposed steel projects in Orissa and Jharkhand, largely because of the global economic crisis that has weakened demand for steel. As such, the world's biggest steelmaker's pending payment to the state government, for a 1,500-acre land earmarked for the proposed facility, will also be delayed.

JSL to raise Rs 500 crore to fund its Orissa Steel Project

Jindal GroupO P Jindal Group, Jindal Stainless Limited (JSL), the India's largest and only integrated Stainless Steel manufacturer, has plans to raise Rs 500 crore through various possible routes to fund its upcoming Rs 5,700-crore stainless steel project in Orissa.

The board of directors of the company stated in a communiqué on Monday that it's considering issuance of securities on rights basis to raise funds.

The move has been planned due to shortfall in the liquidity, which further compelled the company to raise more funds for the Orissa plant.

JSW Steel reports highest-ever 4Q output; shares up by 10.4%

JSW Steel LtdReporting its highest-ever fourth-quarter crude steel output figures of 11.06 lakh tonnes, steel manufacturer JSW Steel Ltd has shown an 11 percent growth as compared to the same quarter last year figures.

For the month of March 2009 alone, JSW Steel - the third largest producer of alloy in India - posted crude steel production of 4.56 lakh tones; which marked a 28 percent growth from the year-before figures, and a 39 percent on a chronological basis.

In a press release, JSW Steel said that for the fiscal year 2008-09 on the whole, the company managed to produce