Steel Sector

Bhushan, Titanic, Olympian Steel ready to pick 26% stake in Orissa Sponge

Orissa Sponge Iron & SteelIn a bid to acquire a majority stake in Orissa Sponge Iron & Steel, three un-listed Indian firms have jointly made an open offer to acquire 26 percent of its equity, for Rs 300 per share.

Under the arrangement, Bhushan Power and Steel Ltd along with Titanic Steel Industries and Olympian Steel Industries would acquire stake in Orissa Sponge through open offer.

The open offer is for the acquisition of 52 lakh shares of Rs 10 each of Orissa Sponge from its existing shareholders. The offer will open on April 3 and close on April 23.

Tata Steel Sales Up 26% In Jan ‘09

Tata Steel Sales Up 26% In Jan ‘09 The world’s pioneering steel company Tata Steel has announced a growth of 26 per cent in its sales for the last month (January 2009).

During the month, the company’s sales stood at 511,000 tons, as against 404,000 tons in the corresponding period of the last year.

With an increase of 35%, the company’s saleable steel in January 2009 recorded the highest production at 548,000 tons as compared to the prior year period,

In the meantime, production of hot metal zoomed 32% at 574,000 tons and that of crude steel grew 25% to 525,000 tons, over the prior year period.

Higher input costs decreased SAIL's margin for Q3

SAILHigher input costs and global slowdown adversely hit the business of state operated Steel Authority of India (SAIL) for the third quarter of current financial year.

The steel giant registered 56.4% decline in net profit for the quarter ended December 31, 2008 leading to a setback for its expansion plans amid recessionary waves across the world.

Corus likely to shed 3,500 jobs in a bid to reduce expenses

Corus likely to shed 3,500 jobs in a bid to reduce expensesTata Group owned and Europe's second largest steel manufacturer, Corus may start retrenchment drive in the days to come, clearly, to cut costs and ensure adequate growth amid recessionary waves prevailing across the world.

The workers, whose future is hanging in dark, following the reports of large scale lay offs by company, are seeking appointment with authority concerned to resolve all matters related to wages and production cut.

POSCO may supply Toyota with steelAuto Sector, Steel Sector

POSCO may supply Toyota with steelThe world's top auto company, Toyota is in touch with South Korean company POSCO to get steel for its operations. Toyota Motor Corp. is suffering losses due to low sales and has been employing various cost cutting methods to mitigate the impact of global slowdown. Entire automobile sector is facing the heat of global slowdown with significant decline in sales.

POSCO is the fourth largest supplier of steel in the world. It is already supplying steel to leading Japanese auto giants. The spokesperson of POSCO, Ko Min-jin said, "We are in talks with Toyota on a similar deal."

BOC bags contract from SAIL

BOC bags contract from SAILIndustrial gas company BOC on Saturday revealed that it has secured an order from public sector steel major Steel Authority of India Ltd (SAIL) for supply of gas to meet its increasing demand.

The company officials said that BOC has inked a 15-year long term gas supply contract with SAIL for supply of 2600 tpd of oxygen, nitrogen and argon gases to meet its incremental demand as it is expanding capacity at its Rourkela Steel Plant.