TATASTEEL

Aug 6 (Reuters) - Tata Steel Ltd TISC.NS:

• TATA STEEL LTD - SIW COMPLETES ACQUISITION OF 40% STAKE IN TSN WIRES

Source text: ID:nBSE6mpd64

Further company coverage: TISC.NS

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By Alistair Smout

LONDON, July 28 (Reuters) - The European Union and the United States announced a tariff deal on Sunday that will see most EU exports face a 15% tariff, nearly three months after Britain locked in a 10% baseline tariff rate.

EU leaders have said their deal offers more certainty given the threat of higher U.S. tariffs from August but some politicians have criticised it as "unbalanced" and worse than Britain's deal.

The details of the two deals paint a more complicated picture than the headline figures suggest, and not all the small print of the EU deal has been confirmed.

Here is a comparison of what we know about the two deals.

BASELINE TARIFFS

The EU has agreed a 15% baseline tariff for most of its exports to the United States. While this is lower than a rate of up to 30% previously threatened by U.S. President Donald Trump, it is higher than the baseline tariff rate of 10% which applies to British exports.

However, under the EU deal, 15% is the maximum tariff, and isn't added to any existing rate. For Britain, the 10% base rate is in addition to the "most-favoured nation" (MFN) rates that the U.S. applies as a minimum to specific goods imports from all its trade partners, so the effective tariff rate is often higher.

For instance, the UK Fashion and Textile Association has highlighted that certain luxury products face an MFN tariff of around 35% in the U.S., despite a "baseline" rate of only 10%.

PHARMACEUTICALS

The U.S. is to announce the result of its so-called Section 232 trade investigations into certain sectors in a few weeks and decide on tariff rates.

The EU-U.S. deal already determines a 15% tariff for European pharmaceuticals, and the results of the investigations will not change that, U.S. officials said.

In its deal with Britain, the United States said it would negotiate "significantly preferential treatment outcomes on pharmaceuticals", contingent on the outcome of the 232 investigations.

Asked if Britain would be impacted by tariffs on the pharma sector in August, Trump said that he could deal with Britain on pharma and he didn't think the sector would be a "block" in talks.

In the meantime Britain faces no tariffs for its pharmaceuticals. Britain also pledged to try to improve the overall environment for pharma firms operating in the country, but it is tussling with multinationals over drug pricing.

STEEL

Tariffs on EU steel and aluminium exports will stay at 50%, but von der Leyen said these would later be cut and replaced by a quota system.

British steel and aluminium exports face a 25% tariff in the United States, which both sides have agreed will go down to zero once talks over quotas and supply chains are concluded.

Those talks have stalled over "melted and poured" rules about where the steel originates and how it is processed.

Britain's Tata Steel has imported steel from India and the Netherlands after shutting blast furnaces last year, so Britain is seeking an exemption from a U.S. demand that steel needs to be "melted and poured" in Britain to qualify for lower tariffs.

AUTOS

Car exports from the EU to the U.S. face the baseline tariff of 15% in the deal struck on Sunday. While full details have not been published, neither side mentioned a quota for the number of cars covered by the rate.

Britain has negotiated a lower tariff of 10% for its car sector but it also has a 100,000-vehicle quota which leaves little room for export growth. Above that quota, British car exports face a tariff of 25%.

AEROSPACE

The EU will face no U.S. tariffs on aerospace exports, pending the outcome of a Section 232 probe into the sector.

Britain also has no tariffs on its aerospace sector after its deal with Washington reduced them from 10%.

(Reporting by Alistair Smout in London, additional reporting by Jan Strupczewski and Philip Blenkinsop in Brussels; editing by Giles Elgood)

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By Neha Arora

NEW DELHI, July 1 (Reuters) - India's finished steel imports fell 27.6% in the first two months of the financial year that started in April, as shipments from China and Japan declined, provisional government data reviewed by Reuters showed on Tuesday.

India, the world's second-biggest crude steel producer, imported 0.9 million metric tons of finished steel during April-May, the data showed, with shipments from China dropping 47.7% and from Japan falling 65.6% from a year ago.

China exported 0.2 million metric tons of finished steel to India during the two months, while Japan shipped 0.1 million metric tons during the period, the data showed.

In April, India imposed a 12% temporary tariff on some steel imports, locally known as a safeguard duty, to curb a surge in cheap shipments primarily from China.

South Korea was the top finished steel exporter to India during April-May, with shipments rising 8.2% to 0.4 million metric tons, the data showed.

Imports from China, Japan and South Korea accounted for 74.4% of India's overall finished steel imports and hot-rolled coils or strips were India's biggest imports, the data showed.

India was a net importer of finished steel during the period, with exports falling 18.1% year-on-year to 0.8 million metric tons, the data showed.

Galvanised plain or corrugated sheets or coils were India's biggest exports during the period.

Belgium was India's biggest export market, with shipments rising 12.4% to 0.15 million metric tons, the data showed.

Shipments to Italy slumped 53.7%, while those to Nepal and Spain went up, the data showed.

During April-May, India's finished steel consumption reached 25.1 million metric tons, up 7.1% from a year earlier. Crude steel production rose 9.5% to 26.9 million metric tons, the data showed.

(Reporting by Neha Arora; Editing by Ronojoy Mazumdar)

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June 30 (Reuters) - Tata Steel Ltd TISC.NS:

• TATA STEEL - TATA STEEL NEDERLAND SUBMITS DETAILS OF GREEN STEEL PLAN

• TATA STEEL - NEW NEDERLAND STEEL PLANT TO CUT CO2 EMISSIONS BY 5 MILLION TONNES

• TATA STEEL - TATA STEEL NEDERLAND'S GREEN STEEL PLAN DEVELOPED IN CLOSE COLLABORATION WITH TRADE UNIONS

Further company coverage: TISC.NS

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June 25 (Reuters) - Tata Steel Ltd TISC.NS:

• TATA STEEL LTD - RECEIVES TAX DEMAND CUM SHOW CAUSE NOTICE

• TATA STEEL LTD - NOTICE DEMANDS RECOVERY OF 8.91 BILLION RUPEES FOR INPUT TAX CREDIT

Source text: ID:nBSE6ZHyYp

Further company coverage: TISC.NS

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Corrects industry group name to European Aluminium, not Europe Aluminium, in paragraphs 6, 7 and 10

By Philip Blenkinsop and Julia Payne

BRUSSELS, June 24 (Reuters) - Metal producers in the European Union are lobbying the bloc to impose export duties or curbs on scrap metal shipments "in the next few weeks" to stem a sharp increase in flows to the United States caused by the Trump administration's trade policies.

Europe's metal producers are warning of a shortage of scrap and an upending of carbon-emission strategies after U.S. Donald Trump's 50% levy on imported steel and aluminium heightened demand, and sharply inflated prices, for tariff-free scrap.

The aluminium industry is asking the EU to stem outflows using export authorisation measures, hitherto only used during the COVID pandemic, when the European Commission demanded companies request permission to export protective gear and vaccine doses. Export tariffs would be another option.

"Scrap is a big issue," said Eurofer director general Axel Eggert. "We are asking for an export duty on scrap," he said highlighting that most non-EU producer countries had restrictions in place.

Scrap is integral to the EU's push to reduce carbon emissions in the metal industry. Recycling saves up to 95% of the energy required for aluminium production and 80% for steel, the European Commission has said.

Scrap metal exports to the United States nearly tripled to 6,028 metric tonnes in the first three months of 2025 versus the same period a year earlier, albeit from a low base, turning a trickle into a flood, said industry lobby group European Aluminium, which includes Alcoa AA.N, Befesa BFSA.DE and AMAG Austria AMAV.VI.

Total EU aluminium scrap exports were 345,000 metric tonnes in the first quarter this year, according to European Aluminium. With the United States now keeping its scrap, the EU will be left as the main exporting region, it said.

Scrap exports were a growing problem for EU metal producers even before Trump imposed duties on imports of primary steel and aluminium in a bid to encourage U.S. domestic production, EU metal producers said.

A record 19 million tonnes of ferrous scrap left the bloc in 2023, the majority to Turkey, but also to India, Egypt, Pakistan and the United States, said European steel association Eurofer, which includes Tata Steel TISC.NS, Thyssenkrupp TKAG.DE and ArcelorMittal MT.LU.

Metal producers cannot wait for the bloc to strike a trade deal with Trump before taking action, European Aluminium's head Paul Voss said. European officials have said the EU may not be able to strike a full deal by Trump's July 9 deadline.

Export authorisations had not been used this way before "but extraordinary times call for extraordinary action," Voss added, calling for measures "in the coming weeks".

CARBON FOOTPRINT

The EU sees itself as a champion of free trade and export curbs are rare. Beyond pandemic restrictions, EU export controls have been limited to shipments of arms, products that have military uses and for countries subject to sanctions.

The European Commission said it was engaging regularly with metal producers and recyclers, assessing the market situation.

It said it would determine in the third quarter whether a trade measure was necessary for steel, aluminium and copper.

The tariffs have given U.S. metal producers incentive to maximise their domestic purchase of scrap metal and scour overseas markets. Industry players said a so-called "arbitrage window" - a short-lived price gap between two markets - had hit around $750 per tonne with the 50% tariff.

"If that arbitrage window stays, we will see massive damage to companies that invested the most into the Green Deal," Rob van Gils, CEO of Austria's Hammerer Aluminium Industries, said, referring to the EU's green policy agenda to steer the bloc to carbon emission neutrality by 2050.

Van Gils said companies which rely on buying scrap would struggle if local scrap costs neared or even exceeded the market price of final product, or end up buying primary metal from third countries like India with high carbon footprints.

"The CO2 footprint of the aluminium industry will be down the toilet," van Gils continued.

Europe's scrap sellers oppose export restrictions. Recycling industry group EuRIC said there was no shortage of scrap in Europe and that EU demand only absorbed some 80% of supply for steel.

Eurofer's Eggert said export restrictions would help prevent rival producers overseas from buying EU scrap to then sell low-carbon recycled steel back to the bloc.

"We are not asking for a ban, but we need to retain more scrap, or incentivise its use scrap in Europe for our decarbonisation," he said.

(Reporting by Philip Blenkinsop and Julia Payne; editing by Richard Lough and David Evans)

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June 6 (Reuters) -

• TATA STEEL WARNS ITS EXPORTS ARE AT RISK UNDER UK-US TRADE PACT - FT

• TATA STEEL URGES GOVERNMENT TO SECURE FULL DEAL WITH TRUMP AS SOON AS POSSIBLE- FT

Source https://tinyurl.com/5awy5dde

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May 12 (Reuters) - Tata Steel TISC.NS, India's second-biggest steelmaker by market cap, reported a bigger-than-expected rise in quarterly profit on Monday, helped by a dip in input costs.

Its consolidated net profit rose more than twofold to 13.01 billion rupees ($153.32 million) in the quarter ended March 31, ahead of analysts' estimates of 10.63 billion rupees, according to data compiled by LSEG.

In the corresponding quarter a year earlier, it logged exceptional charges worth 6.49 billion rupees related to the closure of a block in Odisha state and expenses related to its European operations.

Analysts said costs of coking coal and iron ore - key steelmaking raw materials - declined in the quarter, helping the profit for steelmakers like Tata Steel.

The company's total expenses dropped 4.1% to 541.68 billion rupees, as cost of materials consumed, which constitutes over 30% of its expenses, fell 18.5%.

The Tata Group company said its total revenue from operations fell 4.2% to 562.18 billion rupees, while analysts' expected revenue of 567.17 billion rupees, according to data compiled by LSEG.

Tata Steel's results come weeks after India imposed a 12% temporary tariff, or safeguard duty, on some steel imports, aimed at helping domestic mills, which had to scale down operations and mull job cuts due to cheaper shipments from China, South Korea and Japan.

Analysts said realisations for domestic mills improved sequentially as prices marginally recovered after a prolonged period of decline. However, Tata Steel's volumes were affected in the quarter due to relining in its Jamshedpur blast furnace.

Larger rival JSW Steel JSTL.NS yet to report quarterly results later this month.

($1 = 84.8560 Indian rupees)

(Reporting by Manvi Pant and Anuran Sadhu in Bengaluru; Editing by Tasim Zahid)

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Adds context

MUMBAI, May 5 (Reuters) - The Indian government has discussed with banks a court order that scrapped JSW Steel's JSTL.NS four-year-old buyout of Bhushan Power and Steel, and is finalising a response, a government official said on Monday.

The Supreme Court, on Friday, nullified JSW's takeover of Bhushan Steel, finalised four years ago under the country's insolvency law, and instead ordered the company's liquidation, affecting the deal's bankers, who had already been paid.

"I have already reviewed (the order) with all the lenders. We have taken a position, we have studied the judgement, we have got our advocates' view on the judgment," said M Nagaraju, the secretary of the Department of Financial Services (DFS) under India's Finance Ministry.

"Now we are taking a view in the government on how do we approach the judgment. We will finalise soon."

Bhushan Power owed over 470 billion rupees ($5.58 billion) to its creditors when it was short-listed by the Reserve Bank of India to be admitted under the country's insolvency and bankruptcy code (IBC) in 2017.

JSW Steel emerged as the successful resolution applicant with a 197 billion-rupee ($2.35 billion) bid for Bhushan Power, with the acquisition completed in 2021.

JSW Steel shares were trading down around 1% on Monday, after falling 5.5% on Friday.

"We will decide on our further course of action," JSW said in a statement to exchanges on Friday.

($1 = 84.1770 Indian rupees)

(Reporting by Siddhi Nayak in Mumbai; Editing by Savio D'Souza)

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Adds official quotes, details, background on India's steel capacity, coking coal imports in paragraphs 2-8

By Neha Arora

MUMBAI, April 26 (Reuters) - India is encouraging companies to acquire iron ore, coking coal, and other key raw material assets overseas, Steel Secretary Sandeep Poundrik said on Saturday, as the country ramps up its steelmaking capacity to meet rising demand.

"We are encouraging our companies to acquire assets abroad, right from iron ore to coking coal to even limestone and dolomite," Poundrik said at an industry event in Mumbai. "Raw material securitisation is the most important aspect of steelmaking."

India, the world's second-largest producer of crude steel, aims to boost its overall steelmaking capacity to 300 million tons by 2030, up from about 200 million tons currently.

To support this expansion, coking coal imports are projected to rise to 160 million tons by 2030 from around 58 million tons now, Poundrik had projected on Friday.

Despite an uptick in steel output, India's coking coal imports dipped 0.7% in the fiscal year ended in March due to lower shipments from Australia and the United States, said commodities consultancy BigMint.

India relies on imports to meet 85% of its coking coal needs, with Australia supplying more than half of those shipments.

In a bid to diversify supply, India has also been exploring partnerships with Mongolia. However, logistical challenges remain in sourcing material from the landlocked country, Poundrik noted.

India's state-run miner NMDC NMDC.NS is exploring coking coal assets, in Indonesia and Australia, Chairman Amitava Mukherjee said on Thursday.

(Reporting Neha Arora; Writing by Sethuraman NR; Editing by William Mallard)

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PARIS, April 24 (Reuters) - France and other European countries will push for measures to protect the European steel industry against Chinese imports, French government spokesperson Sophie Primas said on Thursday.

Primas was responding to an announcement by steel manufacturer ArcelorMittal MT.LU that it will eliminate around 600 jobs across seven French sites due to the crisis in Europe's steel industry.

"We have taken some first steps, notably on the question of quotas and the introduction of Chinese steel quotas, but we must go further and France is at the forefront," Prima told broadcaster CNews/Europe1.

Steelmakers across Europe have been hit by high energy prices and competition from cheap Chinese imports. They also now face larger tariffs on exports to the United States.

Primas said Chinese overproduction of steel was partly to blame for the reduced competitiveness of Europe's steel industry.

In a statement sent to its Works Council on Wednesday, ArcelorMittal France North said it had "implemented all possible short-term adaptation measures, but the company must now consider reorganisation measures to adapt its business to the new market context and to ensure its future competitiveness".

Arcelor's move follows a similar announcement by competitor Tata Steel, which earlier this month said it would scrap around 20% of the jobs at its large plant in the Netherlands.

ArcelorMittal's job cuts have prompted criticism of the steelmaker, which has benefited from French government subsidies amid a push to reindustralise portions of the country.

"We have fought hard to ensure that the government and the European Union support the financing of the decarbonisation that is essential to ArcelorMittal," said Xavier Bertrand, the president of Hauts de France, a region housing several of the sites affected by the job cuts.

"It is time for the group to tell us when these investments will be made," he said in a post on X.

(Reporting by Makini Brice
Editing by Bart Meijer and Gareth Jones)

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Repeats for wider distribution with no changes to text

By Neha Arora and Surbhi Misra

NEW DELHI, April 21 (Reuters) - India, the world's second-biggest producer of crude steel, on Monday imposed a 12% temporary tariff on some steel imports, locally known as a safeguard duty, to curb a surge in cheap shipments primarily from China.

A flood of Chinese steel in recent years has pushed some Indian mills to scale down operations and mull job cuts, and India is one of a number of countries to have contemplated action to stem imports to protect local industry.

The Ministry of Finance said in an official order that the duty would be effective for 200 days from Monday, "unless revoked, superseded or amended earlier".

The move is New Delhi's first big trade policy shift since U.S. President Donald Trump imposed a wide range of tariffs on countries in April, kicking off a bitter trade war with China.

Tensions over cheap steel imports into India predate that, with the investigation behind the latest move beginning in December.

India's Steel Minister H. D. Kumaraswamy said in a statement the measure is aimed at protecting domestic steel manufacturers from the adverse impact of a surge in imports, and will ensure fair competition in the market.

"This move will provide critical relief to domestic producers, especially small and medium-scale enterprises, who have faced immense pressure from rising imports," Kumaraswamy said.

New Delhi's tariffs are primarily aimed at China, which was the second-biggest exporter of steel to India behind South Korea in 2024/25.

"The decision is along expected lines and we will now wait and see how this measure supports (the) industry and margins and restricts cheap imports into the country," said a senior executive at a leading Indian steel mill.

"The world is impacted by Chinese imports whether directly or indirectly," said the executive.

India was a net importer of finished steel for a second straight year in 2024/25, with shipments reaching a nine-year high of 9.5 million metric tons, according to provisional government data.

New Delhi's leading steelmakers' body - which counts JSW Steel JSTL.NS and Tata Steel TISC.NS among members, alongside the Steel Authority of India SAIL.NS and ArcelorMittal Nippon Steel India - has raised concerns over imports and called for curbs.

(Reporting by Neha Arora and Surbhi Misra; Editing by Alison Williams, Toby Chopra, Mayank Bhardwaj and Jan Harvey)

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Adds comments, context

By Neha Arora and Surbhi Misra

NEW DELHI, April 21 (Reuters) - India, the world's second-biggest producer of crude steel, on Monday imposed a 12% temporary tariff on some steel imports, locally known as a safeguard duty, to curb a surge in cheap shipments primarily from China.

A flood of Chinese steel in recent years has pushed some Indian mills to scale down operations and mull job cuts, and India is one of a number of countries to have contemplated action to stem imports to protect local industry.

The Ministry of Finance said in an official order that the duty would be effective for 200 days from Monday, "unless revoked, superseded or amended earlier".

The move is New Delhi's first big trade policy shift since U.S. President Donald Trump imposed a wide range of tariffs on countries in April, kicking off a bitter trade war with China.

Tensions over cheap steel imports into India predate that, with the investigation behind the latest move beginning in December.

India's Steel Minister H. D. Kumaraswamy said in a statement the measure is aimed at protecting domestic steel manufacturers from the adverse impact of a surge in imports, and will ensure fair competition in the market.

"This move will provide critical relief to domestic producers, especially small and medium-scale enterprises, who have faced immense pressure from rising imports," Kumaraswamy said.

New Delhi's tariffs are primarily aimed at China, which was the second-biggest exporter of steel to India behind South Korea in 2024/25.

"The decision is along expected lines and we will now wait and see how this measure supports (the) industry and margins and restricts cheap imports into the country," said a senior executive at a leading Indian steel mill.

"The world is impacted by Chinese imports whether directly or indirectly," said the executive.

India was a net importer of finished steel for a second straight year in 2024/25, with shipments reaching a nine-year high of 9.5 million metric tons, according to provisional government data.

New Delhi's leading steelmakers' body - which counts JSW Steel JSTL.NS and Tata Steel TISC.NS among members, alongside the Steel Authority of India SAIL.NS and ArcelorMittal Nippon Steel India - has raised concerns over imports and called for curbs.

(Reporting by Neha Arora and Surbhi Misra; Editing by Alison Williams, Toby Chopra, Mayank Bhardwaj and Jan Harvey)

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Adds context in paragraphs 5-6 and 9, quote in paragraph 4; also changes media identifier to NETHERLANDS-OMAN/HYDROGEN

By Alban Kacher and Bart H. Meijer

April 16 (Reuters) - Major industrial groups from Oman, the Netherlands and Germany have signed an agreement for the development of the world’s first liquid hydrogen import corridor, Tata Steel Nederland said on Wednesday.

The corridor will link the port of Duqm in Oman, the port of Amsterdam in the Netherlands, and key logistics hubs in Germany, including the port of Duisburg, the Dutch arm of the Indian steel maker said in a statement.

It aims to enable the import of green hydrogen - produced using renewable energy - to Europe, it added.

“This partnership reflects Oman’s commitment to playing a leading role in the global green hydrogen economy, while strengthening ties with Europe to support its sustainable clean energy transition,” Oman’s Minister of Energy and Minerals Salim Nasser Al Aufi said.

Oman has been investing to support its decarbonization targets, with the aim of producing at least 1 million tons of renewable hydrogen a year by 2030, according to a report published by the IEA in 2023.

The sultanate “is on track to become the sixth-largest exporter of hydrogen globally, and the largest in the Middle East, by 2030,” the report states.

The agreement was signed by 11 parties during a visit by the Sultan of Oman to the Netherlands. It includes several infrastructure projects along the corridor, notably export and import facilities in the ports of Duqm, Amsterdam and Duisburg, as well as pipe and rail networks for the transport of gaseous and liquid hydrogen.

Tata Steel has been in talks with the Dutch government for more than a year about subsidies for its plans to cut pollution at its large plant in IJmuiden, on the coast west of Amsterdam. Tata has promised to convert the steel mill, one of the largest polluters in the Netherlands, to a cleaner one powered by natural gas or hydrogen.

"In our role as a large potential buyer, we can contribute to the development of a sustainable economy based on green hydrogen in our region," said Hans van den Berg, CEO of Tata Steel Nederland.

(Reporting by Alban Kacher and Bart Meijer; Editing by Kirsten Donovan and David Holmes)

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By David Milliken

LONDON, April 13 (Reuters) - China is no longer welcome in Britain's steel sector after the government had to pass emergency legislation on Saturday to ensure control of Chinese-owned British Steel, business minister Jonathan Reynolds said on Sunday.

Reynolds said the refusal of China's Jingye Group 600768.SS to accept a roughly 500 million pound ($654 million) government aid package last week to stop irrevocable damage to blast furnaces left the government with no alternative to intervening directly.

British Steel was not immediately available for comment outside office hours.

Against a backdrop of global overcapacity in much of the steel industry and challenges from U.S. tariffs, Jingye wanted to import steel from China for further processing in Britain, Reynolds said in an interview with Sky News.

But the closure of blast furnaces at the British Steel plant in Scunthorpe - which need to be constantly fuelled and are losing 700,000 pounds a day - would have left Britain as the only major economy unable to produce so-called virgin steel from iron ore, coke and other inputs.

Previous British governments had been "naive" to allow Chinese companies to be involved in the steel sector, Reynolds said.

Large industrial companies such as Jingye Group had direct links to the Chinese Communist Party and China's government would understand why Jingye's proposal was unacceptable to Britain, he added.

"You've got to be clear about what is the sort of sector where we can promote, cooperate; and ones, frankly, where we can't. I wouldn't personally bring a Chinese company into our steel sector. I think steel is a very sensitive area," he said.

Jingye bought British Steel from the government in 2020 after the company became insolvent.

Since coming to office in 2024, the Labour government has stepped up engagement with China after tensions under previous Conservative governments over human rights, Hong Kong and latterly restrictions on investment over security concerns.

Reynolds said he viewed other sectors such as car making, life sciences and agricultural products as less sensitive areas for Chinese investment.

British finance minister Rachel Reeves visited Beijing in January and Chinese foreign minister Wang Yi visited London in February to revive talks that were paused for over six years.

(Reporting by David Milliken; editing by David Evans)

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By Sam Tabahriti and Alistair Smout

LONDON, April 12 (Reuters) - British lawmakers were recalled for an emergency session on Saturday to vote on laws to keep British Steel's blast furnaces open, as the government said a full nationalisation of the UK's last maker of virgin steel was becoming increasingly likely.

The company, owned by China's Jingye Group, employs 3,500 people at its Scunthorpe plant. The facility's future had been in question after the government and the company failed to agree a funding deal to switch to greener steel production.

The government recalled lawmakers, who had been on Easter recess, in order to pass a law to take powers to direct the company's board and workforce, ensure they get paid, and order the raw materials to keep the blast furnace running.

The recall of parliament for a Saturday sitting during a recess is the first since the Falklands War in 1982.

The government said it needed to act with urgency to avert the imminent closure of the blast furnaces, which are operating at a loss of 700,000 pounds ($915,600) a day, and give more time to negotiate a permanent future for British Steel.

"A transfer of ownership to the state remains on the table, and it may well at this stage, given the behaviour of the company, be the likely option," business minister Jonathan Reynolds told lawmakers, saying he still hoped to partner with the private sector to secure its long-term future.

"A failure to act today would prevent any more desirable outcome from even being considered."

The closure of the furnaces would leave Britain as the only G7 country unable to produce so-called virgin steel from iron ore, coke and other inputs.

British Steel was already struggling in an over-supplied global market before the rise in energy costs of recent years. U.S. tariffs of 25% on all steel imports, taking effect in March, delivered another blow.

The U.S. receives about 5% of British steel exports, worth 400 million pounds a year, according to industry body UK Steel.

Reynolds said the issues impacting British Steel went beyond those tariffs, though he would seek to negotiate to remove them.

STRATEGY PENDING

The government had already earmarked 2.5 billion pounds for the steel industry, saying it would publish a strategy for the sector in spring 2025. Funding to keep the plant running would come from existing budgets, the government said.

Reynolds said Britain would be dependent on foreign imports if British Steel's Scunthorpe furnaces were to close. UK Steel said it welcomed the proposed law.

If British Steel were nationalised it would be the biggest state rescue since a number of banks were taken into government hands in 2008.

Less carbon-intensive electric arc furnaces, which make new steel from scrap, are being built at Tata Steel's Port Talbot site, following a government support package worth 500 million pounds.

The two blast furnaces at Port Talbot closed last year, and the new electric furnace will not start producing steel until late 2027 or early 2028.

($1 = 0.7645 pounds)

(Reporting by Alistair Smout and Sam Tabahriti; Additional reporting by Paul Sandle and Sarah Young; Editing by Jan Harvey)

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Adds PM Starmer's comments in paragraphs 3-6, further details on legislation in paragraphs 10-12

By Sarah Young and Alistair Smout

LONDON, April 11 (Reuters) - Britain will pass emergency laws on Saturday to keep British Steel's blast furnaces open, aiming to save the country's steel-making capability and thousands of jobs, Prime Minister Keir Starmer said.

British Steel, owned by China's Jingye Group, employs 3,500 people at its Scunthorpe plant and supports more in the supply chain. It intended to immediately close the blast furnaces, which are losing 700,000 pounds ($914,760) a day, the government said.

"The future of British Steel hangs in the balance," Starmer said on Friday. "Jobs, investment, growth, our economic and national security are all on the line."

Parliament will be recalled to pass emergency legislation in one day to give the government the powers to do "everything possible to stop the closure of these blast furnaces", he said.

Asked by a reporter whether this was a precursor to nationalisation, Starmer said the government would "preserve all viable options".

"The step we're taking tomorrow is the step of taking control, because it's necessary now to do that," he said.

The output of Britain's last virgin steel maker is used in the rail network and the construction and automotive industries. Without the plant, Britain would be reliant on imports at a time of trade wars and geopolitical instability.

The lower chamber of parliament, the House of Commons, had been scheduled to be in recess until April 22. Such recalls only happen in extraordinary circumstances, such as in August 2021 when lawmakers were brought back to debate the withdrawal of troops from Afghanistan.

British Steel was already struggling in an over-supplied global market before it was hit by higher energy costs in recent years. U.S. tariffs of 25% on all imports of steel, which took effect in March, delivered another blow.

Jingye's intention to close the blast furnaces immediately came "despite months of negotiations in good faith and a generous offer of co-investment from the UK government of 500 million pounds", the government said in a statement.

The emergency measures would give the state the power to direct the company's board and workforce, ensure they get paid, and order the raw materials to keep the blast furnace running, the government said.

It had instructed managers to ensure the furnaces keep burning, and if they were dismissed for doing so against the orders of the Chinese owners, they would be reinstated.

Starmer said that while the industry was facing a new era of global instability, the government's concerns about the plant and negotiations to protect it had been running for years.

The government still wanted to find a private sector partner in the longer term, sources said, but keeping the plant operating was the immediate priority.

A spokesperson for British Steel declined to comment.

GREENER PRODUCTION

Questions about the Scunthorpe plant's future have come to a head after the government and British Steel failed to agree a funding deal to switch to a greener type of steel production.

The government had already earmarked 2.5 billion pounds for the industry and has said it would publish a strategy for the sector in spring 2025.

Funding to keep the plant running would come from this budget, the government said.

Britain was the world's biggest steel producer in the 19th century, but its industry has been in decline, hurt in recent decades by a glut of low-cost production globally and high energy costs.

More recently, the U.S. tariffs have sent shockwaves through the sector. Britain's steel exports to the U.S. are worth more than 400 million pounds a year, according to industry body UK Steel, or about 5% of total steel exports.

If British Steel were nationalised it would be the biggest state rescue since a number of banks were taken into government hands in 2008.

Less carbon-intensive electric arc furnaces, which make new steel from scrap, are being built in Britain at Tata Steel's Port Talbot site, following a government support package worth 500 million pounds.

The two blast furnaces at Port Talbot closed last year, and the new electric furnace will not start producing steel until late 2027 or early 2028.

($1 = 0.7652 pounds)

(Additional reporting by Catarina Demony, Alistair Smout and Sam Tabahriti
Writing by Paul Sandle
Editing by Kate Holton, Joe Bavier and Frances Kerry)

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April 9 (Reuters) - Tata Steel Netherlands TISC.NS:

• ANNOUNCES LARGE-SCALE TRANSFORMATION PROGRAM

• EXPECTED THAT THE RESTRUCTURING ANNOUNCED TODAY WILL LEAD TO THE LOSS OF APPROXIMATELY 1,600 JOBS

• IN THE COMING WEEKS, INTENSIVE CONSULTATIONS WILL TAKE PLACE WITH UNIONS AND OTHER KEY STAKEHOLDERS

• CERTAIN CHANGES ARE ALSO BEING MADE IN THE LOCAL MANAGEMENT BOARD OF TSN

Source text: https://shorturl.at/VeXKl

Further company coverage: TISC.NS

(Gdansk Newsroom)

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By Neha Arora

NEW DELHI, April 8 (Reuters) - India was a net importer of finished steel during the financial year that ended in March, provisional government data reviewed by Reuters showed on Tuesday.

The world's second-biggest crude steel producer imported 9.5 million metric tons of finished steel during April-March, up 14.6% from a year before, the data showed.

India's finished steel exports stood at 4.9 million metric tons in the period, down 35.1%, the data showed, making it a net steel importer for a second straight year.

New Delhi will detail country-wise trade numbers later in the month.

India has recommended a temporary 12% tax on some steel products for 200 days, known locally as a safeguard duty, in a bid to curb imports, the government said last month.

Crude steel production in 2024/25 stood at 151.1 million metric tons, up 4.7% on the year before, the data showed.

Consumption of finished steel was at 150.2 million metric tons in the last fiscal year, up 10.2% year-on-year, the data showed.

(Reporting by Neha Arora; Editing by Jan Harvey)

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April 7 (Reuters) - Tata Steel Ltd TISC.NS:

• TATA STEEL LTD - INDIA FY2025 CRUDE STEEL PRODUCTION UP 5% YOY TO 21.8 MILLION TONS

• TATA STEEL LTD - INDIA DOMESTIC DELIVERIES UP 4.4% YOY TO 19.7 MILLION TONS

Source text: ID:nBSE7k43wF

Further company coverage: TISC.NS

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April 1 (Reuters) - Tata Steel Ltd TISC.NS:

• TATA STEEL LIMITED - ACQUISITION OF EQUITY STAKE IN IFQM

• TATA STEEL LTD - ACQUISITION COST ₹12.49 CRORE FOR 1,24,90,000 SHARES

Source text: ID:nRSA2268Da

Further company coverage: TISC.NS

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-- Source link: https://tinyurl.com/266xd2r9

-- Note: Reuters has not verified this story and does not vouch for its accuracy

((Bengaluru newsroom, [email protected]))

By Neha Arora

NEW DELHI, March 26 (Reuters) - India's government was confident that strong domestic demand for steel would offset the European Union's plans to tighten steel import quotas from April, a source with direct knowledge of the matter told Reuters.

On Tuesday, the European Commission said it would tighten import restrictions on steel from next month in a bid to shield the ailing European steel sector from surging imports.

The EU will reduce import quotas, known as safeguards, limiting the amount of steel that can be imported into the bloc of 27 nations tariff-free.

"There will be some impact but our domestic consumption is growing so fast that the industry should be able to absorb," the source said, declining to be identified as India has not yet publically responded to the EU's move.

India's federal Ministry of Steel did not respond to a Reuters email seeking comments.

Among the EU's concerns were India's exports, as Europe is among the top destinations for Indian steel.

In the first 11 months of the financial year, India exported 2.03 million metric tons of steel to the European Union, which was 46% of the country's overall shipments.

However, Indian exports are typically small compared to local consumption inside the world's second-biggest crude steel-producing nation.

In 2023/24, India exported 7.5 million metric tons of steel, while consumption was 136 million metric tons.

The source also said there would be no impact from U.S. tariffs on Indian steel, as exports to the U.S. were "insignificant."

The source added that since Chinese exports to the U.S. were small, there was less concern about diverted steel flows toward India, adding that China still remained the "biggest concern".

India shipped record quantities of steel from China, South Korea and Japan in the first 10 months of the financial year that started in April. The country also remained a net importer.

Last week, India recommended a temporary tax of 12% on some steel products for 200 days, known locally as safeguard duty, in a bid to curb imports.

(Reporting by Neha Arora; Editing by Saad Sayeed)

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Tata Steel Ltd TISC.NS:

• TATA STEEL: NINE INDIVIDUALS WERE INJURED IN CO'S KALINGANAGAR STEEL MELTING SHOP ACCIDENT

Source text: [ID:]

Further company coverage: TISC.NS

March 19 (Reuters) - The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.

The Times

- Executives at Tata Steel and British Steel told UK's members of parliament they are losing U.S. customers in anticipation of U.S. President Donald Trump's 25% import levy.

The Telegraph

- UK Foreign Minister David Lammy accused Israel of a "breach of international law" by withholding aid supplies when he spoke in a debate on Monday, however, Downing Street insists that the position of the Government has not changed.

Sky News

- UK Work and Pensions Minister Liz Kendall said the eligibility criteria for disability benefits will be narrowed in a bid to slash 5 billion pounds ($6.50 billion) from the welfare bill.

The Independent

- British Prime Minister Keir Starmer spoke with Ukrainian President Volodymyr Zelenskiy on Tuesday evening, discussing progress U.S. President Donald Trump had made towards a ceasefire talks with Russia.

($1 = 0.7693 pounds)

(Compiled by Bengaluru newsroom)

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March 18 (Reuters) - Indian steel prices will face pressure in the upcoming fiscal year as local mills grapple with cheaper imports from China and rising risks from aggressive tariff policies, Fitch Ratings said on Tuesday.

The agency reduced its headroom for ratings upgrades for India's top steelmakers by market cap - JSW Steel JSTL.NS, currently rated "BB" with stable outlook, and Tata Steel TISC.NS, which it rates "BBB-" with a negative outlook.

Steelmakers in China, the world's largest producer of the alloy, have been grappling with generating profits as a prolonged property downturn has hit consumption, leading to higher exports to countries such as India.

As a result, local mills have been battling a rising influx of discounted steel, with intake from China, South Korea and Japan hitting a record high in the first 10 months of the ongoing fiscal year. Prices dropped to their lowest level in more than three years in August last year.

India's fiscal year runs April through March.

Meanwhile, U.S. President Donald Trump's 25% tariffs on steel and aluminium imports, which came into effect on March 12, have triggered retaliation from its major trading partners.

While the tariffs are expected to have "minimal direct impact" on local steelmakers, the redirection of steel imports from countries with higher exposure to the U.S. into India could pressure domestic prices, the agency said. Japan and South Korea account for 15% of total steel imports to the U.S.

Earlier this month, ratings agency S&P Global highlighted similar concerns around the tariffs causing supply redirections.

Fitch expects JSW Steel and Tata Steel's margins to improve in the upcoming year, helped by higher domestic demand, lower raw material costs and China's stimulus measures as it would limit imports into India, but said they will remain below average.

The lower margins remain a risk for the companies' ratings, with Tata Steel at higher risk from the restructuring in its European operations and from mining taxes imposed by Indian states.

(Reporting by Manvi Pant in Bengaluru; Editing by Varun H K)

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