Steel supply curbs in China proving to be a boon for Indian steel makers

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China, the largest consumer of steel, is facing supply curbs which bode well for steel demand and prices globally. Limited exports out of China, as Beijing targets zero emissions over time, will lower the risks of cheap steel imports into India and will likely boost capacity utilisations across domestic steel manufacturers. For domestic steel manufacturers […]

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Diversion of surplus oxygen stock of steel plants to help ease demand from rising Covid caseload

An inter-ministerial Empowered Group 2 (EG2) has initiated several measures to ensure the supply of medical oxygen to various affected states during the Covid-19 pandemic, a Press Information Bureau (PIB) bulletin said on Thursday. Medical oxygen is a critical component in the treatment of Covid affected patients.  The surplus stock available with steel plants is being […]

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Indian steel industry set to report record sales growth in fourth quarter of fiscal 2021: Analysts

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Strong domestic demand, followed by healthy exports have aided India’s steel industry’s production and sales growth in the fourth quarter of 2020-21 on a sequential basis, say analysts. Revenues of steel companies are expected to improve 20 per cent quarter-on-quarter and 45-50 per cent from a year ago on higher realization and rising demand, led […]

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JSW Steel pays Rs 19,350 crore to acquire Bhushan Power & Steel; eyes Neelanchal Ispat now

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After completing the acquisition of Bhushan Power & Steel under the insolvency law, Sajjan Jindal-controlled JSW Steel, has thrown its hat in the ring for Neelanchal Ispat Nigam Ltd (NINL). The company has submitted an expression of interest (EOI) for NINL. The due date for EOI submission was March 29.   JSW Steel has paid a total […]

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JSW Steel’s net profit jumps 14 times to Rs 2,669 crore in the third quarter, FY 2021

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On the back of a strong recovery in steel demand, JSW Steel reported record numbers for the three months of October-December. The net profit of Mumbai-based company increased nearly 14 times on a year-on-year basis to Rs 2,669 crore. Consolidated revenue from operations surged 21% y-o-y to Rs 21,859 crore. Overall sales volumes were slightly lower by […]

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India’s steel companies supply 56,446 tonnes of medical oxygen for COVID-19 treatment

Steel companies have supplied 56,446.245 tonnes of medical oxygen from their integrated plants to various hospitals across the country till October-end, India’s Ministry of Steel said. To aid the supply of oxygen in the country, Union Minister of Steel Dharmendra Pradhan had directed steel plants in September this year to start supplying liquid medical oxygen […]

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JSW Steel reports Q2 net profit of Rs. 1,595 crore on recovery in domestic demand

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JSW Steel, India’s second largest private steel manufacturer, swung back to profit in the July-September quarter as domestic demand recovered and the pandemic-induced lockdown curbs were eased across the country. The company reported a net profit of Rs 1,595 crore for Q2, down 37 per cent year-on-year but far better than the June quarter performance […]

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