Never miss a great news story!
Get instant notifications from Economic Times
AllowNot now

You can switch off notifications anytime using browser settings.
Stock Analysis, IPO, Mutual Funds, Bonds & More
Covid-19 cases at factories don’t deter manufacturers

Several other manufacturers too said that even if there was an eventuality of employees testing positive, they will follow the standard operating procedures (SOP) and inform the local authorities, but production will continue.

JSW Steel ramps up capacity utilisation to 85% in May

After hitting a historic low in April, domestic steel demand is only expected to climb back to 25-30% of normal levels this month. While demand across the country had shrunk in the aftermath of the first three phases of the lockdown, business is expected to revive toward the latter half of the financial year.

India's crude steel output declines 65 per cent to 3.13 MT in April: World Steel Association

The government imposed a nationwide lockdown on March 25 to prevent spread of the coronavirus pandemic which has impacted production, demand and supply of steel in India. The country had produced 9.02 MT of crude steel during the same month a year ago, the World Steel Association (worldsteel) said in a report.

Indian aluminium makers in good shape with rising exports and lower input costs: Crisil

"The domestic sales loss has been offset by companies adroitly exporting more, thanks to high cost-competitiveness that stems from improved sourcing and lower input costs,” said the report.

M&M looks to exit JV with Japan’s Sanyo Special, Mitsui

M&M had 51% in the JV and Sanyo 29%, while the remaining 20% was held by Mitsui. However, in 2018, Sanyo bought around 22% in Mahindra Sanyo, increasing its holding to 51%. Consequently, MSSSPL ceased to be a subsidiary of M&M.

Dilip Oommen is new President of Indian Steel Association

Oommen's appointment comes in the wake of the recent resignation of T V Narendran, managing director of Tata Steel from the position of President, Indian Steel Association.

ICRA revises steel industry outlook to negative, estimates demand fall of 20% in FY21

“The first half of FY 2021 is expected to be challenging for steelmakers. Many buyers could prefer to sit at the sidelines, given the uncertain demand environment and liquidity pangs of steel consumers, amid dwindling sales and fixed cost obligations,” said ICRA’s senior vice-president, Jayanta Roy.

Coal gasification will help steel makers to produce steel using swadeshi coal: Naveen Jindal

JSPL is the first company in India to build the coal gasification plant and the first in the world to produce DRI/Steel via coal gasification process, Jindal said. "We have been requesting it for a long time and last year the Prime Minister too had stressed on its importance," he said.

India's demand for steel contracted by 91% in April 2020

Domestic steel production fell by a record 69.5% year-on-year basis in April 2020 as per provisional figures. The country produced a mere 2.8 million tonne of crude steel during the month, according to data released by Joint Plan Committee (JPC). Steel has been classified as an essential commodity and permitted to operate during the lockdown period.

Stimulus package announced by PM Modi in line with industry expectations: SAIL chairman

The stimulus package announced by Prime Minister, Narendra Modi along with the roadmap for a more atmanirbhar Bharat (self-reliant India) is in line with the industry expectations, Anil Chaudhary, chairman, Steel Authority of India Limited has said.

US proposes Novelis to divest automotive body sheet biz in North America

US proposes Novelis to divest automotive body sheet biz in North America

"Today's proposed divestiture preserves competition in the market for aluminum automotive body sheet and protects automakers and American consumers by requiring the full divestiture of Aleris' North American aluminum automotive body sheet operations," Assistant Attorney General Makan Delrahim of the Justice Department's Antitrust Division said on Tuesday.

Tata Steel may demerge UK, Dutch units

Tata Steel may demerge UK, Dutch units

With the British arm of the company reportedly seeking state support of £500 million, or about ₹4,700 crore, “a breakup would appear to be inevitable to make sure British taxpayers’ money does not end up in the Netherlands”, a recent Dutch media report said.

NCLT refuses petition against India Steel

NCLT refuses petition against India Steel

The National Company Law Tribunal has refused to admit an insolvency petition filed by India Resurgence Asset Reconstruction Company, a joint venture between Piramal Enterprises and Bain Capital, against Indian Steel Corporation, calling it “defective”.

Implementation of big ticket infrastructure projects to shoot up steel demand: RINL CMD

Implementation of big ticket infrastructure projects to shoot up steel demand: RINL CMD

The outbreak of COVID-19 pandemic followed by the lockdown has impacted production, sales and dispatch of steel in India, Rashtriya Ispat Nigam Ltd (RINL) CMD P K Rath told PTI.

Domestic steelmakers rely on exports as local demand slumps

Domestic steelmakers rely on exports as local demand slumps

The likes of Tata Steel and Jindal Steel & Power are exporting 80-90% of their production, while JSW Steel is looking at shipping out somewhere around 20-30% of its output.

NCLT approves resolution plan for stressed companies of Uttam Galva

NCLT approves resolution plan for stressed companies of Uttam Galva

Bids were submitted by CarVal Investors and Nithiya Capital Resources Advisors. The resolution plans involve settlement to financial creditors of Uttam Value Steels with a total upfront and contingent payment of Rs 1,078 crore and Rs 1,576 crore for Uttam Metallics.

Load More...

Other useful Links

Copyright © 2020 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service