In an effort to increase sales revenue, monthly turnover, and reduce losses, Jindal Steel and Power Ltd. and Rashtriya Ispat Nigam Ltd., also known as the Vizag steel plant, have partnered to obtain working capital injections up to Rs 900 crore.
An official stated here on Thursday that the timely agreement allows the steel plant to acquire raw materials and begin regular Blast Furnace-3 (BF-3) operations with the scheduled blowing-in scheduled for December 30 at a capacity of two lakh tonnes of hot metal per month.
In a meeting with the trade unions, Atul Bhatt, the chairman and managing director (CMD) of Vizag Steel Plant, stated, "The arrangement with JSPL will ensure availability of about Rs 800 - 900 crore for RINL in the form of working capital advance and raw materials required for consistent operation of BF - 3 against which RINL will be supplying about 90,000 tonnes of cast blooms every month from Steel Melting Shop-2 (SMS-2) of RINL."
Bhatt claims that even after providing the promised quantity to the former, the agreement with the New Delhi-based JSPL will enable Vizag Steel Plant to produce extra income from increased sales of roughly one lakh tonnes.
The deal, according to the CMD, will reduce losses by roughly Rs 100 crore per month and increase sales turnover to about Rs 500 crore. With this agreement in mind, Bhatt called on the labour unions to increase output and asked for the cooperation of the whole workforce in order to guarantee continued expansion and financial success.
In addition, he addressed a number of the trade unions' concerns and gave them the assurance that the management of the steel plant is taking the best possible measures to ensure its survival and profitability.
According to him, the activation of BF-3 has been presented as a calculated strategic move to maximise production capabilities and thereby improve the steel plant's overall financial situation.

According to reports, a committee appointed by the Indian Steel Ministry has rejected the use of ship-breaking steel plates in the production of TMT bars, also known as rebars. The proposal's non-standard offerings and lack of more comprehensive data are viewed as the main grounds for rejection.

The committee was unable to "conclude and devise a SoP ( Standard Operating Procedure) for usage of ship plates without testing of chemical composition," according to the recommendations that Businessline reviewed. Shipbreakers are advised to be able to "sell the plates along with grade certificate and chemistry."
The committee was made up of representatives from Gujarat Maritime Board, MSTC Ltd., Ship Recycling Industries Association, Material Recycling Association of India (MRAI), Bureau of Indian Standards, MECON, NISST, and the Ministry of Ports, Shipping & Waterways (MoPSW).
The committee members stated that ship sides and bottom plates were subject to "different types of stress" in different directions after visiting and gathering samples from Gujarat's Alang, the largest ship-breaking yard in Asia. Additionally, it stated that the samples were inadequate for representing hulls in areas that were above, mid-ship, or underwater.

On Saturday, Jindal Steel Power Ltd announced that its upcoming hot strip mill in Angul, Odisha, will have access to liquid steel thanks to its partnership with Rashtriya Ispat Nigam Ltd. JSPL announced in a statement that it and RINL had signed a memorandum of understanding (MoU) for the latter's blast furnace-3 (BF-3).

"The tie-up with RINL will release additional liquid steel for slab casting and onward rolling into hot rolled coils from JSPL's upcoming state-of-the-art hot strip mill at Angul which is slated for commissioning soon," said the statement.

Since January 2021, the BF-3 blast furnace at the Visakhapatnam, India, RINL plant, has been closed. December 30, 2023, is when the BF-3 is scheduled to restart, with a monthly capacity of 2 lakh tonnes of hot metal.

"We wish the RINL management and staff well on this new venture," JSPL Managing Director (MD) Bimlendra Jha stated.

According to an agreement signed by the two companies, JSPL will supply raw materials worth Rs 800-900 crore or work capital support, according to RINL on Friday.

According to a statement from JSPL, RINL will guarantee the private steel company's supply of 90,000 tonnes of cast blooms in exchange.

From its previous level of 5.6 million tonnes per annum (MTPA), JSPL increased the capacity of its plant in Angul, Odisha to 11.6 MTPA.

Within the Ministry of Steel, Rashtriya Ispat Nigam Ltd (RINL) is one of India's top six steel manufacturing companies. At its facility in Visakhapatnam, Andhra Pradesh, there are three 2.5 million tonne (MT) blast furnaces.

According to World Steel Association (worldsteel), India's crude steel production increased by 11.4 per cent to 11.7 million metric tonnes (MT) in November of this year. According to the latest report from the global body, the country's production during the period of January to November was 12.1% higher year-over-year (y-o-y) at 128.2 MT.
November saw a 3.3% increase in global steel production to 145.5 MT compared to the same month in 2022. According to worldsteel, the global output increased slightly by 0.5% to 1,715.1 MT between January and November of 2023.

November saw a 0.4% increase in Chinese steel production to 76.1 MT from November 2022. From January to November, it produced 952.1 MT, an increase of 1.5% year over year.
Japan's production decreased by 0.9% to 7.1 MT in November 2023, while the country's total production from January to November 2023 decreased by 2.8% to 80 MT.
In the eleven months of 2023, the United States produced 73.9 MT of steel, compared to 6.6 MT last month.

Russia produced 70.2 MT from January to November 2023, compared to 6.4 MT in November. In November 2023, South Korea's production was 5.4 MT, and over the course of 11 months in 2023, it reached 61.3 MT.
Germany produced 2.7 MT, Turkey produced 3 MT, and Brazil produced 2.7 MT in November of this year.
Worldsteel, a Brussels-based organisation, represents steel producers, national and regional steel industry associations, and steel research institutes. It has members in all major steel-producing nations.
 

According to a company statement released on Monday, December 25, the Indian government-run miner MOIL Limited produced 1.6 million metric tonnes of manganese ore in the calendar year 2023—the most ever in a single year and a 26 percent increase over the highest output recorded in 2019.According to the company, sales of 1.4 million metric tonnes were attained in 2023, marking the highest level since 2007. According to a company statement, MOIL effectively completed 9,389 metres of core drilling between April and November of 2023, a significant 2.5-fold increase over the same period the previous year.

According to a regulatory filing made by Jindal Stainless Limited (JSL) on Monday, December 25, the acquisition of Rabirun Vinimay Private Limited (RVPL), which is presently in liquidation, has been approved by the board of directors of JSL. According to the filing, JSL will pay an approximate of $11.50 million to purchase the struggling RVPL.
RVPL, based in the eastern state of West Bengal, has a 50,000 mt annual capacity steel pipe and tube making unit and a 250,000 mt annual cold rolling manufacturing unit for wider and thinner segment products.

Bahrain Steel, a high-grade iron ore pellet supplier based in Bahrain, has declared that, as part of its continuous environmental conservation and decarbonisation efforts, it has begun major investment projects worth up to $250 million. Building a roof to cover the iron ore materials area, starting a solar energy project and securing an industrial land plot are some of the projects that will support the company's operations on a larger scale and strive to achieve environmental and societal sustainability. 

As SteelOrbis previously reported, Bahrain Steel signed a memorandum of understanding this month with the nation's Electricity and Water Authority for the construction of the largest rooftop solar power system in Bahrain, with a capacity of 100 megawatts. An estimated 167,000 megawatt hours of energy will be produced annually by the solar photovoltaic system.

NEW DELHI: According to Union minister Faggan Singh Kulaste, the government is working on the Production Linked Incentive (PLI) scheme 2.0 and looking into ways to guarantee a sufficient supply of raw materials for the steel sector in 2024. The demand for steel will rise with strong economic growth, but industry participants are still worried about rising imports and high raw material prices in light of geopolitical unpredictability.

Following the coronavirus pandemic that affected the steel industry in 2020–21, steel consumption and production have recovered strongly.

The total amount of crude steel produced this year between April and November was 94.01 million tonnes (MT), an increase of 14.5% over the previous year. According to data from the Steel Ministry, during the same period, the annual consumption of finished steel increased by 14% to 86.97 MT.

By 2030, India wants to have 300 MT of installed steel production capacity. The nation currently has a capacity of about 161 MT.

"We are getting ready for PLI 2.0 in the steel industry. Speaking about the government's priorities for the steel industry in 2024, Kulaste stated that it is being discussed at various levels.

The Minister of State (MoS) for Steel stated in an interview with PTI that the government will guarantee the supply of raw materials for the steel industry and that encouraging the use of scrap will be a priority.

Furthermore, Kulaste, who also oversees the MoS Rural Development portfolio, stated that efforts will be made to encourage industry participants to employ artificial intelligenceThe PLI scheme 1.0, which would increase the production of speciality steel and contribute to the creation of an additional 25 MT of capacity, was approved by the government.
The minister predicted that in 2024, steel production and demand would rise sharply as a result of infrastructure improvements.
and cutting-edge technologies in order to increase steel output while simultaneously looking to reduce carbon emissions.

The US Department of Commerce's final census data shows that US imports of wire rod reached 88,979 mt in October 2023, up 39.5 percent from October 2022 levels and up 80.7 percent from September. In October 2023, the value of wire rod imports was $73.9 million, down from $47.8 million in September and $75.3 million in October 2022. In October 2022, the United States imported the highest amount of wire rod from Canada—37,243 mt—as opposed to 24,448 mt in September and 27,179 mt in October 2022. With 19,984 mt, Brazil had 7,621 mt, Germany had 3,331 mt, Japan had 14,523 mt, and Algeria had 19,984 mt as other major import sources in October.

US exports of coil plates totaled 23,018 mt in October 2023, down 17.0 percent from October 2022 and 32.7 percent from September, according to export data from the US Department of Commerce. October saw a value of $23.2 million for plates in coil exports, down from $35.8 million in September and $29.9 million in the same month the previous year. In October 2022, 14,739 metric tonnes were shipped in coil form to Mexico, the most since September 2022 with 22,691 metric tonnes and October 2022 with 20,588 metric tonnes. Canada was one of the other top destinations, with 8,078 metres. In October, US coil exports of plates had no other noteworthy destinations (1,000 mt or more).

Devusinh Chauhan, minister of state for communications, informed Parliament on Friday that the government has received investments totaling Rs 2,725 crore as of the end of October 2023, out of the Rs 4,014 crore pledged by 42 applicant companies under the production-linked incentive (PLI) scheme for telecom gear manufacturing.
 

Steel Dynamics, Inc. released earnings guidance for the fourth quarter of 2023, stating that diluted share prices would range from $2.60 to $2.64. In contrast, the company's earnings for the third quarter of 2023 were $3.47 per diluted share, while its earnings for the fourth quarter of the previous year were $3.61 per diluted share. According to a press release from the company, lower realised flat rolled steel pricing more than offset lower scrap costs, so fourth quarter 2023 profitability from the company's steel operations is expected to be lower than sequential third quarter results. This is based on steady shipments and metal spread contraction. According to SDI, steel order activity is still strong despite recent price increases and longer order lead times as we approach the first quarter of 2024. As demand from domestic steel mills declined due to maintenance outages, the company said that fourth quarter 2023 earnings from its metals recycling operations are expected to be comparable to sequential third quarter results, based on pricing related metal spread expansion more than offsetting lower volume. As realised selling values dropped and steel input costs increased during the quarter, the company's steel fabrication operations are expected to generate lower earnings in the fourth quarter of 2023 compared to the sequential third results. However, SDI noted that activity for steel joist and deck orders has improved in the fourth quarter compared to the sequential third quarter and that pricing has stabilised.

An industry official stated that the government has examined the import situation of steel in light of the growing number of shipments coming in from within the country. Concerns about the increase in steel imports from certain nations, such as China and Vietnam, have been voiced by steel industry participants to a number of ministries, including commerce and steel. An industry official said that the Ministry of Steel met on Wednesday to discuss the nation's import situation. Representatives from several steel companies attended the meeting, which was presided over by Steel Secretary Nagendra Nath Sinha. He said that several officials from the ministry took part in the one-hour meeting. "Steel makers informed the ministry that there has been a continuous surge in imports from countries like China and Vietnam despite the same type of steel being available in India," said an official from the Steel Ministry. When questioned about the procedures, the official stated that no action could be taken until the ministry had reviewed the information that the steel industry had submitted.
A few other proposals have also been made, such as the removal of certain duty reductions and tariff rate quotas, which establish specified upper bounds for shipments arriving duty-free. In accordance with that, the issue would also be discussed with the ministries of finance and commerce. 1.19 million tonnes (MT) of steel were imported in November compared to 0.32 MT of exports, per SteelMint. Additionally, India imported 0.46 MT of steel in October 2023 as opposed to 0.24 MT of exports. India became a net importer of steel in October, a development that was deemed concerning by T V Narendran, the CEO and MD of Tata Steel, last month.

Jyotiraditya Scindia, the Union Minister of Steel, has requested that all parties involved in the steel industry increase the use of artificial intelligence (AI) in their individual steel plants. Speaking at a Chintan Shivir that his ministry organised, he discussed the effects of the Carbon Border Adjustment Mechanism (CBAM) and the critical role that AI plays. The European Union has suggested implementing CBAM for a number of products, including steel and aluminium, as part of its Green Deal 2050. On imported goods, CBAM would impose carbon emission costs equal to those incurred under the EU framework. Steel Secretary Nagendra Nath Sinha discussed its significance and noted that the idea of CBAM is rapidly developing. He asserts that it is critical to comprehend how it will affect the sector that will be most negatively impacted at every stage of the operations value chain. He continued, "The steel industry must take advantage of the current CBAM challenge to ensure demand rejuvenation and further strengthen the Indian export economy." CBAM has an impact on exports to the European Union and can cause value chains to realign, according to an official statement. The long-term effects of CBAM and India's anticipated response to it were discussed during the Chintan Shivir. The statement also stated that possible solutions for small- to medium-sized businesses (SMEs) that purchase steel from dealers but lack access to the integrated steel plants' emission declarations were investigated.

Leading company in the TMT bar market, Shyam Steel, is pleased to announce its most recent accomplishment: the Fe 500D (GPSSM345002) and Fe 550D (GPSSM345001) products have received the esteemed GreenPro Certification from the Confederation of Indian Industries – Green Products and Services Council. This noteworthy honour highlights Shyam Steel's steadfast dedication to sustainability and the production of high-caliber goods. GreenPro Certified products that are painstakingly manufactured at the Angadpur plant in West Bengal (GPSSM345002) and the Mejia plant in West Bengal (GPSSM345001) have exceeded the strict standards. This accomplishment demonstrates Shyam Steel's commitment to meeting and even exceeding the strict environmental standards set by the CII-Green Products and Services Council. The director of Shyam Steel Industries, Mr. Lalit Beriwala, said, "Shyam Steel has accomplished a great deal with the prestigious GreenPro Certification. It emphasises our dedication to making steel products that are considerate of the environment. This accolade confirms our commitment to producing products of the highest calibre while exceeding strict environmental regulations. As evidenced by certifications such as the GreenPro Certification that the CII-Green Products and Services Council recently granted to Shyam Steel, the steel industry is under increasing pressure to implement green practices. "The trajectory towards green steel isn't a matter of if, but when," Mr. Beriwala added in emphasis. Carbon markets and frameworks have emerged as a result of governments' intense focus on reducing carbon emissions worldwide. The company's dedication to environmentally sustainable manufacturing practices is demonstrated by this certification. Fe 550D and Fe 500D are important first steps in the direction of sustainability. These products guarantee the highest quality for customers while making a significant contribution to the creation of a greener, more sustainable world by adhering to the strict environmental standards set by the CII-Green Products and Services Council. Shyam Steel is a proponent of green steel policy measures and highlights the significance of providing incentives for carbon credit-generating technologies. To cut costs and improve sustainability, the company plans to invest in cutting-edge steelmaking technologies like solar and hydrogen-based processes. Shyam Steel, a company with more than seven decades of experience in the industry, predicts a shift towards institutional demand in the future, even though there is currently little immediate consumer demand for green steel in India. The Steel Ministry's investigation into green steel procurement through government procurement indicates a possible change that will require sufficient funding support. Shyam Steel supports investments in green assets while requesting funding from developed nations to support green energy initiatives. This speaks to India's position in international discussions such as those surrounding the Carbon Border Adjustment Mechanism (CBAM) in Europe.