Steel
SAIL's Bokaro Steel Plant produces special electrical steel for first time
In an exciting breakthrough, Steel Authority of India Limited's Bokaro Steel Plant has introduced an innovative grade of electrical steel, marking a first for the company. This cutting-edge material is essential for enhancing electric motors, generators, and electric vehicles, heralding a new era of energy efficiency and minimizing operational losses.
IMFA to buy Tata Steel’s Kalinganagar ferrochrome plant in Rs 610 crore deal
Indian Metals & Ferro Alloys (IMFA) is acquiring Tata Steel's ferrochrome plant in Odisha for ₹610 crore, a move expected to make it India's largest and the world's sixth-largest ferro alloy producer. This acquisition will accelerate IMFA's expansion plans, boosting its production capacity significantly and leading to cost savings and operational synergies.
Specialty steel gets fresh PLI round with ₹2,100 cr outlay
India's government has launched a new incentive scheme for specialty steel. This third round offers ₹2,100 crore to boost production of high-grade steel. The scheme is more flexible for investors and encourages more companies to participate. Benefits will be available for five years starting FY26. This initiative aims to make India a global leader in specialty steel manufacturing.
Lower global prices plague local steel companies: Steel secretary Sandeep Poundrik
The landscape for Indian steel manufacturers is rocky, marked by shifting raw material costs and delayed expansion of mining operations. The international steel market is saturated, resulting in a plunge in prices that have hit a five-year low, which particularly squeezes smaller entities within the sector. To address upcoming projected capacity needs, a considerable infusion of capital is essential.
Govt launches 3rd round of PLI scheme for speciality sector to attract investment in sector
The government has launched the third round of the Production Linked Incentive Scheme for speciality steel. This initiative aims to attract investment and boost domestic production. The scheme encourages the manufacturing of high-grade steels for various critical sectors. It seeks to increase India's speciality steel capacity and reduce import dependence.
India’s steel expansion plans face setback as cheap imports hit local mills
Low-cost steel imports are severely impacting India's domestic producers, forcing hundreds of smaller mills to the brink and jeopardising the government's ambitious sector expansion plans. Local steel prices have fallen to near five-year lows, with around 150 mills shutting down and 50 scaling back production, threatening crucial investments needed for capacity growth.
IMFA to acquire Tata Steel's ferro chrome plant in Odisha for Rs 610 cr
In a bold move affirming its leadership in the industry, IMFA has finalized the acquisition of Tata Steel's ferro chrome facility in Kalinganagar, Odisha. This strategic investment not only positions IMFA as the preeminent ferro-chrome manufacturer in India but also promises to enhance its production capabilities.
Low prices of steel problem for small companies: Secretary Sandeep Poundrik
Steel Secretary Sandeep Poundrik pointed out that low steel prices are creating a tough environment for small businesses, leading many to cease operations as profitability plummets. This situation unfolds as the government gears up to significantly enhance steel production capabilities in the near future. Additionally, the global oversupply, especially from China, is exerting downward pressure on domestic pricing.
Steel makers seek more government measures to curb rising imports
Indian steel producers are calling for government action to curb surging imports. China's massive steel output dwarfs India's production. This influx of foreign steel is hurting domestic manufacturers, leading to underutilization of capacity. The government has implemented quality control measures, but industry players seek further protection. Discussions are ongoing at high levels to address this critical issue impacting the sector.
Green nod to India’s largest steel plant in Andhra Pradesh
India's largest greenfield steel plant is set to be built in Anakapalli, Andhra Pradesh. AM/NS India secured environmental approval and land for an 8.2 million tonnes per annum facility. The project involves an initial investment of Rs 80,000 crore. Work is expected to begin within the calendar year. The plant's capacity may later expand to 24 MTPA.
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Thyssenkrupp's steel head Dennis Grimm resigns amid sale talks with Jindal Steel
Dennis Grimm, the leader of Thyssenkrupp's steel division, is departing. This happens as Thyssenkrupp deepens talks to sell the steel business to India's Jindal Steel International. A delegation from Jindal is set to conduct further due diligence this week. Grimm's exit follows a disagreement with Thyssenkrupp CEO Miguel Lopez over the business's strategic direction.
Jindal Steel appoints Gautam Malhotra as CEO
Jindal Steel has announced Gautam Malhotra as its new Chief Executive Officer, a role he will officially step into on October 28, 2025, as decided by the board. Since May 2024, Malhotra has been a vital part of Jindal Steel, and with his robust background across multiple sectors, he will orchestrate the company's strategic objectives and enhance its operational efficiency.
JSW Steel looks to boost raw material security with new iron ore, coking coal assets
JSW Steel is boosting its raw material supply. The company is increasing its stake in an Australian coking coal asset and acquiring a project in Mozambique. Domestically, JSW Steel is expanding iron ore mining in Karnataka and Goa. New mines are set to begin production soon. The company is also developing coking coal assets in Jharkhand.
Rashmi Group to set up steel, power plant in West Bengal
Rashmi Group will establish a major integrated steel and captive power plant in Purulia, West Bengal. The project involves a significant investment and will create thousands of jobs. This expansion aligns with the state's industrial development goals. The group already has a strong industrial footprint in West Bengal, contributing to employment.
How India’s steel market is shifting from raw steel to customised products
India's steel sector is transforming. It is moving from basic steel to advanced, custom-made components. This shift is driven by urban growth and new industries. Indian manufacturers are using modern technology to produce high-quality steel. This positions India as a key global supplier of precision steel solutions. The country is shaping the future of steel forming worldwide.
Steel prices hit five-year low; weak trend likely to persist in near term: BigMint
Steel prices in India have hit a five-year record low, largely due to a spike in imports and a fall in export needs. Hot rolled coil and re-bar are now hovering around Rs 47,000 per tonne. In response, the government is engaging with industry leaders to devise strategic solutions.