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1. voda 1 december 2022 07:08

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   Post Export Duty Removal NMDC Increases Iron Ore Prices
   
   Strategic Research Institute
   Published on :
   1 Dec, 2022, 6:09 am
   
   After removal of export tax on steel & iron ore on 19 November, India's largest iron ore producer state-controlled NMDC has increased its iron ore prices by INR 300 per tonne, restoring them to mid-November levels, at INR 4100 EX Mine for 65.5% lumps & at INR 2910 for 64% fines.
   
   The Indian government removed the export duties on steel products and iron ore imposed in late May effective from 19 November. With the announcement export duties on iron ore lumps and fines with less than 58% Fe and iron ore pellets were reversed to nil compared with the 50% and 45% duties, respectively, levied earlier in the year. Duties on iron ore lumps and fines of more than 58% were reversed to 30% from the 50% imposed in May.
2. voda 1 december 2022 07:09

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   China Needs EAF Transition for Steel Decarbonization – Report
   
   Strategic Research Institute
   Published on :
   1 Dec, 2022, 6:10 am
   
   South China Morning Post reported that according to a new report by US think tank Global Energy Monitor, China needs to transition its steel sector from a carbon-intensive process to electric steelmaking if it is to reach its goal of becoming carbon neutral by 2060. As per report, reducing the carbon dioxide emissions of steel plants will be critical to achieving Beijing’s climate targets since the sector is so vast, with China accounting for more than half of the world’s steelmaking capacity.
   
   The report said “China’s steelmakers produce over 60% of the global steel industry’s emissions, and the sector accounts for 15% of China’s carbon dioxide emissions. That makes it the second-largest emitter in the country after the power sector, which produces about 40% of total emissions.”
   
   The report said “Steelmakers could take action to reduce emissions by moving to a less carbon-intensive process. More than 75% of plants in operation use a high-carbon process called blast furnace-basic oxygen furnace, or BF-BOF. 93% of the steelmaking capacity being built in China will use this process as compared to 75% under construction worldwide. To decarbonise the steel sector, China needs to transition away from BF-BOF steelmaking to the electric arc furnace steelmaking. Building new BF-BOF steel plants bring large stranded asset risk to the country, especially with the complications of overcapacity, so any new capacity in China should be lower-emissions processes like scrap-based EAFs.”
   
   The report is based on the first comprehensive survey of all crude steel plants around the world with a capacity of at least 1 million tonnes per annum. It looked at 553 steel plants representing 82% of the world’s installed capacity, as well as 42% proposed new facilities.
3. voda 1 december 2022 07:09

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   BHP's CEO Expects Chinese Economic Growth to Continue for 20 Years
   
   Strategic Research Institute
   Published on :
   1 Dec, 2022, 6:10 am
   
   Australian iron ore giant BHP’s Chief Executive Mr Mike Henry told the Reuters NEXT conference that all fundamentals are in place in China for continued economic growth over the next 20 years. He said “He expects to see an increasing domestic drive towards economic growth in China. He expects China's steel sector to grow in 2023 as the economy starts responding to government stimulus efforts and its steel output, which dropped 3.4% in the first seven months of 2022, slowly recovers.”
   
   He also said “Decarbonisation, electrification doesn't happen without mining. The world is going to require roughly four times as much nickel over the next 30 years as it did in the past three years, two times as much copper and steel. He expects to see an increasing domestic drive towards economic growth in China.”
   
   BHP is a top producer of iron ore with more than 250 million tonnes mined in the financial year to June. BHP also mines copper, nickel and other metals needed to power the energy transition that will help the world meet climate commitments.
4. voda 1 december 2022 07:10

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   Sluggish demand tempers India’s post-duty HRC offer hike
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   Indian mills hiked their offers for hot rolled coil following the 15% steel export duty annulment on 19 November. However, Indian suppliers do not see prices sustaining at these levels and anticipate a correction on the back of sluggish global demand and competitive offers from other suppliers.
   
   Nevertheless, the duty revocation has opened the doors for Indian suppliers in Europe and other destinations, meaning India can now compete with non-boron-added HRC in these regions. Also in Nepal, Indian mills can now transact in dollars, as previously Nepalese customers were paying in Indian rupees for boron-added HRC.
   
   According to sources, an Indian steel major concluded a deal last week for 15,000 tonnes of structural and tube-making grade HRC with three United Arab Emirates-based customers at $590-610/t cfr Jebel Ali.
   
   This week, quotes for SAE 1006 grade HRC are heard at $600-610/t cfr UAE, for January shipment, translating to around $570-575/t fob India, Kallanish notes. Meanwhile, low offers from China, Saudi Arabia and Japan continue to haunt Indian suppliers, and sentiment is pressuring Indian mills to revise offers.
   
   “Only Gulf Cooperation Council-based buyers are keeping all suppliers busy,” opines an Indian trading source. “India has been playing with short lead, delivery times in the GCC, but my anticipation is that if India does not revise its offers, then it might not bag large quantities in the coming quarter in the GCC.”
   
   Meanwhile, a source informs of an offer indication by another Indian mill to Algeria at $575-580/t cfr Algeria for a 20,000t parcel; however, the deal is not yet done. Current indications to Turkey are meanwhile heard at $580/t cfr Turkey, and bids are noted at $560-565/t cfr.
   
   According to sources, Indian structural grade HRC offers to Europe are heard at $630/t cfr Italy and $640/t cfr Antwerp. Offers for DC-01 cold rolled coil are meanwhile heard at $670-680/t cfr Antwerp. Multiple deals for Indian DC-01 CRC were heard concluding in Europe and Turkey at $650-660/t cfr Antwerp and $670-675/t cfr Turkey, respectively.
   
   HRC offers to Nepal are noted at INR 49,000/t ($602.26) cpt Raxual. In the domestic Indian market, offers for E250-grade HRC are hovering at INR 57,000/t ex-Mumbai.
   
   Offers to Vietnam are meanwhile heard at $560/t cfr Ho Chi Minh City, with no deals heard. Against the odds, amid sluggish market sentiment, Vietnam sold around 80,000-100,000t of structural grade as well as tube-making grade HRC to multiple end users and stockists in India at $560-575/t cfr India.
   
   Despite the duty cancellation, many sources believe that, due to export duties, India has lost its “golden customers” across the globe and the prevailing sluggish market and falling coking coal prices will further worsen sentiment.
   
   Sayed Aameer India
5. voda 1 december 2022 09:53

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   Beursblik: ING verlaagt koersdoel Aperam
   
   Van 58,00 naar 43,00 euro.
   
   (ABM FN-Dow Jones) ING heeft donderdag het koersdoel voor Aperam verlaagd van 58,00 naar 43,00 euro, maar handhaafde het koopadvies.
   
   Analist Stijn Demeester verlaagde zijn taxatie voor de aangepaste EBITDA in 2023 met 9 procent, vanwege de uitdagende marktomstandigheden, maar de ramingen voor 2024 werden wel gehandhaafd.
   
   Het lagere koersdoel is een gevolg van enerzijds de lagere winstverwachtingen voor 2023 en anderzijds een lagere multiple die Demeester hanteert.
   
   ING handhaafde wel het koopadvies, omdat het aandeel Aperam aantrekkelijk gewaardeerd is en om het stabiele dividendrendement van 7 procent. "Bovendien is Aperam nu beter gepositioneerd dan tijdens neerwaartse economische cycli in het verleden", aldus de analist.
   
   Het aandeel Aperam steeg donderdagochtend met 1,5 procent tot 30,26 euro.
   
   Door: ABM Financial News.
   
   info@abmfn.nl
   
   Redactie: +31(0)20 26 28 999
6. voda 2 december 2022 06:38

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   AISI Appoints Mr Michael Uhrich as New Chief Economist
   
   Strategic Research Institute
   Published on :
   2 Dec, 2022, 6:16 am
   
   American Iron & Steel Institute President & CEO Mr Kevin Dempsey has announced the appointment of Mr Michael Uhrich as AISI’s new chief economist. Mr Michael succeeds Mr Tim Gill, who has held the position at AISI since 2016.
   
   At AISI, Mr Uhrich will analyze the impacts of economic and policy conditions on the American steel industry and its end-use markets. He will also provide data and analytical support to AISI’s public policy, market development and communications functions, and will manage AISI’s industry statistics program.
   
   Mr Uhrich has fifteen years of experience in advanced econometrics, analytics and other economics and statistics-related work, including nearly five years serving as the chief economist of the Beer Institute, the national trade association for the supplier tier of the American beer industry. In that position, he managed the association’s research function, including its data tracking programs, forecasted industry performance and assessed responses to changing policy and economic conditions.
   
   Prior to joining AISI, Mr Michael also served as founder and chief economist for Seventh Point Analytic Consulting, a labor economist for the Federal Aviation Administration, marketing analytics manager for Yes Lifecycle Marketing and held various market intelligence and analyst positions at MillerCoors.
   
   Mr Uhrich holds BA and MS degrees in Economics from Marquette University.
7. voda 2 december 2022 06:39

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   United Steelworkers Vote Down Contract with Republic Steel
   
   Strategic Research Institute
   Published on :
   2 Dec, 2022, 6:16 am
   
   Canton Republic reported that United Steelworkers and Republic Steel will return to the bargaining table after union members rejected a proposed contract with the company. United Steelworkers District 1 Director Mr Donnie Blatt said members of Local 1200 in Canton voted down a new contract on 29 November. He said “I can't really get into specific issues, but there are a host of things that we need to resolve with the company to try and get a deal in order. We're looking at now what date we can get back together to try to resolve the contract.”
   
   Mr Blatt said negotiations between United Steelworkers and Republic Steel have been going on since June. He said “The contract has already expired. We're working on extensions that we've been able to agree to," he said. Our goal, and I know it's the company's goal as well, is that we sit down and we resolve the issues and get a good collective bargaining agreement, not only for the members but for the company. So that's what our goal is and that's what we're going to strive to do.”
   
   The union represents about 500 workers across four facilities. It is part of United Steelworker's District 1, which encompasses the states of Ohio and Michigan.
   
   Republic Steel has led the way in special bar quality innovation and production in North America for more than 125 years. It provides SBQ solutions to makers of cars, trucks, off-highway vehicles, machinery, farm equipment and other demanding users of steel bar products.
8. voda 2 december 2022 06:41

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   Olympic Steel CEO Named 2022 Service Center Executive of the Year
   
   Strategic Research Institute
   Published on :
   2 Dec, 2022, 6:16 am
   
   Cleveland headquartered US’s leading national metals service center Olympic Steel has congratulated Chief Executive Officer Mr Richard T Marabito for being honored by Metal Center News as the 2022 Service Center Executive of the Year. Olympic Steel said “We’re thrilled for Rick and this well-deserved recognition. He has ushered in a period of notable transformation across our enterprise.”
   
   Mr Marabito joined Olympic Steel in 1994, serving as Chief Financial Officer from March 2000 through 2018 and as Chief Executive Officer since 2019. Mr Marabito serves as Chairman of the Metals Service Center Institute, on the Board of Directors at professional advisory services provider CBIZ and on the Board of Trustees at the University of Mount Union.
   
   This is the second time Olympic Steel leadership has been recognized by this honor. The first Service Center Executive of the Year award was presented in 1997 to then Olympic Steel Chief Executive Officer, now Executive Chairman Mr Michael D Siegal.
   
   This recognition, extended annually, is awarded to an individual whose career and company represent a model for the rest of the industry.
   
   Founded in 1954, Olympic Steel is a leading US metals service center focused on the direct sale of processed carbon, coated and stainless flat-rolled sheet, coil and plate steel, aluminum, tin plate, and metal-intensive branded products. The Company’s CTI subsidiary is a leading distributor of steel tubing, bar, pipe, valves and fittings, and fabricator of value-added parts and components. Headquartered in Cleveland, Ohio, Olympic Steel operates from more than 42 facilities in North America.
9. voda 2 december 2022 06:42

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   US DOC Preliminary Fixes Countervailing Duty on Turkish Rebar
   
   Strategic Research Institute
   Published on :
   2 Dec, 2022, 6:17 am
   
   The US Department of Commerce has announced the preliminary results of its administrative review of the countervailing duty order on rebar from Turkey during the period of renew of 1 January 2020 to 31 December 2020. US DOC preliminarily fond following net countervailable subsidy rates for the period
   
   Kaptan Demir, Kaptan Metal and their affiliates - 2.17%
   
   Icdas Celik and affiliates - 2.17%
   
   Colakoglu, Colakoglu Metalurji - 0.07% (de minimis)
   
   Additionally, Commerce intends to rescind the review with respect to 21 companies. Interested parties are invited to comment on these preliminary results.
   
   On 28 December 2021, Commerce published a notice of initiation of an administrative review for the countervailing duty order on rebar from Turkey On July 5, 2022, Commerce extended the deadline for the preliminary results of this administrative review by 120 days, until November 30, 2022.
10. voda 2 december 2022 06:43

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    Epiroc Unveils Mine Truck made using Fossil-Free Steel from SSAB
    
    Strategic Research Institute
    Published on :
    2 Dec, 2022, 6:17 am
    
    Leading supplier to miners Swiss Epiroc is pioneering a battery-electric underground mine truck prototype made using fossil-free steel from SSAB. The prototype, a Minetruck MT42 Battery, has a dump box made from fossil-free steel. The result will mean a 10-tonne reduction in CO2 emissions per manufactured dump box, the equivalent of taking five gasoline cars off the road for an entire year.
    
    The Minetruck MT42 Battery is a breakthrough in Epiroc’s sustainable innovation. It is a significant step in the company’s ambition to produce cutting-edge, environmentally smart mining equipment. It is emissions-free in operation, generating a strong positive impact on the climate as well as on operators’ work environment and productivity.
    
    The partnership will help Epiroc accelerate its journey to create a more sustainable future, deliver the world’s greenest machines, and support its customers.
11. voda 2 december 2022 06:43

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    Jindal Stainless' Lays Foundation Stone for Stainless Steel Park
    
    Strategic Research Institute
    Published on :
    2 Dec, 2022, 6:17 am
    
    Jindal Stainless MD Mr Abhyuday Jindal, on the sidelines of the Make in Odisha Conclave 2022, laid the foundation stone of Stainless Steel Industrial Park through a virtual ceremony held in Bhubaneswar. Conceived with the vision to strengthen upstream and downstream industry linkages and empower indigenous manufacturing, the first-ever Stainless Steel Industrial Park in India is expected to boost the metal's production and demand in east India, and support the government's objective to catapult the iron and steel industry in the state to greater heights.
    
    To be built as a natural extension of Jindal Stainless' Jajpur manufacturing facility, the Park is strategically connected with prominent highways for timely supply of raw materials and dispatch of finished goods. Planned in two phases over 6 years, the Industrial Park has an investment potential of more than INR 1500 crore. The Park is expected to create a robust ecosystem for the stainless steel industry, and promote over 100 downstream and ancillary manufacturers.
    
    The strategically located downstream park will have advanced logistics services like wider loop roads and ample parking space. Moreover, it will be backed by utility services like renewal power, water, and skilled manpower. These parameters make the Stainless Park an attractive destination for entrepreneurs to set up their plants. It will give a push to the augmented demand for the creation of smart cities. Using its five decades of operational experience, Jindal Stainless will impart specialized technical and skill training to the working demographic through a dedicated Training Center. The company also has a co-branding scheme which would be extended to the target products & applications range.
    
    Already in its expansion phase, the Company's Jajpur facility will nearly double its melt capacity from 1.1 million tonnes to 2.million tonne by the end of FY23.
12. voda 2 december 2022 06:44

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    SAP to Support Salzgitter’s Green Steel Transformation
    
    Strategic Research Institute
    Published on :
    2 Dec, 2022, 6:18 am
    
    German multinational software company SAP and German steelmaker Salzgitter AG are intensifying their long-standing business relationship. Their goal is to jointly expedite the digital transformation of this German steelmaker and create a foundation for climate-friendly steel production. With the migration to the latest SAP technology and components drawn from the SAP sustainability portfolio, the two companies are working together to achieve this aim.
    
    With immediate effect, the company will be working even more closely with SAP from now on to achieve the digital transformation of its processes. As long ago as 2017, Salzgitter AG initiated the group-wide transition to SAP S/4HANA. Consequently, collaborating with SAP in the field of data analytics and sustainability is the logical next step for the company.
    
    Operations conserving resources represent one of the major challenges for the steel industry. By 2045 the sector must reduce their carbon dioxide emissions by 100%, a herculean task for the companies concerned. Few, if any, other sectors emit as much carbon dioxide CO2 as the steel industry. The steelworks operated by Salzgitter AG alone accounts for around eight million tonnes of CO2 each year, the equivalent of around one percent of the CO2 footprint of the whole of Germany.
13. voda 2 december 2022 06:45

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    IABr Rates Brazilian Steel Sector Performance as Positive in 2022
    
    Strategic Research Institute
    Published on :
    2 Dec, 2022, 6:18 am
    
    The Brazilian Steel Institute IABr expects Brazil’s apparent consumption of steel products reaching 23.3 million tonnes in 2022, domestic sales reaching 20.2 million tonnes and the steel production reaching 34.6 million tonnes. According to lABr, comparing to the pre-pandemic year of 2019, apparent consumption in 2022 would increase by 12.5% & domestic sales by 9.5%. lABr President Mr Jefferson de Paula said that the results of 2022 are positive and reflect the strength of the Brazilian steel industry and its capacity to maintain a growing path.
    
    lABr added that in 2022 exports of steel products should increase by 12.3% from 2021, while imports are set to decline by 34.1% to 3.4 million tonnes.
    
    lABr forecasts are that domestic sales would increase by 1.9% YoY in 2023, apparent consumption in by 1.5% YoY, production of crude steel by 2.0% YoY, exports by 2.1% YoY and imports by 2.3% YoY.
14. voda 2 december 2022 06:46

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    SAIL BSL & RSP Continue to Make Records as Production Ramps Up
    
    Strategic Research Institute
    Published on :
    2 Dec, 2022, 6:19 am
    
    Steel Authority of India Limited’s Bokaro Steel Plant’s Blast furnaces recorded new high in day production with 19158 tonnes of hot metal produced on 30 November 22 surpassing previous best of 19105 tonnes on 24 March 2021
    
    SAIL BSL’s Modex unit SMS 3 ended the month of November with new high of 73 heats totaling 12266 tonnes crude steel produced on 30 November surpassing previous best of 71 heats totaling 11721 tonnes on 28 November.22. Best month production of 286,195 tonne was also recorded surpassing previous best of 265,529 tonnes in October 2022
    
    SMS-I of SAIL Rourkela Steel Plant also registered new single day crude steel production record by producing 1878 tonnes of Crude Steel on a single day on 30 November as it equaled the previous best record of making 27 blows to achieve the feat. It also clocked the best sequence of 29 heats in the process.
15. voda 2 december 2022 06:47

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    RINL Supplies 1800 Tonnes of Structural for AMNS India Expansion
    
    Strategic Research Institute
    Published on :
    2 Dec, 2022, 6:19 am
    
    Rashtriya Ispat Nigam Limited has flagged off first consignment of 1800 tonnes of structural steel to AM/NS India Hazira, which kicked off INR 60,000-crore expansion project to scale up the capacity of its steel plant to 15 million tonnes from about 9 million tonnes at present.
    
    The state-of-the-art facilities to be set up
    
    Iron making process: Blast furnaces, sintering facilities, coke furnaces, etc.
    
    Steelmaking process: Basic oxygen furnaces, continuous casting machines, etc.
    
    Hot process: Hot Strip Mill, etc.
    
    This expansion at Hazira comes nearly three years after AM/NS India was established, and will involve upstream and downstream steelmaking expansion, creating more than 60,000 jobs and strengthening nearby communities with initiatives that deepen sustainability.
    
    Under the Ministry of Steel, RINL is among the top six steel producers in the country with an annual capacity of about 7.5 million tonnes.
16. voda 2 december 2022 06:47

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    EU Adopts Revised WSR for Scrap Exports from Europe
    
    Strategic Research Institute
    Published on :
    2 Dec, 2022, 6:32 am
    
    European Parliament Committee on the Environment, Public Health and Food Safety ENVI has voted to adopt new regulations that will place restrictions on exports of scrap metal from the EU to non-OECD countries but resisted pressure to adopt similar restrictions on exports to OECD importers. Although Turkey which is main importer, scrap exports are on the safe side for now but some big buyers such as Egypt, Pakistan and Bangladesh are at risk as they are not members of OECD.
    
    ENVI adopted a position on revisions to the European Waste Shipment Regulation that was largely unchanged from the initially proposed legislation in November 2021. Under the amended WSR, exports of non-hazardous waste for recovery, under which classification ferrous and non-ferrous scrap metal falls under EU law, will be allowed only to non-OECD countries that apply for consent and demonstrate their ability to treat waste sustainably via third-party audits.
    
    European Steel Association EUROFER said “The changes brought to the Waste Shipment Regulation are a welcome step in the right direction to ensure that environmental and social standards equivalent to the EU’s are met when waste is exported to third countries. However, significant issues remain largely unaddressed with room for further improvement, in particular by strengthening monitoring for OECD countries and by pre-empting circumvention which risks to weaken the effectiveness of the new measures.”
17. voda 2 december 2022 06:48

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    Tata Steel to Set UP Rebar Minimill at Ludhiana
    
    Strategic Research Institute
    Published on :
    2 Dec, 2022, 6:34 am
    
    Tata Steel has decided to invest in a Danieli MIDA Hybrid QLP minimill for the production of long products as commitment to invest in a circular economy and to transition to low-carbon steelmaking through the steel recycling route. The new MIDA will be installed in Ludhiana in Punjab in India and will have an annual capacity of 750,000 tons of quality rebar, mainly in 550 SD grade and will start operation by end 2024.
    
    The minimill will feature the Danieli-patented Digimelter (Q-One + Zerobucket + Q-Melt suite) and Octocaster feeding an ultra-compact rolling mill. Q-One power feeder handles irregular power loads with high flexibility and reliability by using semiconductor devices. This results in lower energy, electrode and refractory consumption, along with zero-impact on the power network. Hybrid by design, it allows the direct use of renewable sources generated at the site.
    
    The 75 tonne Zerobucket Digimelter will receive preheated scrap thorough the ECS continuous scrap-charging and preheating system. Danieli Q-Melt advanced process control offers dynamic and automatic optimization of the melting profile.
    
    Endless casting-rolling is powered by a single-strand Octocaster featuring ECO-PowerMould and FastCast Cube oscillator, to operate at an hourly productivity of 112 tons, connected to the rolling mill for uninterrupted production.
    
    The 18-stand ultra-compact rolling mill featuring two 6-pass, fast-finishing blocks will roll rebar ranging from 8 to 40 mm dia.
18. voda 2 december 2022 06:49

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    India Invites Bids to Sell Stake in NMDC Steel
    
    Strategic Research Institute
    Published on :
    2 Dec, 2022, 6:36 am
    
    Indian Government has invited expressions of interest for selling its 50.79% stake in NMDC Steel. According to the preliminary information memorandum published by the Department of Investment and Public Asset Management, the last date for submission of EoIs by interested bidders, who must have a net worth of INR 5,000 crore, is 27 January 2023.
    
    Only the interested bidders found to be meeting the eligibility criteria would be allowed to participate in the next stage of the transaction, which involves detailed due diligence and submission of financial bids.
    
    Additionally, the Centre would offer a 10% stake in NSL to NMDC after the strategic buyer has been identified through the bidding process
    
    DIPAM has engaged SBI Capital Markets as the Transaction Advisor, J Sagar & Associates as the Legal Advisors and Protocol Insurance Surveyors as the Asset Valuers for providing advisory services and managing the transaction.
    
    Currently, NISP is in the process of being demerged from NMDC into NSL. After the completion of the demerger process, NSL will have mirror shareholding to NMDC, i.e., the Centre’s shareholding of 60.79% and public shareholding of 39.21%. Thereafter, the Centre would divest its 50.79% shareholding in NSL, along with management control, to a strategic buyer through a two-stage, competitive bidding process.
    
    The plant, with steelmaking capacity of 3 million tonne per annum, is yet to be commissioned fully. It is scheduled for completion by March 2023.
19. voda 2 december 2022 06:49

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    • voda

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    India’s Steel Consumption in Apr-Oct’22 Surges by 12% YoY
    
    Strategic Research Institute
    Published on :
    2 Dec, 2022, 6:37 am
    
    India’s Steel Ministry, citing JPC’s provisional data, announced that India’s crude steel production in April-October 2022 was 71.564 million tonne, up by 5.7% YoY while total finished steel production totaled 68.172 million tonne, up by 6.9%. YoY and consumption stood at 65.680 million tonnes, up by 11.7% YoY.
    
    In the total finished steel production, contribution of the non-alloy steel segment stood at 62.963 million tonne up by 5.4% YoY, while the rest was the contribution of the alloy steel segment including stainless steel
    
    In the total finished steel production, non-flat products accounted for 54% share up by 8.5% YoY, the rest 46% was the share of flats up by 5.1% YoY.
20. voda 2 december 2022 06:50

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    Steel Makers Make Mega Announcements at Make in Odisha Conclave
    
    Strategic Research Institute
    Published on :
    2 Dec, 2022, 6:37 am
    
    To leverage the potential of resource rich Odisha, India’s leading steelmakers have pledged to invest at Make in Odisha Conclave 2022 in Bhuwneshwar. Overall Odisha government received 145 investment proposals worth over INR 7.26 lakh crore and signed 21 MoUs with various companies
    
    JSW Group Chairman Mr Sajjan Jindal said that the group will invest about INR 1 lakh crore more in Odisha for setting up a steel plant in Paradip and silicon metal plant to produce solar panels. He mentioned that the Group already invested INR 60,000 crore in the state.
    
    Tata Steel CEO & MD Mr TV Narendran said “Tata group company, which has so far invested INRs 75,000 crore in Odisha, will continue to invest here. Tata Steel has also acquired units like Neelachal Steel Plant, apart from setting up its own plant at Kalinganagar in Odisha. We already have a production capacity of 8 million tonnes in the state and in this fiscal we are planning to double the capacity.”
    
    Jindal Stainless Managing Director Mr Abhyuday Jindal announced the Foundation Stone laying of Jindal Stainless Steel Park. He said “The steel park would benefit MSMEs to a large extent and make the state a role model for investment.”
    
    Essar Capital Director Mr Prashant Ruia announced plans to set up multiple projects in Odisha with an investment of about INR 52,000 crore. He said “A ‘Pallet’ complex would be set up in Odisha with an investment of INR 12,000 crore. Apart from this, the company is also planning to set up a petrochemical complex in Odisha with an investment of INR 40,000 crore. This complex will be set up in collaboration with an international company.
    
    Vedanta Resources Chairman & Founder Mr Anil Agarwal said his company is the biggest investor in Odisha by pumping in INR 80,000 crore and set to invest another INR 25,000 crore in proposed aluminium park at Jharsuguda. He laid the foundation stone virtually from the Summit. Spread over 253 acres at Jharsuguda, the Vedanta Aluminium Park will be India’s largest metal parks.
    
    Adani Ports & SEZ Chief Executive Officer Mr Karan Adani said the company has invested INR 7,600 crore in Odisha and the planned capital investment will exceed INR 60,000 crore over the next ten years. He said “The Adani Group’s primary interests in Odisha are in ports and logistics, industrial clusters and special economic zones, power generation, transmission, and distribution, integrated natural resource management, renewable energy, data centres, defence, cement, and agri-businesses.”