Supreme Court approves ArcelorMittal’s acquisition of Essar Steel

The Supreme Court of India has unconditionally approved ArcelorMittal India Private Limited’s (AMIPL) resolution plan for Essar Steel India Limited (ESIL). Completion of the transaction is now expected before the end of the year. After completion, ArcelorMittal will jointly own and operate ESIL in partnership with Nippon Steel Corporation, Japan’s largest steel producer and the […]

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India’s crude steel output declines 4% to 8.99 million tonnes in January 2019

India’s crude steel production fell by 3.84 per cent to 8.995 million tonnes in January 2019, according to the Joint Plant Committee (JPC). The fall is reported after World Steel Association (worldsteel) recently announced that India has replaced Japan as the world’s second-largest steel producing country. On January 25, 2019,  worldsteel in its report noted […]

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Daily Masala

Here is what others are talking about today: Gold prices drift further away from 7-week highs as dollar firms Oil dips on high OPEC supplies, defying falling U.S. crude stocks Asian shares dip on profit-taking after Dow hits 22,000 South Asia becomes global LNG hotspot as Bangladesh enters market Gorkhaland stir costs Darjeeling tea estates […]

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Special purpose vehicles come into play as India aims to raise steel output to 300 million tonnes

Four mineral rich Indian states — Chhattisgarh, Odisha, Karnataka and Jharkhand — have been identified for setting up of integrated steel plants with the collaboration of central and state public sector companies thorugh special purpose vehicles as India aims to sharply increase its steel production capacity to 300 million tonnes annually by 2025-26 According to […]

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India slaps anti-dumping duty on steel imports to protect domestic industry

The Indian government said it was imposing anti-dumping duty on stainless steel, an effort to protect the beleaguered local industry from cheap imports flooding the market. The anti-dumping duty between 5-57 percent has been levied for a period of five years after domestic companies complained that their bottomline was being hit by cheap imports from […]

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