steel

Indian Govt Signs MoUs With 27 Companies Under PLI Schemes For Specialty Steel

March 18, 2023 admin

Union Minister of Steel and Civil Aviation Jyotiraditya Scindia says that the PLI scheme is expected to generate an investment of about Rs 30,000 crore and additional capacity creation of about 25 Million Tonne of specialty steel in the next 5 years The Ministry of Steel on Friday announced it has signed 57 MoUs’ with 27 companies for specialty steel under the Production Linked Incentive (PLI) Scheme. An event to exchange of MoUs’ with companies was organised by the Ministry of Steel on Friday at Vigyan Bhawan, New Delhi. The…

SAIL Net Profit Declines 65% In Q3 FY23

February 14, 2023 admin

The company’s total expenses jumped to Rs 24,825 crore, compared to Rs 23,209.88 crore in Q3 FY22 State-owned SAIL on Monday posted a massive 65 per cent fall in its net profit year-on-year (YoY) at Rs 542.18 crore in the Q3, on account of higher expenses. The company said, “The challenging global situation and economic scenario all over the world had its impacts on the steel prices affecting the margins of the steelmakers.” The steel giant had registered a net profit of Rs 1,528.54 crore in the Q3 FY22. SAIL…

India’s Finished Steel Imports From Russia Hit 4 -Year High

November 29, 2022 admin

Russia’s steel exports to India increased from about 34,000 tonnes exported a year earlier to 149,000 tonnes India’s finished steel imports from Russia during April to October increased to their highest level in at least four years, highlighting Moscow’s attempt to redirect exports in the wake of western sanctions, according to government statistics collated by Reuters. In the first seven months of the current fiscal year, which started in April, Russia’s steel exports to India increased from about 34,000 tonnes exported a year earlier to 149,000 tonnes. Despite being one…

IIP Going Strong

September 30, 2022 admin

The basket of goods includes coal, crude oil, natural gas, petroleum refinery products, fertilizers, steel, cement, and electricity as the main component Source link

Deadline To Apply For Steel PLI Benefits Extended Till May 31

May 5, 2022 admin

The deadline has been extended for the second time. Initially, March 29 was the last date for manufacturers to apply for the benefits under the PLI (Production-Linked Incentive) scheme for speciality steel. It was later extended till April 30 The government has extended the deadline to submit applications under the production-linked incentive scheme for speciality steel till May 31, according to an official notification. The deadline has been extended for the second time. Initially, March 29 was the last date for manufacturers to apply for the benefits under the PLI (Production-Linked Incentive) scheme for…

Adani Group, POSCO Sign Agreement To Develop Steel Mill

January 13, 2022 admin

Industrialist Gautam Adani-led Adani Group has signed a pact with South Korea’s POSCO to explore business opportunities in sectors like steel, renewable energy among others. Both the entities have signed a memorandum of understanding (MoU) to this effect. In a statement on Thursday, Adani Group said the investment under the MoU is estimated to be up to $5 billion. Adani Group said it “has agreed to explore business cooperation opportunities, including the establishment of a green, environment-friendly integrated steel mill at Mundra, Gujarat, as well as other businesses. The investment is estimated to be up to $5 billion.” The…

JSHL Commissions 26,000-tonne Precision Strip Mill In Hisar

October 21, 2021 admin

In July, JSL had announced investing Rs 450 crore for expansion of its Specialty Products Division (SPD), of which Rs 250 crore was to be utilised towards scaling up precision strip manufacturing capacity. Jindal Stainless (Hisar) Limited (JSHL) on Wednesday said it has commissioned a precision strip mill having a capacity of 26,000 tonnes per annum at its plant in Hisar. In July, JSL had announced investing Rs 450 crore for expansion of its Specialty Products Division (SPD), of which Rs 250 crore was to be utilised towards scaling up…

Taxes Embedded In Primary Input Steel Not Factored In RoDTEP Rates: EEPC

August 18, 2021 admin

Engineering Export Promotion Council of India chairman Mahesh Desai noted that the RoDTEP rates will only partially compensate for the un-rebated taxes, while a huge portion of the duties on the raw-material stage will continue. The announcement of a scheme related to remission of duties on exported products is a relief but its rates have not taken into account the taxes embedded in raw materials like steel in engineering products in a large number of cases, EEPC India said on Tuesday. Remission of Duties and Taxes on Exported Products (RoDTEP)…

Govt To Notify PLI Scheme For Auto Components, Steel, Textile: Official

June 3, 2021 admin

The government is looking at notifying the production-linked incentive (PLI) scheme, that was announced to boost domestic manufacturing, for sectors like auto components, steel, and textiles. Additional Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Sumita Dawra said that the government introduced the PLI scheme to encourage an incentive-led model for manufacturing, attracting advanced technologies, bringing in economies of scale and meeting quality standards. ‘We are going as per strict timelines and we will now look to notify the scheme under auto components, steel, and textiles,’…

JSPL PAT Jumps Manifold To Over Rs 1,900 Cr In Jan-Mar Quarter

May 12, 2021 admin

Jindal Steel and Power Ltd (JSPL) on Wednesday reported manifold jump in its consolidated profit after tax (PAT) to Rs 1,900.51 crore during the fourth quarter ended March 2021, mainly on account of higher income. Its ‘net profit after tax from continuing operation’ in the year-ago quarter was at Rs 82.13 crore, JSPL said in a BSE filing. During the quarter under review, JSPL said its total income also soared to Rs 11,903.59 crore as against Rs 6,819.73 crore a year ago. The company’s total expenses stood at Rs 8,082.92…