JSW Steel is supplying to metro rail projects in Mumbai, Nagpur, Pune, Bangalore, Chennai, Kolkata, Indore, Bhopal, Lucknow & Ahmedabad. The ongoing supplies, as well as those already completed during the current fiscal, will boost JSW Steel’s supplies to Metro rail projects by more than Rs 600 crore following successful completion of these deliveries.
The agency’s views are based on its study of 38 listed and unlisted Indian steel companies.
The sentiment was echoed by more executives working in other steel mills in the country.
All plants and units of the company are working on a mission mode to reduce the cost of production with the guiding principle ‘Do more with less,' an official statement said. To ensure larger employee engagement and involvement in this effort, a series of workshops are being organized across the company.
ArcelorMittal is integrating Essar Steel into its fold, marking the global giant's first major foray here.
"The planned cost rationalisation program is credit positive for both companies."
The spread may be in the range of 200-250 basis points. A basis point is 0.01 percentage point.
ArcelorMittal, the world's biggest producer of the alloy, is entering India at a time when the sector is going through a lean phase, facing a demand slump. Other steelmakers shared Pradhan’s sentiments about ArcelorMittal’s entry into India. ArcelorMittal’s presence will bring in new technology, and have a longer-term impact on prices and the steel product basket.
The country now ranks among top 15 nations in the world in terms of per capita consumption of stainless steel with demand coming from diversified applications in Architecture, Building & Construction (ABC), Automobile, Railways & Transport (ART), Process Industries and White Goods, apart from conventional use in kitchenware and utensils.
The acquistion will mark the entry of the world's largest steel company into India, which has emerged as the second biggest steel market in the world. Following its acquisition of Essar Steel, ArcelorMittal will be the fourth largest steel producer in the country which has set a target of achieving 300 million tonne in production.
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