babasteel81-blog - Tumblr blog

babasteel81-blog · 6 years ago

Text

Get the Steel Industry Latest News in India

India was the world’s second-largest steel producer with production standing at 106.5 MT in 2018 which was 101.4 in former year. The growth in the Indian steel sector has been push by domestic availability of raw materials such as iron ore and cheap labor etc. Hence, the major contributor to India’s manufacturing output has been the steel sector. India’s steel production capacity has expanded to 137.975 million tones in Fiscal year 19.

Investments-:

·In the recent past, steel industry and its associated mining and metallurgy sectors have seen a number of major investments and developments.

. According to the data released by Department for Promotion of Industry and Internal Trade, the Indian metallurgical industries attracted Foreign Direct Investments (FDI) to the tune of US$ 11.38 billion in the period April 2000–June 2019.

For steel industry latest news India subscribe steel baba and steel market.

Following are some of the major investments in the Indian steel industry-:

·For Fiscal Years 2019-20, JSW Steel set a target of supplying around 1.5 lakh tonne of TMT Rebar’s to metro rail projects across the country.

In October 2019, Kamdhenu Ltd added new production capacity of 60,000 tonne per annum in Dadri, Uttar Pradesh to manufacture Kamdhenu Structural Steel.

·As of December 2018, Vedanta Group set up a one million tonne capacity steel plant in Jharkhand with an investment of US$ 3.13 billion. Steel industry latest news India.

·JSW Steel is looking to further enhance the capacity of its Vijayanagar plant from 13 MTPA to 18 MTPA. The company had announced plans to expand the plant’s production capacity to 13 MTPA by 2020 with an investment of Rs 7,500 crore in June 2018.

· Vedanta Star Ltd has acquired Electrosteel Steels for US$ 825.45 million by outbidding other companies.

· Bhushan Steel is acquired by Tata Steel offering a consideration of US$ 5,461.60 million.

· Arcelor Mittal was declared as the winning bidder in March 2019 to acquire Essar Steel for a consideration of US$ 5.82 billion.

·Tata Steel has decided to rise the capacity of its Kalinganagar integrated steel plant at an investment of US$ 3.64 billion from 3 million tonnes to 8 million tonnes.

Government Initiatives -:

Following are some of the other recent government initiatives in this sector are as follows:

· Aimed to reduce import, the Government introduced Steel Scrap Recycling Policy.

.To ensure supply to domestic steel industry, an export duty of 30 per cent has been levied on iron ore (lumps and fines).

·The Union Cabinet, Government of India has approved the National Steel Policy (NSP) 2017because it seeks to create a globally competitive steel industry in India. 300 million tonnes (MT) steel-making capacity and 160 kgs per capita steel consumption by 2030-31 forecasted by National steel Policy 2017.

·The Ministry of Steel is facilitating an industry driven Steel Research and Technology Mission of India (SRTMI) in association with the public and private sector steel companies to spearhead research and development activities in the iron and steel industry at an initial corpus of US$ 30 million.

· Import duty on most steel items raised twice by the Government of India, each time by 2.5 per cent and imposed measures including anti-dumping & safeguard duties on iron and steel items.

#steel market company India #latest steel news India #Steel news website

0 notes