Steel Sector

Essar Steel raises $1 billion through overseas loan

Essar-Steel-LogoMumbai, June 20 : Essar Steel Thursday said it has raised $1 billion overseas loan through External Commercial Borrowings (ECB) with a view to de-risk its balance sheet from currency fluctuations.

The company said it has raised the loan at a competitive London Interbank Offered Rate (Libor) linked interest rate.

“The dollarisation of rupee debt would not only de-risk our balance sheet but also elongate maturity and reduce interest costs,” chief financial officer of Essar Steel India Ashutosh Agarwala said in a statement.

China’s Ansteel expecte iron ore prices to fall during second half

China’s Ansteel expecte iron ore prices to fall during second halfChina's fourth-largest steelmaker, Ansteel has indicated that it expects the price of iron ore to fall during the second half of 2013 due to lower demand for steel in the world's second largest economy.

Steel service centre sector to log accelerated growth: Frost & Sullivan

Frost-and-SullivanChennai, June 5 : The steel service centre (SSC) market is expected to log accelerated growth in the next five to 10 years as industries like automotives, white goods, fabricators and others need to reduce their inventory costs to be competitive, according to consulting firm Frost & Sullivan.

SSC is basically a value-adding intermediary, a connection point between steel producers and final manufacturers by providing supply chain management, procurement services, technical services, stocking, processing, and just-in-time (JIT) services.

NGT orders status quo in Posco project, halts felling of trees

NGT orders status quo in Posco project, halts felling of treesThe National Green Tribunal (NGT) has said in a new order on Tuesday that status quo must be maintained at the proposed Posco steel plant site in Jagatsinghpur district. The order will halt any further felling of trees by the state government for clearing the site for the proposed plant.

Bhushan Steel to double Odisha plant capacity

Bhushan-Steel-LimitedBhubaneswar, May 25 : Indian steelmaker Bhushan Steel Limited (BSL) Saturday said it was all set to double the annual capacity of its steel plant in Odisha to six million tonne by the end of this year.

The plant at Meramandali in Dhenkanal district, about 150 km from state capital Bhubaneswar, was commissioned in 2006. It has an annual output of three million tonnes.

In the first phase, the company invested Rs. 5,828.15 crore in the plant.

Tata Steel shares slip on impairment charge announcement

Tata Steel shares slip on impairment charge announcementTata Steel shares slipped nearly 2.3 per cent in early trade on Tuesday on account of the company's announcement that it was taking an impairment charge of $1.6 billion.

The steel giant announced on Monday that it was taking a $1.6 billion (nearly Rs 8,000 crore) hit on its profit for financial year 2013. The company is all set to announce results for the past financial year on 23rd of May.

Tata Steel blamed its beleaguered European operations for the huge impairment charge.

POSCO welcomes SC order on Odisha project

POSCO welcomes SC order on Odisha projectWorld's fourth-largest steel producer, POSCO of South Korea has said that it welcomes the latest order by the Supreme Court of India, in which it said that the government will decide on giving preferential access to iron ore to the company.

ArcelorMittal records loss of $345 Million in first quarter

ArcelorMittal records loss of $345 Million in first quarterWorld's largest steel company, ArcelorMittal has said on Friday that it has recorded a loss of $345 million during the first quarter of the year from January to March, 2013.

The company believes that the earnings fell from the $92 million profit recorded in the same period of the previous year as demand for steel remained at low levels due to the effects of the global economic slowdown. The company also said that its sales fell 13 per cent to $19.8 billion during the first quarter of the year compared to the January to March quarter of 2012.

JSW Steel puts Salboni project on hold

JSW Steel puts Salboni project on holdJSW Steel has said that it has put its plans to set up a 10 million tonnes steel plant in West Bengal on hold because it has not been able to arrange long term iron ore supplies for the Rs 35,000-crore project.

JSW Chairman and Managing Director Sajjan Jindal said, “It is stalled right now, it’s on hold. Unless we are going to fix the iron ore matter, unless we have the visibility of iron ore, we cannot move ahead. It’s on hold.”

Authorities continue land acquisition for Posco in Odisha

Authorities continue land acquisition for Posco in OdishaThe authorities in the state of in Odisha are acquiring land for the Posco steel plant in Jagatsinghpur district even as protestors gather to prepare for protest against the project.

Hundreds of angry villagers including large number of women gathered to protest against the land acquisition work in the Jagatsinghpur district, where the authorities have been deploying security arrangements to speed up the process of land acquisition work for the Posco Project.

Row over Telangana mines for Vizag Steel Plant hots up

Vizag-Steel-Plant1Hyderabad, April 22 : The row over the allocation of iron ore mines of Telangana for Visakhapatnam Steel Plant (VSP) hotted up Monday with a minister from Andhra region asking Telangana leaders not to whip up regional feelings over the issue.

Infrastructure Minister Ganta Srinivasa Rao, who addressed a meeting organized by workers at VSP in the costal city of Visakhapatnam, reminded Telangana leaders that their region was getting gas and milk from Andhra and Rayalaseema regions.

"Will you keep quiet if these supplies are stopped," he asked.

Tata Steel expects steel prices to remain stable this year

Tata Steel expects steel prices to remain stable this yearIndian steel major, Tata Steel has said that it expects the steel prices in the country to largely remain stable in the current financial year.

Managing director H M Nerurkar said that he expects the steel prices to remain stable and not fluctuate during the current financial year. He did not announce the reason for expecting the prices to remain stable this year even as he expects a 6-8 per cent growth in demand during the year. Currently, the average price of hot rolled coil is between Rs. 36,000 and Rs. 38,00 per tonne.

Tata Steel expects steel prices to remain under pressure this quarter

Tata Steel expects steel prices to remain under pressure this quarterSteel prices will likely remain under pressure during the first three month of current financial year, unless prices of key raw material iron ore drops, Tata Steel Ltd MD Hemant Nerurkar said.

While slowdown in the economy brought demand for steel in automobile & construction sector, ban on extracting iron ore in Karnataka led to scarcity of the raw material, putting steel makers under intensified pricing pressure.

India’s steel supply deficit quadruples to 4% in FY13

India’s steel supply deficit quadruples to 4% in FY13India's steel supply deficit jumped from a meager 1 per cent in the financial year 2011-12 to 2012-13, leading to increase in import of the metal, stats released by Bank of America Merrill Lynch showed.

In 2012-13, India produced 66.4 million tones of steel as against its total demand of 69.1 million tones. In the previous year, the country produced 65.3 million tones of steel as against its total demand of 66 million tones.

The deficit forced the country to bridge the gap by importing steel from foreign countries.

India’s steel supply deficit rises to 4%

India’s steel supply deficit rises to 4%Estimates have shown that the total shortage in supply of steel in India has risen four times in the financial year 2013 even as the economic slowdown resulted in lower level of investment in various sectors.

The total shortage in steel supply in the country was at just 1 per cent in the previous year financial year. Latest data compiled by Bank of America Merrill Lynch has shown that the total steel production in India was reported at 66.4 million tonnes compared to total demand of 69.1 million tonnes during the financial year 2013.

Rajendra Mittal new head of Essar Steel's Odisha operations

Essar-SteelBhubaneswar, April 9 : Essar Steel India, which is setting up a 12 million tonne per annum (MTPA) pellet-making facility in Odisha, Tuesday announced that it has appointed Rajendra Mittal as its new chief executive officer for its operations in the state.

Mittal takes over from Shivramkrishnan Hariharan, who has assumed a larger role at the corporate level as chief commercial officer, the company said here in a statement.

Brazilian steelmaker Gerdau now owns nearly 99.5% of Tadipatri steep unit

Brazilian steelmaker Gerdau now owns nearly 99.5% of Tadipatri steep unitBrazil-based steelmaker Gerdau on Monday announced that it had increased its stake in Tadipatri, Andhra Pradesh-based Kalyani Gerdau joint venture to more than 99 per cent.

Gerdau, one of the biggest steel producers in the American subcontinent, had created a joint venture with Kalyani Steels Ltd to acquire SJK Steel Plant Ltd with an equal partnership of 45 per cent stake. The remaining 10 per cent stake in the steel plant had been held by the plant's previous owner and financial institutions.

Gerdau acquires partner’s stake at Tadipatri steel plant

Gerdau acquires partner’s stake at Tadipatri steel plantA Leading Brazilian producer of long steel, Gerdau announced on Monday that it has acquired joint venture partner, Kalyani’s stake in the steel plant in Tadipatri in Anantapur district of Andhra Pradesh.

Gerdau acquires majority ownership of India plant

Gerdau-logoHyderabad, March 18 : Gerdau, the leading producer of long steel in the Americas and one of the largest suppliers of special steel in the world, Monday announced acquiring majority ownership of its first plant in Asia at Tadipatri in Ananthpur district of Andhra Pradesh.

The plant's name has also been changed from Kalyani Gerdau to Gerdau.

ArcelorMittal aiming to generate $3bn in savings by 2015

ArcelorMittal aiming to generate $3bn in savings by 2015Global steel giant, ArcelorMittal has said that it is aiming to generate about $3 billion or £2 billion in savings till the second half of 2015.

ArcelorMittal has said that it would save $3 billion by focusing on improving the reliability, productivity and energy efficiency at its blast furnaces and mills and also by moving to low-cost US gas. The steelmaker, headed up by Lakshmi Mittal, is affected by lower steel demand in Europe and is looking to improve margins by cutting costs.




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