Steel
Over 1,000 RINL employees opt for VRS: MoS Steel Bhupathiraju Srinivasa Varma
Over 1,000 employees of the disinvestment-bound steelmaker RINL have applied for a voluntary retirement scheme (VRS). The VRS benefits align with Department of Public Enterprises guidelines. This development occurs amidst the government's ongoing efforts to disinvest RINL, a decision that has faced considerable opposition, despite the company's financial struggles and liabilities.
Steel industry has few players as most struggle to survive: Tata Steel MD TV Narendran
"If steel demand in India has to grow to 250-300 million tonne, then there is a lot of investment that is required," Narendran told ET in an interview. "It is not that the industry is financially fantastic; you have fewer players because more and more people are struggling to survive in this industry," he said.
Cost takeout to continue in coming quarters to maintain profitability: Tata Steel CFO
Tata Steel's net profit more than doubled in the June quarter, driven by increased steel realisations and strategic cost takeouts. The company aims to maintain profitability through continued cost reduction measures across geographies in the coming quarters. While Indian revenue per tonne is expected to decrease in Q2, overall volumes are projected to rise.
SAIL looks to invest Rs 7,500 cr as capex in FY26, reports all-time high Q1 sales
SAIL plans a Rs 7,500 crore capex for FY25, a 25% increase, to boost capacity across its plants, aiming for 35 MnT by 2030. Expansion is underway at IISCO and Durgapur Steel Plants. The company reported a strong Q1 with increased profit and sales, while anticipating robust domestic demand despite global overcapacity and import pressures.
Tata Steel to explore new markets as tariffs hit US shipments
Tata Steel plans to tap markets in the Middle East and Latin America to offset the impact of U.S. tariffs. CEO T.V. Narendran said U.S.-bound exports from the Netherlands face 50% duty, while U.K. exports benefit from a separate deal. Though India's exports to the U.S. are limited, the company aims to reduce dependency and build stable demand elsewhere.
SC recalls order cancelling JSW’s Rs 19,300 cr Bhushan Power resolution plan; Fresh hearing on Aug 7
The Supreme Court has recalled its previous order that cancelled JSW Steel's resolution plan for Bhushan Power and Steel Ltd, deeming it a suitable case for review. The court acknowledged that the prior judgment might not have adequately considered established legal precedents. A comprehensive hearing is scheduled for next Thursday to re-examine all legal and factual aspects of the case.
Green steel demand to reach 4.49 MnT in 2030 driven by construction, infra sectors: EY-Parthenon
India's green steel demand is set for substantial growth. A new report forecasts demand to hit 4.49 MnT by 2030. Construction, infrastructure, and automobiles will drive this surge. Demand could reach 73.44 MnT by FY40. Green hydrogen technology is crucial for meeting this demand. The initial price premium for green steel will decrease over time.
CAG pulls up SAIL for over-consumption of imported coal
A CAG report revealed that SAIL incurred an extra ₹2,539.68 crore due to excessive imported coal consumption from 2016 to 2023. The report also highlighted SAIL's failure to set inventory cost benchmarks, leading to inefficient raw material management and a revenue loss of ₹1,231.52 crore. Furthermore, non-moving inventory increased, and dispatch delays contributed to higher inventory carrying costs.
CAG points to inventory handling lapses at SAIL
The Comptroller and Auditor General (CAG) has revealed significant discrepancies in Steel Authority of India Limited's (SAIL) inventory management from 2016 to 2023, leading to financial losses. Faulty price fixation for blast furnace slag resulted in a revenue loss of ₹441.40 crore. Inadequate inventory control of raw materials further caused production shortfalls and a potential revenue loss of ₹1,231.52 crore.
SC lists review petitions of JSW Steel and BPSL lenders in open court on July 31
The Supreme Court will review its May 2 judgment regarding Bhushan Power and Steel (BPSL) liquidation, hearing petitions from JSW Steel and lenders on July 31. JSW and lenders argue that JSW's Rs 19,350-crore resolution plan, implemented in 2021, revitalized BPSL, increasing its operational capacity and sales, and contributing significantly to the exchequer.
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India's April-June finished steel imports fall nearly 30% as China, Japan shipments slow
India's finished steel imports fell 28.8% in April–June due to a sharp drop in shipments from China (down 45.8%) and Japan (down 65.2%). A 12% safeguard duty curbed cheap imports. South Korea remained the top exporter. Steel exports dipped 5.1%, though shipments to Belgium rose. Domestic crude steel output rose 11.2%, while consumption increased 7.9%.
ArcelorMittal Nippon Steel India gets tech licence for steel slag aggegates
ArcelorMittal Nippon Steel India has secured a license for steel slag road technology, partnering with CSIR-CRRI. This technology allows the company to process steel slag aggregates for road construction, offering a cost-effective and durable alternative to traditional materials. Steel slag roads are expected to last longer and withstand diverse climates, promoting sustainable use of steel by-products.
Govt working on modalities to mandate green steel public procurement: Official
The government is exploring mandating public procurement of green steel to facilitate a transition from traditional carbon steel. While the specifics are still being developed, the initiative aims to promote steel production with significantly reduced carbon emissions. The Ministry of Steel is also preparing a Green Steel Mission with a budget of Rs 15,000 crore.
Jindal Steel and Power renamed as Jindal Steel
Jindal Steel and Power Limited is now officially Jindal Steel Limited, effective July 22, 2025, following government approval. This name change, as per a company filing, signifies a sharper focus on its core steel business and strategic direction. The company will continue operating as a public limited entity.
Watch out for cheap steel, JSW tells India amid rising China flow
JSW Steel's Jayant Acharya cautions India about potential steel dumping, particularly from China, due to global oversupply concerns exacerbated by US tariffs. Despite a safeguard duty, increased Chinese steel imports pose a risk. JSW Steel is experiencing significant profit growth and plans to expand its steelmaking capacity, primarily within India, driven by strong domestic demand.
CJI to Form Bench on JSW, lenders’ plea against Bhushan Power liquidation
Chief Justice of India BR Gavai said he will soon constitute a bench to hear review petitions filed by JSW Steel and lenders of Bhushan Power and Steel (BPSL) challenging the Supreme Court’s May 2 order directing BPSL’s liquidation.
