Steel Sector

Sensex gains 126 points during pre-noon trade

Sensex gains 126 points during pre-noon tradeMumbai, Feb 12 - A benchmark index of Indian equities markets gained 125.57 points or 0.62 percent in the pre-noon trade Wednesday.

Good buying was observed in banking index (bankex), capital goods and oil and gas sectors, while selling pressure was seen in metal sector.

The 30-scrip sensitive index (Sensex) of the S&P Bombay Stock Exchange (BSE), which opened at 20,449.83 points, was trading at 20,488.94 points in the pre-noon session, up 125.57 points or 0.62 percent from the previous day's close at 20,363.37 points.

Jindal steel plant in Odisha faces closure

Jindal-steel-plantBhubaneswar, Jan 10 : The Jindal steel plant in Odisha might face closure for violating pollution norms, the state authorities said Friday.

A team from the State Pollution Control Board inspected the one-million-tonne per annum steel plant of Jindal Stainless Ltd. (JSL) in Jajpur district's Kalinganagar industrial complex, about 120 km from here, November last year.

The team found the plant was discharging huge quantity of pollutants outside the factory premises.

Odisha speeds up verification of Bhushan plant workers

Bhushan-Steel-LtdBhubaneswar, Nov 23 : Authorities here Saturday speeded up the verification of workers who were allegedly present at the steel plant of Bhushan Steel Ltd. in Odisha's Dhenkanal district during a blast furnace explosion over a week ago.

At least 35 labour contractors and placement agencies supplied labourers to the plant. The workers belong to Odisha, Bihar, Jharkhand, Chhattisgarh, Tamil Nadu and Andhra Pradesh, a senior district administrative official told IANS.

According to the labour contractors and placement agencies as many as 974 workers were engaged at the site on that day, he said.

M&M subsidiary to launch automotive steel JV in India

Mahindra INTERTRADEMahindra Intertrade Ltd, a wholly-owned subsidiary of utility vehicle maker Mahindra & Mahindra (M&M), has announced its decision to launch an automotive steel joint venture (JV) in India.

The planned venture will be started in partnership with the Taiwan-based China Steel Global Trading Corp and Singapore-based Mitsui & Co (Asia Pacific) Pte Ltd at Chakan, near Pune.

Bhushan Steel Plant workers raise doubt over number of deaths in recent fire

Bhushan Steel Plant workers raise doubt over number of deaths in recent fire The recent fire calamity at Dhenkanal-based Bhushan Steel Plant is widely believed to have claimed many more lives than confirmed by the plant's management.

The management of Bhushan Steel Plant yesterday said one person was killed and 19 others were injured in the fire that broke out after a blast in a furnace of the plant.

Obama cites ArcelorMittal's example for economic revival

Barack-ObamaWashington, Nov 15 : President Barack Obama chose a plant owned by Indian steel tycoon Lakshmi Mittal that is the largest supplier of steel to the US auto manufacturing sector to tout his administration's work to spur economic growth.

"I want to thank your CEO, Lakshmi Mittal, for investing in America and the Cleveland area. We appreciate him," Obama said amid applause from workers in yellow hard hats at ArcelorMittal's steel factory in Cleveland, Ohio, Thursday.

SAIL Q2 profit up 117 percent

Steel-Authority-of-IndiaNew Delhi, Nov 11 : Steel Authority of India (SAIL), Monday reported a 117 percent rise in net profit to Rs. 1,180.39 crore (Rs. 11.8 billion) for the quarter ended September 30, due primarily to an exceptional gain of Rs. 1,056 crore for damages from foreign suppliers of coking coal.

The state-run steel maker had reported net profit of Rs. 543.11 crore (Rs. 5.43 billion) in the corresponding quarter of the previous fiscal 2012-13.

Tata to make rails for Makkah-Madina railway link

Tata-SteelMumbai, Aug. Aug 8 : Tata Steel will fabricate 60,000 tonnes of high-quality rails for a new high-speed line linking the Muslim holy cities of Makka and Madina in Saudi Arabia, a company official said here Thursday.

The new line, being constructed since 2009 and expected to be operational late next year, will ferry millions of pilgrims on the 444-km journey between the two cities at speeds of 320 km per hour.

Top Tata man named Essar Steel executive vice chairman

Firdose-VandrevalaMumbai, August 7 :  Essar Steel Wednesday said it has appointed as executive vice chairman Firdose A. Vandrevala, who was associated with Tata Group for more than three decades in various senior positions.

Vandrevala joins Essar Steel from HIRCO, a construction and real estate major, where he was chairman and managing director. His appointment will be effective from Aug 12.

Essar Steel to raise $2 bn to prepay rupee debt

Essar-SteelMumbai, August 1 : Essar Steel is planning to raise $2 billion through "pre-export finance" and the money will be used for early repayment of rupee debt.

Pre-export finance is the money that is lent against confirmed orders from overseas foreign buyers.

"The move to raise $2 billion will help de-risk the company's balance sheet as the revenues of Essar Steel are dollar denominated or dollar linked and hence provides as a natural hedge for dollar debt," Essar Steel said in a statement.

The company said it had already received necessary approvals for the plan.

Stage is set for launch of Posco’s $12bn Odisha steel project: Anand Sharma

Stage is set for launch of Posco’s $12bn Odisha steel project: Anand SharmaSouth Korean steel giant Posco can start its $12 billion Odisha project as the road for the acquisition of nearly 3,000 hectares of land required for the first phase of the project is clear, Commerce & Industry Minister Anand Sharma said.

Speaking on the sidelines of CII's Asian Business summit on Wednesday, Mr. Sharma said, "For phase-1, now road is clear... To the best of my understanding, close to 3,000 hectares, if not more, of land parcel required for stage-1 is cleared."

Tata Steel has an eye on Stemcor’s iron ore mine in Orissa: report

Tata Steel has an eye on Stemcor’s iron ore mine in Orissa: reportIndian steel producer Tata Steel has reportedly plans to acquire British steel giant Stemcor's iron ore mine in Orissa - a state situated on the east coast of the country.

Stemcor has defaulted on more than $1 billion of loans as global slowdown in the steel industry has hit its business hard. The British firm is thus trying to sell some of its assets to get rid of some burden of its loans.

The reported sale of its iron ore mine in Orissa is expected to fetch it nearly $800 million.

ArcelorMittal’s decision won’t affect Odisha’s industrialization activity: Rajanikant Singh

ArcelorMittal’s decision won’t affect Odisha’s industrialization activity: Rajanikant SinghSteel giant ArcelorMittal's decision to scrap its planned Rs 40,000-crore steel project in Odisha would not have any impact on the state's ongoing industrialization activity, state steel & mines minister Rajanikant Singh said.

ArcelorMittal scraps planned 12MTA steel plant in Odisha

ArcelorMittal scraps planned 12MTA steel plant in OdishaAfter South Korean steel maker POSCO, world's top steelmaker ArcelorMittal also declared that it would scrap a planned steel plant in Odisha due to red tape delays.

Vijay Bhatnagar, chief executive officer of ArcelorMittal India & China, held long delays in acquiring required land and an iron ore mine responsible for its decision to scrap the project.

Announcing the decision, Bhatnagar said, "The delays relating to land acquisition and allocation of captive iron ore blocks means (the Odisha) project is no longer viable."

Posco drops plans for Karnataka steel plant

Posco drops plans for Karnataka steel plant South Korea-based steel giant Posco on Tuesday confirmed that it has ditched plans to build a $5.3 billion (£3.5bn) steel plant in India’s southwest state of Karnataka.

Posco announced in a statement that it decided to ditch the project due to delays in securing required mining rights, land and infrastructure and opposition by local people.

Confirming the decision, the company said, “We have agreed to drop the project given a delay in (acquiring mining rights) and opposition by local people."

Posco pulls out of Karnataka over land delay

PoscoBangalore, July 16 : Due to prolonged delay in land acquisition, South Korean steel major Posco has decided to pull out of Karnataka where it was planning to set up its $5.3-billion (Rs. 31,800-crore) steel plant, a top company official said Tuesday.

"We have decided to scrap the six-million tonne steel project in Karnataka due to long delay in acquiring the required land in the state," Posco India chairman and managing director Yong Won Yoon said in a statement here.

Posco may quit its steel plant project in Karnataka: report

Posco may quit its steel plant project in Karnataka: reportPolitical instability and ongoing opposition from residents have reportedly forced South Korea's Posco to reconsider its decision to build a $5.3 billion steel plant in Karnataka.

Citing an anonymous source, Reuters said in a report that Posco - the world's fifth-largest steel producer by output - is reviewing the plan and a decision on whether or not to drop the plan could be announced later this week.

Tata Steel Q1 sales up 26.5 percent

Tata-SteelKolkata, July 10 :  Tata Steel Wednesday said the company registered 26.49 percent increase in sales to 2.005 million tonnes in the quarter ended June 30, 2013, from 1.585 million tonnes during the corresponding period a year ago.

The Tata Group's flagship company produced 2.145 MT of saleable steel during the first quarter of this fiscal, up by 23.27 percent compared to the like period of previous fiscal.

During the period under review, the firm's hot metal production stood at 2.464 MT, while crude steel production stood at 2.223 MT, Tata Steel said in a filing to BSE.

Odisha completes land takeover for Posco plant

Posco-plantBhubaneswar, July 4 : Korean steel major Posco's plan to build a $12 billion steel project in Odisha got a boost with the state authorities Thursday declaring that land acquisition for it was complete and 2,700 acres of land had been acquired for the 12 million tonnes per annum greenfield steel project touted as India's single-largest foreign direct investment.

The administration has demolished all the betel vines over 2,700 acres in Jagatsinghpur district, where the project will come up, District Collector Satya Kumar Mullick told IANS.

Essar Steel raises $1 billion through ECB route

Essar Steel raises $1 billion through ECB routeEssar Steel on Thursday raised $1 billion (nearly Rs 5,900cr) through external commercial borrowing (ECB) route so that it could repay its rupee-denominated debt.

Carried out at Libor plus 4.5-5.5 per cent, the borrowing would help Essar Steel repay its debt, guard itself from volatility exchange-rate volatility as well as save interest costs. The one-year Libor (London Interbank Offered Rate) is at 0.67 per cent.

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