Tag: Steel
17 Results
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Steel mfg cost to rise as power out of GST: Steel Ministry to PMO
The steel ministry has expressed concerns that cost of steel manufacturing will increase as electricity, being one of the major inputs, has been kept out of the Goods and Service Tax. The concerns were expressed at a recent meeting of the ministry with the Prime Minister's Office, a government official said. “Electricity being a major …
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July 18, 2017 -
Steel consumption grows 4.6 pc, exports up 66 pc in April-June
India's steel consumption grew by 4.6 per cent to nearly 21 million tonne in the first quarter of the current fiscal over the same period in 2016 while the country's steel exports jumped by nearly 66 per cent in the April-June period, a Ministry report said. "India's consumption of total finished steel saw a growth …
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July 10, 2017 -
Eight core industries’ output up 3.6% in May
The output of India's eight major industries during last month grew by 3.6 per cent from a rise of 2.8 per cent reported in April 2017, official data showed on Friday. The Eight Core Industries (ECI) data which represents the output of major industrial sectors like coal, steel, cement and electricity had grown by 5.2 …
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June 30, 2017 -
India to focus on domestic steel consumption: Birender Singh
With India targeting a 300 million tonnes a year steel production capacity by 2030-31, Union Steel Minister Chaudhary Birender Singh on Friday said the focus would be on domestic consumption and making the sector globally competitive. Singh said his ministry has identified construction and manufacturing sectors like rural development, urban infrastructure, roads and highways, and …
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June 16, 2017 -
SAIL Q4 loss reduces to Rs 771.3 cr
State-run steel manufacturer SAIL reported a net loss of Rs 771.3 crore for the fourth quarter ended March, which was lower than the loss incurred in the same quarter of 2016, on the back of higher revenues during the last quarter. The company suffered a net loss of Rs 1,184.64 crore in the corresponding quarter …
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May 30, 2017 -
Ind-Ra retains negative outlook for steel sector in FY18
The outlook for steel sector is likely to remain negative in next fiscal due to continued operational and financial challenges and lower demand from the realty sector, says a report. “The regulatory support and increased government spending remain crucial for maintaining the profitability of steel producers in fiscal 2018. “But the muted demand growth of …
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May 14, 2017 -
Anti-dumping duties in line with NSP, say steel users
Welcoming the imposition of anti-dumping duties on some steel products of foreign firms, steel users on Saturday said the anti-dumping regime supports National Steel Policy 2017 and the move is compliant with World Trade Organisation. "The anti-dumping regime is World Trade Organisation compliant and supports the New Steel Policy 2017," said Steel Users Federation of …
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May 13, 2017 -
Molten steel splash kills 2 in Bengal’s IISCO plant
In a tragic accident, molten steel splashed on some workers of the IISCO Steel Plant in West Bengal, killing two of them while seriously injuring another four, officials said on Saturday. The accident occurred at 4 am in the Burnpur unit of the Indian Iron and Steel Company (IISCO) and prima facie, it appeared that molten …
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May 6, 2017 -
Corus acquisition an aspirational mistake: Tata Steel former MD
Tata Steel's former Managing Director JJ Irani on Friday said acquisition of Britain-based steel major Corus by the Indian steel producer was an "aspirational mistake". On the recent spat between Ratan Tata and Cyrus Mistry, he said the former had never interfered in the board's decision. "Acquisition of Corus was a mistake. Not an intentional …
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April 22, 2017 -
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Steel exports surge 102% in FY 17, imports fall 36.6%
Overtaking imports, India's steel exports jumped by 102.1 per cent in 2016-17 to 8.24 million tonnes (mt), as compared to 4.07 mt shipped out in the previous financial year (2015-16), according to a Steel Ministry's report. "Export of total finished steel was up by 102.1 per cent in April-March 2016-17 at 8.24 mt over same …
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April 12, 2017 -
Use of domestic steel may be mandatory for govt infra projects
India is likely to mandate use of domestic steel for government infrastructure projects to boost demand for local companies and check cheaper imports. The Steel Ministry is likely to take to the Union Cabinet this month a proposal that seeks to provide preferential treatment to steel made in India in government projects. It may also …
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April 5, 2017 -
Steel demand likely to improve in coming months, says Steel Minister Chaudhary Birender Singh
Steel demand is expected to improve in coming months on the back of increased spending on infrastructure and long-term government policies, Steel Minister Chaudhary Birender Singh has said. "The steel demand has grown 3.3 per cent during April -December 2016. This is expected to improve in the coming months, due to long-term government policies and …
February 20, 2017 -
Steel demand likely to improve in coming months, says Steel Minister Chaudhary Birender Singh
Steel demand is expected to improve in coming months on the back of increased spending on infrastructure and long-term government policies, Steel Minister Chaudhary Birender Singh has said. "The steel demand has grown 3.3 per cent during April -December 2016. This is expected to improve in the coming months, due to long-term government policies and …
February 20, 2017 -
‘Steel sector facing tough business environment’
State-run Steel Authority of India Ltd (SAIL) on Sunday said it has identified five core areas, including optimisation of new assets utilisation, to turn ongoing challenges into opportunities in a context where the business environment is extremely challenging for the steel sector suffering due to weak demand. "At this crucial juncture for steel industry across …
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February 5, 2017 -
Cement and steel need a hand to create jobs
Reams of newsprint and thousands of web pages have recently devoted themselves to scrutinizing the importance, execution and the long-term impact of the latest large-scale intervention introduced by the NDA government through the sudden demonetisation of Rs 500 and Rs 1,000 currency notes. However, amidst all the hype and hoopla that demonetisation has brought with …
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January 29, 2017 -
Govt slaps safeguard duty on certain steel imports
Government has slapped safeguard duty on import of certain steel products to protect domestic manufacturers from cheap in-bound shipments. The safeguard duty has been imposed on import of hot rolled flat sheets and plates (excluding hot rolled flat products in coil form) of alloy or non-alloy steel. The effective duty rate would be calculated after …
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November 24, 2016