Tata Steel Europe reports debt reduction

Tata Steel said its European subsidiary, Tata Steel Netherlands Holdings, has refinanced its bank debt by raising term loan facilities of 1.75 billion euros. In comparison, Tata Steel’s European operations had reported a debt of over 2.2 billion euros as of March. “This represents a reduction of EUR 500 million versus the external debt outstanding […]

JSPL Apr-Jun steel output up 17% as Angul ramps up

Jindal Steel & Power Limited reported a 17% year-on-year jump in its steel output for the three months from April to June, 2109. This compares to a 20% jump seen in the previous quarter. JSPL produced 1.57 million tons of steel and steel products during the quarter, slightly higher than the 1.51 millon tons reported […]

JSW Steel outlines expansion plans for Vijayanagar Works

JSW Steel said it will increase the manufacturing capacity of its Vijayanagar Works plant to 13 millions tons per year from 12 MTPA by March 2020 at a cost of Rs 7,500 crore. The plant is claimed as the largest state-of-the-art single location steel manufacturing unit in India. Located 380 kilometres from Karnataka‚Äôs capital city, […]

JSW-AION accepts terms for purchase of Monnet Ispat

JSW Steel Limited said it, along with its consortium partner and private equity player AION Investments Private II Ltd, has accept the terms and conditions for the acquisition of the assets of bankrupt steelmaker Monnet Ispat and Energy Limited. The duo were declared the successful, and only, bidders two days ago. The bids were placed […]

Tata Steel declared successful bidder for Bhushan Steel

Tata Steel said it has been declared as the successful resolution applicant by the Committee of Creditors of Bhushan Steel Limited, laying the ground for one of the biggest acquisitions in India’s iron and steel sector. Tata Steel said it has has accepted the Letter of Intent for Bhushan Steel under the Corporate Insolvency Resolution […]

JSW Steel to build Rs 2,100 cr pipeline to import iron ore from Eastern India

JSW Steel Limited said the company’s board has approved a plan to build a pipeline from its Vijayanagar plant in Karnataka to the coast to facilitate the import of cheaper iron ore from Odisha and Eastern India. “This Slurry Pipeline can be set up within 24 months at an estimated cost of Rs 2,100 crores. […]

JSPL wins 0.5 mtpa coal linkage for captive power plants

Jindal Steel and Power said it secured coal linkages of 511,000 tonnes per year in a recently concluded auction for the use of its captive power plants. “The coal linkages, secured for a 5-year duration, will provide steady supply of fuel to captive power plants run by the company for its steel-making operations,” JSPL said. […]

Tata Steel acquires Brahmani River Pellets at Rs 900 cr EV

Tata Steel Limited said that it has executed definitive agreements to acquire 100% equity shares of Brahmani River Pellets Limited (BRPL) from Aryan Mining and Trading Corpn Private Limited (AMTC) and other companies in the Moorgate Industries Group (MIG). The transaction is based on an enterprise value of Rs. 900 crores plus closing adjustments and […]

Cheap Chinese steel to continue to haunt Indian producers – Assocham

Troubles within China are expected to spell disaster for the Indian steel industry as desperate Chinese manufacturers would dump their products more rigorously abroad, having already registered a growth of 232 per cent in their shipments to Indian ports, an ASSOCHAM study has cautioned. Indian steel makers have already been hit by declining prices due […]