Steel Industry News - Latest Updates & Headlines
SAIL capex outlay hiked to Rs 7,500 crore for 2025-26
New Delhi, Feb 11: A capital expenditure (Capex) of Rs 5,700 crore and Rs 7,500 crore has been approved for SAIL for financial years 2024-25 and 2025-26 respectively, Minister of State for Steel Bhupathiraju Srinivasa Varma informed the Lok Sabha on Tuesday.
South Korea in close talks with local industries for response to US steel tariffs
Seoul, Feb 11: South Korea's industry ministry said on Tuesday it is closely communicating with local businesses and industry leaders to devise ways to minimize the impact from new U.S. tariffs on steel and aluminium imports that will inevitably affect local manufacturers and exporters.
MoS for Steel and Heavy Industries highlights benefits under second round of PLI scheme
New Delhi, February 7: Minister of State for Steel and Heavy Industries, Bhupathiraju Srinivasa Varma informed the Rajya Sabha on Friday that multiple steps have been taken to ensure wider participation in the second round of Production Linked Incentive (PLI) scheme for specialty steel.
Rs 27,106 crore investment lined up under PLI scheme for specialty steel
New Delhi, Feb 7: The Production-Linked Investment (PLI) scheme for high-value specialty steel has succeeded in attracting commitments for investments by various companies to the tune of Rs. 27,106 crore, out of which Rs.18,848 crore has been achieved till December 2024, Minister of State for Steel Bhupathiraju Srinivasa Varma informed Parliament on Friday.
Japan assures India of more support in newer steel technologies
New Delhi, Feb 5: Japan has assured India of continued support for investments in newer steel technologies during discussions held as part of the 3rd India-Japan Steel Dialogue at Vigyan Bhavan here, according to a statement issued by the Ministry of Steel on Wednesday.
Jindal Steel and Power to invest another Rs 70,000 crore in Odisha
Bhubaneswar, Jan 28: Jindal Steel and Power (JSP) has announced an ambitious plan to invest an additional Rs 70,000 crore in Odisha over the coming years.
Tata Steel to expand Neelachal, Kalinganagar and Bhushan plants, says T V Narendran
Bhubaneswar, January 28: Tata Steel will expand the capacity of its three plants, Neelachal Ispat Nigam, Kalinganagar, and Bhushan, said T V Narendran, global CEO and Managing Director of Tata Steel, on Tuesday.
JSW Steel's net profit plunges 70 per cent to Rs 717 crore in Oct-Dec quarter
Mumbai, Jan 24: Sajjan Jindal-led JSW Steel on Friday reported a 70 per cent year-on-year decline in net profit to Rs 717 crore for the October-December quarter of the current financial year, compared to the corresponding figure of Rs 2,450 crore for the same quarter of the previous financial year.
Chandrababu Naidu played key role in reviving Visakhapatnam Steel Plant: Andhra Pradesh TDP Chief
Visakhapatnam, January 21: The Visakhapatnam Steel Plant (VSP), which faced severe financial challenges and was on the verge of collapse, was saved due to the decisive leadership of former Chief Minister N Chandrababu Naidu, according to an official release on Tuesday.
'Ratna Garbha' Odisha's contributions towards India's economic prosperity unparalleled: CM Mohan Majhi
Bhubaneswar, Jan 20: Chief Minister Mohan Charan Majhi on Monday said that his mineral-rich state of Odisha's contributions towards the economic prosperity of India is unparalleled.
Union cabinet approves revival plan for Rashtriya Ispat Nigam Ltd at a total cost of Rs 11,440 crores
New Delhi, January 17: The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, has approved the revival plan for Rashtriya Ispat Nigam Ltd. (RINL) for a total of Rs 11,440 crores. Rs 10,300 crore as equity capital and a Rs 1140 crore working capital loan.
Japan's Ishiba asks Biden to address 'strong concerns' in business community over blocking steel takeover deal
Tokyo, Jan 13: Japanese Prime Minister Shigeru Ishiba asked US President Joe Biden to address "strong concerns" in both Japanese and US business circles following Biden's order to block Nippon Steel's takeover of U.S. Steel, local media reported Monday.
India to outpace major steel-consuming economies with 8-9% demand growth in 2025: CRISIL
New Delhi, January 12: India will continue to outpace other major steel-consuming economies in calendar year 2025 with a demand growth of 8-9 per cent, CRISIL's Market Intelligence and Analytics report said.
India's steel demand poised to grow 9 per cent in 2025 amid global slump: Report
New Delhi, Jan 8: Steel demand in India will continue to outpace other major steel-consuming economies in calendar year 2025 with a growth of 8-9 per cent, driven by a shift towards steel-intensive construction in the housing and infrastructure sectors along with better demand from engineering, packaging and other segments, according to rating agency CRISIL's report on Wednesday.
Japan's Nippon Steel, US Steel file lawsuit against US government
Tokyo, Jan 6: Japan's Nippon Steel and United States Steel have jointly filed a lawsuit against the US government over President Joe Biden's decision to block the buyout of the American steelmaker by the Japanese company, local media reported Monday.
ArcelorMittal shutting down loss-making long steel business in South Africa, 3,500 jobs likely to go
Johannesburg, Jan 6: Steel producer ArcelorMittal South Africa Ltd announced on Monday that it is shutting down its loss-making long steel business in the country, a move that is likely to hit about 3,500 direct and indirect jobs.
HD Kumaraswamy to launch 'PLI scheme 1.1' for steel industry on January 6
New Delhi, January 5: Union Minister of Steel and Heavy Industries HD Kumaraswamy will launch 'PLI scheme 1.1' for the steel industry, the Ministry of Steel said in a release on Sunday. Applications for the scheme will be invited during an event scheduled at Hall No. 1, Vigyan Bhavan, Maulana Azad Road, New Delhi, on January 6, 2025, the release added.
Biden blocks Nippon Steel's USD 14.3 billion takeover of US Steel
New York, January 4: US President Joe Biden announced on Friday his decision to block a USD 14.3 billion acquisition of US Steel by Japan's Nippon Steel, a significant exercise of executive authority towards the end of his administration, CNN reported.
Japan's Nippon Steel to sue US government over decision to block acquisition
Tokyo, Jan 4: Japan's Nippon Steel Corp. is set to file a lawsuit in response to United States President Joe Biden's decision to block its takeover of US Steel Corp., local media reported Saturday.