A new corporate identity, including a changed logo, was unveiled here on Wednesday by the country’s largest  producer of stainless steel, Jindal Stainless Ltd (JSL).

Commenting on the occasion,,Ratan Jindal, vice-chairman and managing director, JSL, said, “Taking our domestic leadership forward, it is our natural progression into diversified business areas of Energy, Mines & Minerals, Ferro Alloys, Precision Strips, Architectural applications, Public Infrastructure and lifestyle. JSL will continue to follow its vision and commitment towards providing excellence and expertise and build on our history of innovation, leadership and customer intensive approach.”

The government wants to decrease the steel prices in the domestic market. It has ruled out any possibility of price band on the steel products.

The Steel Secretary, P K Rastogi said that global price of steel is decreasing and its benefit must be delivered in the domestic market of the country. He said that government wants to play the role of facilitator in the price mechanism of steel products. He expressed views in the sidelines of CII Steel Tube summit in New Delhi.

The world’s largest steel producer Arcelor Mittal has expressed interest to set up plants in India. The company, in a statement said that it will make investment in India. It also revealed that cost overturn and Singur like issues will not deter it from investing in India.

ArcelorMittal’s chairman & CEO, Laxmi Mittal said Singur like cases may happen in any part of the world. People can oppose a particular project but the investment issue is linked to the overall growth of the country.

The government will soon revise the export duty structure of steel products. The new prices would be considered after judging the current market conditions. The government has also decided to resolve the conflict between miners and steel makers over iron ore prices.

Stock market analysts have maintained ‘buy’ rating on Tata Steel stock with an intraday target of Rs 540.

According to them, interested traders can purchase the stock above Rs 535 with a strict stop loss of Rs 532. If the stock market remains positive, the stock pricing becomes more attractive, and reach above Rs 545.
 

Bonn, Germany - Russian steel group Mechel is on the verge of taking over a German steel merchant, HBL Holding, financial-market sources confirmed to Deutsche Presse-Agentur dpa on Wednesday.

The Moscow newspaper Komersant had reported earlier that Mechel outbid the other potential buyers in an auction and had applied to Germany's competition authority, the Federal Cartel Office, in Bonn for merger permission.