Steel Sector

Difficult days have ended for SAIL: says Chandreshwar Verma

Difficult days have ended for SAIL: says Chandreshwar Verma

The difficult days for Steel Authority of India (SAIL) have finally ended and the state-run steel giant is now on the path of growth, according to SAIL Chairman Chandreshwar Verma.

Mr. Verma on Sunday said that the future of SAIL was bright and the company had embarked upon an expansion project worth Rs 72 crore.

Posco gets environment ministry’s approval after eight long years

Posco gets environment ministry’s approval after eight long years

South Korean steel giant Posco's proposed 12 million-tonnes-per-year steel plant project in Orissa has finally gained government's approval.

The Indian government's environment ministry approved the $12.6 billion steel plant project after Posco agreed to delink it from the port project in the South Indian state.

Sources said South Korea's ambassador to India last week called on Veerappa Moily and suggested delinking of the steel plant from the company's port projects so that at least the steel project could gain approval.

Jindal Steel, 13 others served show-cause notices for non-development of coal blocks

Jindal Steel, 13 others served show-cause notices for non-development of coal bl

The Coal Ministry has slapped show-cause notices on Jindal Steel & Power Ltd (JSPL) and 13 other companies that had failed to develop coal blocks allotted to them within the given time period.

All the 14 companies have been ordered to show cause on each milestone separately to the ministry within a period of twenty days.

The Coal Ministry said that it issued the show cause notices for delay in development of coal block(s) on the recommendation of the Inter-Ministerial Group (IMG).

Posco starts boundary construction work

Posco starts boundary construction work

Steel giant Posco on Saturday started construction of boundary along the demarcated line for the 1703 acres of land handed over to the company in Nuagaon panchayat area of Jagatsinghpur district, Odisha.

Posco started the boundary construction work nearly three months after anti-Posco villagers had forced contractors and workers to stop the work. The Industrial Infrastructure Development Corporation of Odisha has so far handed over 1,703 acres of land to the company, and has plans to hand over another 1,000 acres of land sometime in the future.

Tata Steel’s Q2 profit surpasses analysts’ average projection

Tata Steel’s Q2 profit surpasses analysts’  average projection

Shares of Tata Steel Ltd gained nearly 4 per cent after the steel giant reported a better-than-expected profit for the quarter ended September 30 this year.

Beating analysts' estimates, Tata Steel reported a consolidated net profit of Rs 917 crore for the July-September quarter, as against a net loss of Rs 364 crore in the corresponding period of last year. A group of analysts surveyed by Bloomberg had projected an average consolidated profit of Rs 383.6 crore.

Persistent rains hit steel production at RINL

Persistent rains hit steel production at RINL

Disruption in supply of raw materials forced Rashtriya Ispat Nigam Ltd (RINL) to cut production by more than 35 per cent over the past few days, senior officials from the government-run steel giant revealed.

Speaking on the condition of anonymity, the officials said persistent rains in Andhra Pradesh hit supplies of raw materials like coking coal, boiler coal and iron ore.

Tata Steel appoints T. V. Narendran as MD

Tata Steel appoints T. V. Narendran as MD

Tata Steel Ltd on Thursday confirmed that it had appointed Mr. T V Narendran as managing director - designate, India and South East Asia.

In a filing with the Bombay Stock Exchange (BSE), the steel giant also stated that Mr. Narendran was inducted as an additional director on the company’s board.

Mr. Narendran will assume his new role on 1st of November this year, a day after Tata Steel India and South East Asia’s current managing director Mr. H M Nerurkar’s departure from the Board of Tata Steel.

Tata Steel stock jumps on strong Q1 earnings

Tata Steel stock jumps on strong Q1 earnings

Tata Steel shares gained more than 6 per cent in the early Wednesday morning trade on the Bombay Stock Exchange after the steel giant reported an increase of more than 90 per cent in quarterly consolidated net profit.

Tata Steel said its consolidated net profit increased 90.46 per cent year-on-year to Rs 1139 crore in the April to June quarter of current financial year. The increase in profit was despite 3 per cent decline in sales to Rs 32805 crore.

SAIL opens country's largest blast furnace

SAIL opens country's largest blast furnace

State-run, Steel Authority of India (SAIL) has said that it has opened the country’s largest blast furnace at its Rourkela Steel Plant (RSP).

“With the start of the new state-of-the-art furnace, hot metal capacity at RSP will increase to 4.5 million tonnes per annum (MTPA) from its present capacity of 2 MTPA,” SAIL said in a statement.

JSPL shares slip after CBI files fresh FIR in coal scam case

JSPL shares slip after CBI files fresh FIR in coal scam case

Stock in Jindal Steel & Power Ltd (JSPL) suffered a deep plunge on Tuesday after the Central Bureau of Investigation (CBI) named the company and its chairman Naveen Jindal as accused in its fresh FIR in the coal scam case.

Following the news of the fresh FIR against the compant and its chairman, JSPL share slipped as much as 24.3 per cent to Rs 202 a share on the Bombay Stock Exchange.

However, the stock recovered some of the lost ground, and closed at Rs 226.35 a share, at a loss of 15.18 per cent.