Tuesday 10 May 2011, 1:27 PM
New Delhi, May 10 (PTI) Sajjan Jindal-led JSW steel today reported 5.60 lakh tonnes of crude steel production for April, 2011, up 11 per cent over the corresponding month last fiscal.
The low cost domestic steel producer also saw an increase of 13 per cent in output of flat products at 3.92 lakh tonnes during last month as compared to April, 2010, the company said in a statement.
As far as long products are concerned, a 10 per cent growth was recorded in April 2011 at 1.16 lakh tonnes, compared to an year-ago period.
Crude steel is the first product derived from solidification of liquid steel, it said.
Flat products are used for ship building, pipes, automotive body panels, white goods, etc, while long products like bars, rods, wires, structural shapes and rails, etc, are mainly used in construction industry.
On annual basis, its crude steel production for 2010-11 had stood at 6.51 million tonnes (MT), showing a growth of 9 per cent over the previous fiscal, while flat rolled products output was recorded at 4.94 MT, up 33 per cent from the production in 2009-10, it added.
Production of long products was recorded at 1.13 MT during the period, up 18 per cent over 2009-10.
The company is likely to become one of the largest steel makers in the country with the commissioning of 3.2 MT per annum (MTPA) blast furnace at its Vijaynagar plant in Karnataka.
At present, the company has a steel making capacity of about 7.8 MTPA at its Vijaynagar and Salem units.
After the new capacity addition, JSW will be able to produce 14.3 million tonnes per annum (MTPA) of steel as a result of its acquisition of 41.29 per cent stake in loss-making Ispat Industries that has a capacity of about 3.3 MTPA.
JSW Steel scrip was trading at 897 on the Bombay Stock Exchange this afternoon, up 0.04 per cent over its previous close.
The company belongs to JSW group, part of the O P Jindal Group that has diversified interest in mining, carbon steel, power, industrial gases, port facilities, aluminium, cement and Information Technology.
(sourced from PTI)
Showing posts with label domestic steel industry. Show all posts
Showing posts with label domestic steel industry. Show all posts
Tuesday, May 10, 2011
Tuesday, April 26, 2011
S.Korea's Hyundai Steel to lift domestic steel prices
Tue Apr 26, 2011 9:04am GMT
($1 = 1082.275 Korean Won) (Reporting by Hyunjoo Jin; Editing by Ken Wills, sourced Reuters)
SEOUL, April 26 (Reuters) - Hyundai Steel , South Korea's second-biggest steelmaker, will join its bigger rival POSCO in raising domestic prices of key products by 160,000 Korean won ($148) per tonne to offset the price surge in raw materials, industry officials said on Monday.
The long-awaited move, and the first price hike since July, comes as steelmakers at home and abroad are struggling with a margin squeeze stemming from the stubbornly high prices of steelmaking ingredients such as iron ore and coking coal.
But they find it difficult to fully pass along the costs onto customers amid slowing demand threatened by China's tightening and Japan's earthquake and tsunami.
POSCO, the world's third-biggest steel producer, on Friday reported weaker-than-expected quarterly profit, hit by its failure to raise prices enough to cover the rise in raw material costs.
The domestic price of Hyundai's hot-rolled products will rise to 1.06 million won per tonne, from 900,000 won, from products to be produced from May, industry officials said. The price of its heavy plates will go up to 1.11 million won, from 950,000 won.
"Hyundai has been notifying customers about the price hike," the sources said. Hyundai Steel declined to comment.
Hyundai Steel is set to report its first-quarter earnings on Thursday.
The long-awaited move, and the first price hike since July, comes as steelmakers at home and abroad are struggling with a margin squeeze stemming from the stubbornly high prices of steelmaking ingredients such as iron ore and coking coal.
But they find it difficult to fully pass along the costs onto customers amid slowing demand threatened by China's tightening and Japan's earthquake and tsunami.
POSCO, the world's third-biggest steel producer, on Friday reported weaker-than-expected quarterly profit, hit by its failure to raise prices enough to cover the rise in raw material costs.
The domestic price of Hyundai's hot-rolled products will rise to 1.06 million won per tonne, from 900,000 won, from products to be produced from May, industry officials said. The price of its heavy plates will go up to 1.11 million won, from 950,000 won.
"Hyundai has been notifying customers about the price hike," the sources said. Hyundai Steel declined to comment.
Hyundai Steel is set to report its first-quarter earnings on Thursday.
($1 = 1082.275 Korean Won) (Reporting by Hyunjoo Jin; Editing by Ken Wills, sourced Reuters)
Sunday, February 6, 2011
ASSOCHAM calls for raising import duty on HR steel
Sunday, 06 Feb 2011
The Associated Chambers of Commerce and Industry of India in the interest of domestic steel Industry has stressed upon raising the import duty on hot rolled coils from prevalent 5% to minimum 10% to encourage the growth of domestic steel industry.ASSOCHAM feels that pro active policy measures adopted by Government of India can help expand the HR capacity by additional 8 million tonne during 2011-12, making India surplus for HR by more than 6 million tonne.In a proposal to the ministry of finance, ASSOCHAM has urged the government to raise import duty on HR minimum by 5%. It is imperative to mention that India used to be a net exporter of HR during the last decade but it has become a net importer since past 5 years and has already imported around 2 million tonne of HR Coils in the current financial year. China along with CIS accounts for almost 75% of total imports.ASSOCHAM has pointed out that excess capacity coupled with cost competitiveness are fundamental reasons for export of primary input raw materials for manufacturing steel ie iron ore, coking coal. Coking coal contributes approximately 50% of total cost while 20% cost is contributed by iron ore.Countries like China and CIS with excessive raw material resources are cost-competitive in the international market. China stimulates exports by giving an export incentive of 9% on HR Coils, on the contrary coking coal pries have increased by over 100% thereby, pressurizing cost-competence of Indian steel producers.ASSOCHAM has also outlined four fundamental factors that present adverse scenario for Indian steel companies producing HR Coils - excess capacities in China and CIS countries, cost competitiveness due to cheap source of raw material esp. coking coal, 9 %incentive given to Chinese exporters, new HR Coil capacities developing in India.
The Associated Chambers of Commerce and Industry of India in the interest of domestic steel Industry has stressed upon raising the import duty on hot rolled coils from prevalent 5% to minimum 10% to encourage the growth of domestic steel industry.ASSOCHAM feels that pro active policy measures adopted by Government of India can help expand the HR capacity by additional 8 million tonne during 2011-12, making India surplus for HR by more than 6 million tonne.In a proposal to the ministry of finance, ASSOCHAM has urged the government to raise import duty on HR minimum by 5%. It is imperative to mention that India used to be a net exporter of HR during the last decade but it has become a net importer since past 5 years and has already imported around 2 million tonne of HR Coils in the current financial year. China along with CIS accounts for almost 75% of total imports.ASSOCHAM has pointed out that excess capacity coupled with cost competitiveness are fundamental reasons for export of primary input raw materials for manufacturing steel ie iron ore, coking coal. Coking coal contributes approximately 50% of total cost while 20% cost is contributed by iron ore.Countries like China and CIS with excessive raw material resources are cost-competitive in the international market. China stimulates exports by giving an export incentive of 9% on HR Coils, on the contrary coking coal pries have increased by over 100% thereby, pressurizing cost-competence of Indian steel producers.ASSOCHAM has also outlined four fundamental factors that present adverse scenario for Indian steel companies producing HR Coils - excess capacities in China and CIS countries, cost competitiveness due to cheap source of raw material esp. coking coal, 9 %incentive given to Chinese exporters, new HR Coil capacities developing in India.
Subscribe to:
Posts (Atom)
Posts
