Steel Industry News - Latest Updates & Headlines
Indian steel makers should prefer domestic suppliers over imports for long term gains: Piyush Goyal
Mumbai, April 25: Commerce and Industry Minister Piyush Goyal asked domestic industry to prefer domestic suppliers over imports, speaking at the India Steel 2025 summit.
India's steel industry poised for global growth, focus on FTAs and self-reliance: Piyush Goyal
Mumbai, April 25: India’s steel industry is set to play a significant role in meeting both domestic and global demand, Union Commerce Minister Piyush Goyal said on Friday.
India Steel 2025: PM Modi shares growth story in steel sector, contribution to economy
Mumbai, April 24: Virtually addressing the 6th edition of India Steel 2025, a conference on the steel industry, Prime Minister Narendra Modi highlighted the country's growing prowess in this critical sector and outlined its future plans. The conference will discuss on the potential and possibilities of India's sunrise steel sector.
Green hydrogen presents transformative opportunity to decarbonise India's steel sector: Report
New Delhi April 23: India is making substantial strides in clean energy transition by investing in green hydrogen infrastructure, shifting from carbon-intensive hydrogen production methods to renewable-powered green hydrogen through electrolysis.
Safeguard duty to provide Rs 1,000-1,300 per tonne relief to primary steelmakers: Report
New Delhi, April 22: The government’s decision to impose 12 per cent safeguard duty on select categories of flat steel imports for 200 days could provide respite to the domestic primary steelmakers grappling under the pressure of low-cost imports, a Crisil report said on Tuesday.
Minister HD Kumaraswamy welcomes decision of 12 pc safeguard duty on imported steel flat products
New Delhi, April 22: Union Minister of Heavy Industries and Steel H D Kumaraswamy welcomed the decision of the Finance Ministry to impose 12 per cent safeguard duty on on imported steel flat products.
Critical relief for domestic producers: HD Kumaraswamy welcomes 12% safeguard duty on steel imports
New Delhi, April 22: Union Minister of Steel and Heavy Industries HD Kumaraswamy on Monday welcomed the Central government's decision to impose a 12 per cent safeguard duty on the import of certain non-alloy and alloy steel flat products, saying it will provide critical relief to domestic producers. The
S. Korea's steel exports to US shrink 19 pc in March on Trump tariffs
Seoul, April 18: South Korea's exports of steel products to the United States declined nearly 19 percent from a year earlier in March, data showed on Friday, a possible outcome of heavy tariffs imposed by the Donald Trump administration on all steel imports starting last month.
PM Modi to flag off India Steel 2025 global conference in Mumbai on April 24
New Delhi, April 17: Prime Minister Narendra Modi will inaugurate India Steel 2025, the 6th edition of the biennial international exhibition and conference scheduled to take place from April 24 to 26 at the Bombay Exhibition Centre in Mumbai, according to a statement issued by the Ministry of Steel on Thursday.
Solar power can save up to 10% for steel sector companies: Ember report
New Delhi, April 6: Solar power offers a massive opportunity for steel sector companies to reduce their production costs, with potential savings reaching up to 10 percent for certain operations, said energy think tank Ember in a recent report.
Steelmakers brace for Trump's tariffs with US production, higher-value products
Seoul, April 2: South Korean steelmakers are bracing for US President Donald Trump's sweeping tariffs with possible plans to build production facilities in the United States, industry officials and market observers said on Wednesday.
India Inc.'s credit profile has improved consistently for 4th year: ICRA
New Delhi, April 1: The credit profile of India Inc. improved for the fourth consecutive year in FY2025 driven by a healthy growth in profits, according to an ICRA report released on Tuesday.
Hyundai Steel temporarily shuts down rebar plant on low demand
Seoul, April 1: Hyundai Steel, South Korea's second-biggest steelmaker, said on Tuesday it has temporarily shut down one of its three domestic steel reinforcement bar (rebar) plants due to low demand.
Iron ore Accounts for 70% of total mineral production, reaches 274 MMT in FY 2023-24
New Delhi, March 30: The Iron ore accounts for 70 per cent of the total MCDR mineral production by value, with production reaching 274 million metric tonnes (MMT) in FY 2023-24.
Hyundai Steel to temporarily shut down rebar plant on low demand
Seoul, March 27: Hyundai Steel, South Korea's second-biggest steelmaker by sales, said on Thursday it will temporarily shut down one of its three domestic steel reinforcement bar (rebar) plants due to lower demand.
PLI scheme for specialty steel gets investment commitments worth Rs 17,000 crore
New Delhi, March 25: The production-linked incentive (PLI) scheme 1.1 for specialty steel has witnessed investment commitments worth Rs 17,000 crore in the second round, according to the government.
Rs 25,200 crore investment committed by 35 firms in 2nd round of PLI scheme for steel: Centre
New Delhi, March 23: Around 35 companies have shown interest in the second round of the PLI scheme for specialty steel, with commitment of Rs 25,200 crore investment, according to the Ministry of Commerce and Industry.
Union Government approves infusion of Rs 11,400 crore for revival of RINL plant
New Delhi, March 22: The Government of India has approved infusion of Rs 11,440 crore as Equity/ Preferential capital in RINL, to sustain the operations of RINL and to keep it as a going concern, a press release from Ministry of Steel said.
Govt proposes 12 pc safeguard duty to protect steel industry from dumping cheap imports
New Delhi, March 19: India's Directorate General of Trade Remedies (DGTR) has recommended a 12 per cent safeguard duty on some steel products to protect the country's domestic industry from a surge in dumping of cheap imports from countries like China, South Korea and Vietnam, due to the sharp increase in US tariffs announced by the Donald Trump administration.
US steel tariffs: India takes key steps to safeguard domestic manufacturers
New Delhi, March 12: The government said it has taken several steps to safeguard the domestic steel manufacturers and to strengthen competitiveness of India's steel industry, as the US announces imposition of 25 per cent tariff on steel and aluminium products on most favoured nation (MFN) basis from March 12.
Safeguard duties would boost margins of Indian steel firms: Nomura
Mumbai, March 7: Any steps to safeguard India's steel industry would boost prices and increase the margins of domestic manufacturers, Nomura Research said in a report on Friday as the domestic industry has urged the government to clamp down on the flow of cheap imports flowing into the country.
India only country among top 10 global steel producers to record consistent growth: Anand Rathi
New Delhi, March 6: India remains the only country among the top ten global steel producers to register consistent growth, according to a report by Anand Rathi Research.
Hyundai Steel suspends cold-rolled plant amid stalled wage talks
Seoul, Feb 24: Hyundai Steel, South Korea's second-biggest steelmaker by sales, said on Monday it has suspended its cold-rolled steel plant in the wake of a month-long strike by its workers demanding pay hikes.
Australian PM announces 1.5 billion USD support package for troubled steelworks
Canberra, Feb 20: Australia's Prime Minister (PM) and the Premier of South Australia (SA) have announced a 1.5 billion US dollar support package for a major steelworks after its owner was placed into administration.
US tariffs on steel sector unlikely to impact India materially: Crisil
New Delhi, Feb 18: The US tariffs on the steel sector are unlikely to impact India because only 2 per cent of the country's total finished steel exports in the first nine months of this fiscal were to the US, Crisil Intelligence said on Tuesday.
If imposed, safeguard duty on steel imports will have limited impact on domestic industry: Report
New Delhi, February 17: If the Indian government imposes safeguard duties on steel imports it will have a limited impact on the domestic steel Industry, says a report by HDFC Securities.
SAIL capex outlay hiked to Rs 7,500 crore for 2025-26
New Delhi, Feb 11: A capital expenditure (Capex) of Rs 5,700 crore and Rs 7,500 crore has been approved for SAIL for financial years 2024-25 and 2025-26 respectively, Minister of State for Steel Bhupathiraju Srinivasa Varma informed the Lok Sabha on Tuesday.
South Korea in close talks with local industries for response to US steel tariffs
Seoul, Feb 11: South Korea's industry ministry said on Tuesday it is closely communicating with local businesses and industry leaders to devise ways to minimize the impact from new U.S. tariffs on steel and aluminium imports that will inevitably affect local manufacturers and exporters.
MoS for Steel and Heavy Industries highlights benefits under second round of PLI scheme
New Delhi, February 7: Minister of State for Steel and Heavy Industries, Bhupathiraju Srinivasa Varma informed the Rajya Sabha on Friday that multiple steps have been taken to ensure wider participation in the second round of Production Linked Incentive (PLI) scheme for specialty steel.
Rs 27,106 crore investment lined up under PLI scheme for specialty steel
New Delhi, Feb 7: The Production-Linked Investment (PLI) scheme for high-value specialty steel has succeeded in attracting commitments for investments by various companies to the tune of Rs. 27,106 crore, out of which Rs.18,848 crore has been achieved till December 2024, Minister of State for Steel Bhupathiraju Srinivasa Varma informed Parliament on Friday.
Japan assures India of more support in newer steel technologies
New Delhi, Feb 5: Japan has assured India of continued support for investments in newer steel technologies during discussions held as part of the 3rd India-Japan Steel Dialogue at Vigyan Bhavan here, according to a statement issued by the Ministry of Steel on Wednesday.
Jindal Steel and Power to invest another Rs 70,000 crore in Odisha
Bhubaneswar, Jan 28: Jindal Steel and Power (JSP) has announced an ambitious plan to invest an additional Rs 70,000 crore in Odisha over the coming years.
Tata Steel to expand Neelachal, Kalinganagar and Bhushan plants, says T V Narendran
Bhubaneswar, January 28: Tata Steel will expand the capacity of its three plants, Neelachal Ispat Nigam, Kalinganagar, and Bhushan, said T V Narendran, global CEO and Managing Director of Tata Steel, on Tuesday.
JSW Steel's net profit plunges 70 per cent to Rs 717 crore in Oct-Dec quarter
Mumbai, Jan 24: Sajjan Jindal-led JSW Steel on Friday reported a 70 per cent year-on-year decline in net profit to Rs 717 crore for the October-December quarter of the current financial year, compared to the corresponding figure of Rs 2,450 crore for the same quarter of the previous financial year.
Chandrababu Naidu played key role in reviving Visakhapatnam Steel Plant: Andhra Pradesh TDP Chief
Visakhapatnam, January 21: The Visakhapatnam Steel Plant (VSP), which faced severe financial challenges and was on the verge of collapse, was saved due to the decisive leadership of former Chief Minister N Chandrababu Naidu, according to an official release on Tuesday.
'Ratna Garbha' Odisha's contributions towards India's economic prosperity unparalleled: CM Mohan Majhi
Bhubaneswar, Jan 20: Chief Minister Mohan Charan Majhi on Monday said that his mineral-rich state of Odisha's contributions towards the economic prosperity of India is unparalleled.
Union cabinet approves revival plan for Rashtriya Ispat Nigam Ltd at a total cost of Rs 11,440 crores
New Delhi, January 17: The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, has approved the revival plan for Rashtriya Ispat Nigam Ltd. (RINL) for a total of Rs 11,440 crores. Rs 10,300 crore as equity capital and a Rs 1140 crore working capital loan.
Japan's Ishiba asks Biden to address 'strong concerns' in business community over blocking steel takeover deal
Tokyo, Jan 13: Japanese Prime Minister Shigeru Ishiba asked US President Joe Biden to address "strong concerns" in both Japanese and US business circles following Biden's order to block Nippon Steel's takeover of U.S. Steel, local media reported Monday.
India to outpace major steel-consuming economies with 8-9% demand growth in 2025: CRISIL
New Delhi, January 12: India will continue to outpace other major steel-consuming economies in calendar year 2025 with a demand growth of 8-9 per cent, CRISIL's Market Intelligence and Analytics report said.
India's steel demand poised to grow 9 per cent in 2025 amid global slump: Report
New Delhi, Jan 8: Steel demand in India will continue to outpace other major steel-consuming economies in calendar year 2025 with a growth of 8-9 per cent, driven by a shift towards steel-intensive construction in the housing and infrastructure sectors along with better demand from engineering, packaging and other segments, according to rating agency CRISIL's report on Wednesday.