Steel Industry of India

[Hindustani78]

Ministry of Steel
01-January, 2018 17:16 IST
NPAs OF STEEL PSUs

As per National Steel Policy, 2017 Indian steel industry contributes approximately 2 percent to the country’s Gross Domestic Product (GDP).

The share of Gross Non-Performing Assets (GNPA) for Iron and Steel in Basic Metal and Metal Product category as on 30.09.2017 is 23.70 percent for public sector banks.

The benefit of RBI schemes namely 5/25 scheme and Scheme for Sustainable Structuring of Stressed Assets (S4A) for restructuring of debts of stressed companies can be availed by Steel Companies.

The Minister of State for Steel Shri Vishnu Deo Sai gave this information in a written reply to a question in Rajya Sabha today.

***

 

[Hindustani78]

Ministry of Heavy Industries & Public Enterprises
Cabinet
10-January, 2018 13:11 IST
Cabinet approves implementation of CCEA decision on closure of Tungabhadra Steel Products Limited

The Union Cabinet chaired by Prime Minister Shri Narendra Modi has approved the implementation of the CCEA decision on closure of Tungabhadra Steel Products Limited (TSPL) regarding disposal of its immovable assets. It also provides for getting the name of the company struck off from the Registrar of Companies after setting balance liabilities of TSPL.

It may be recalled that CCEA had approved the closure of the company in December, 2015 after discharging all dues to employees/workers and creditors. Cabinet approved transfer of MMH Plants to Government of Karnataka along with 20,000 square meter land. Cabinet also approved selling 82.37 acres of land of the Company at Hospet to Karnataka Government for use of the Karnataka State Housing Board. The land is being sold to Karnataka Government at the rate of Rs. 66 lakh per acre offered by them.

*****

 

[Hindustani78]

The Union Minister for Steel, Shri Chaudhary Birender Singh lighting the lamp to inaugurate a session titled ‘Indian Steel Industry: Future Perspectives’, organised by the Bharat Chamber of Commerce, at Kolkata on January 11, 2018.

The Union Minister for Steel, Shri Chaudhary Birender Singh addressing a session titled ‘Indian Steel Industry: Future Perspectives’, organised by the Bharat Chamber of Commerce, at Kolkata on January 11, 2018.

The Union Minister for Steel, Shri Chaudhary Birender Singh interacting a session titled ‘Indian Steel Industry: Future Perspectives’, organised by the Bharat Chamber of Commerce, at Kolkata on January 11, 2018.

The Union Minister for Steel, Shri Chaudhary Birender Singh releasing the MSTC Limited’s journal ‘Sangati’, at a seminar on Rajbhasha in memory of Bharatendu Harishchandra, at Kolkata on January 11, 2018. The Minister of State for Steel, Shri Vishnu Deo Sai and other dignitaries are also seen.

The Union Minister for Steel, Shri Chaudhary Birender Singh presenting the award for excellence in Rajbhasha to an employee of MSTC Limited, at a seminar on Rajbhasha in memory of Bharatendu Harishchandra, at Kolkata on January 11, 2018.

The Union Minister for Steel, Shri Chaudhary Birender Singh addressing at a seminar on Rajbhasha in memory of Bharatendu Harishchandra, at Kolkata on January 11, 2018.

The Minister of State for Steel, Shri Vishnu Deo Sai addressing at a seminar on Rajbhasha in memory of Bharatendu Harishchandra, at Kolkata on January 11, 2018.

 

[Indx TechStyle]

ArcelorMittal Nippon Steel India’s EBITDA up 160% to $533 million
Higher steel shipments and lower costs boost EBITDA

ArcelorMittal has a 60 per cent stake in the JV | Photo Credit: MARK BLINCH

ArcelorMittal Nippon Steel India (AMNS India), the Indian JV of ArcelorMittal, the world’s second-largest steel-maker, reported an over 160 per cent jump in earnings before interest, tax, depreciation and amortisation at $533 million for the quarter ended September 30, 2023. Earnings in the year-ago-period was $204 million.

ArcelorMittal has a 60 per cent stake in the JV.

The EBITDA shot-up on a YoY basis due to higher steel shipments and lower costs including the gain from the unwinding of a natural gas hedge.

However, the EBITDA during Q3 was lower sequentially by 5 per cent as compared to $563 million in Q2 2023, primarily due to lower average steel selling prices offset in part by higher steel shipments and lower costs.

The company follows a calendar year for accounting purposes.

Crude steel production in Q3 2023 increased by 17 per cent YoY to 1.9 million tonnes (mt). Q3 2022 had been impacted by planned maintenance.

Steel shipments for the period under review was up 5 per cent higher YoY at 1.9mt.

The results are a part of ArcelorMittal’s three and nine-month results.

The company in its analysts presentation said, planned expansion of the Hazira plant in Gujarat to 15 mt by 2026 was on-track. The existing rated capacity at the plant is 8.6 mtpa.

“Ongoing debottlenecking and Phase 1 upstream and downstream expansion progressing well in Hazira,” ArcelorMittal said in its analysts’ presentation.

ArcelorMittal’s renewable energy project (975MW nominal capacity) in India was “on track for completion in 1H 2024”. Once completed, the project is expected to provide over 20 per cent of AMNS India’s Hazira plant electricity requirements.