JINDALSTEL

Adds context in paragraph 2, Thyssenkrupp comment in 3

FRANKFURT/DUESSELDORF, Oct 28 (Reuters) - The head of Thyssenkrupp's steel business, Dennis Grimm, has decided to leave the division, two people familiar with the matter said on Tuesday, robbing the unit of its leader as talks over a sale to India's Jindal Steel International continue.

Grimm has been the spokesperson for Thyssenkrupp Steel Europe's (TKSE) executive board, or its de facto CEO, since August 30, 2024, after the division's former CEO Bernhard Osburg stepped down following a clash with Thyssenkrupp's leadership over strategy.

TKSE and Thyssenkrupp declined to comment.

Grimm's departure comes as Thyssenkrupp is deepening talks with Jindal Steel International over a sale of TKSE, with a delegation from the Indian company scheduled to step up due diligence of the business this week, sources told Reuters.

German newspaper Bild, citing company sources, first reported Grimm's departure, saying it was the result of a falling out with Thyssenkrupp CEO Miguel Lopez over the strategic course of the business.

(Reporting by Christoph Steitz and Tom Kaeckenhoff. Editing by Thomas Escritt and Mark Potter)

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FRANKFURT, Oct 20 (Reuters) - The CEO of Thyssenkrupp TKAG.DE said on Monday that talks with Jindal Steel International over the Indian group's takeover interest in Thyssenkrupp's steel business were intensive and constructive but a deal would likely be a matter of months.

"Talks are ongoing - very intensively," CEO Miguel Lopez told Reuters at the Frankfurt stock exchange, attending the stock market debut of the TKMS TKMS.DE naval vessels unit.

"We'll see what outcome we'll have over the next few months," he added.

(Reporting by Tilman Blasshofer and Christoph Steitz, Writing by Ludwig Burger, editing by Kirsti Knolle)

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Adds detail on Kretinsky in paragraph 3, share benchmark in paragraph 4, deputy supervisory board chairman in paragraphs 10-11

By Christoph Steitz and Tom Käckenhoff

FRANKFURT/DUESSELDORF, Oct 2 (Reuters) - Czech billionaire Daniel Kretinsky has agreed to sell his 20% stake in Thyssenkrupp's TKAG.DE steel unit and scrap plans for a joint venture for the business, both parties said in a joint statement, paving the way for a possible deal with Jindal Steel.

The sale ends protracted talks over what could have become a German-Czech steel and energy giant, discussions that have not made any measurable progress since Kretinsky bought a fifth of Thyssenkrupp Steel Europe (TKSE) last year.

Kretinsky has already given up his seat on TKSE's supervisory board, along with another senior executive of his EP Group, a company spokesperson said.

Shares in Thyssenkrupp rose as much as 3% to hit their highest level in nearly six years before trading 0.7% lower at 1208 GMT.

CLEAR PATH FOR TALKS WITH JINDAL STEEL

It now creates momentum for Thyssenkrupp to intensify talks with India's Jindal Steel International, which last month submitted an indicative bid for all of TKSE, a volatile business its parent has sought to divest.

The statement said that Kretinsky's EP Group "respects Thyssenkrupp AG's preference to concentrate on discussions with Jindal Steel International" and that it would be reimbursed for the purchase price it paid to Thyssenkrupp for the TKSE stake.

While both parties have never disclosed the purchase price, people familiar with the matter have put it at around 140 million euros ($164 million).

The news comes amid growing uncertainty over the future of steelmaking in Europe, as the sector contends with cheap Chinese imports, high energy costs and delays to hydrogen-based decarbonisation in one of the most polluting industries.

Kretinsky's EP Group and Thyssenkrupp had the aim of eventually forming a 50/50 joint venture for TKSE, but talks have been fraught with difficulties as powerful unions have accused the Czech businessman of refusing to engage.

"The management board can and must concentrate fully on the talks with Jindal," said Juergen Kerner, Thyssenkrupp's deputy supervisory board chairman and a senior member at IG Metall, Germany's biggest trade union.

"In particular, details on financing must now be clarified quickly, but above all thoroughly. The employee side expects to be involved at an early stage."

($1 = 0.8511 euros)

(Reporting by Christoph Steitz and Tom Kaeckenhoff; Additional reporting by Markus Wacket; Editing by Matthias Williams and Louise Heavens)

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HARARE, Sept 17 (Reuters) - Zimbabwe has agreed a $455 million, 15-year concession deal with the Africa-focused unit of India's Jindal Steel JINT.NS for the refurbishment of a 920 megawatt coal-fired power plant, the energy minister said.

The work on six ageing units at the Hwange thermal power station is expected to take four years, July Moyo said during a post-cabinet briefing late on Tuesday. Jindal Africa will recover its investment from revenue generated by electricity sales from the plant.

The Southern African nation currently only meets around half of its 2,000 MW electricity demand and experiences frequent, extended power cuts due to diminishing capacity at its ageing power plants.

The 1,520 MW Hwange plant, the country's largest, was upgraded in 2023 with the commissioning of two units, which added 600 MW. But its older units were built in the 1980s and are operating at a third of their capacity due to breakdowns.

The Kariba hydropower station, built in the 1960s, completed a 300 MW upgrade in 2018, which boosted its capacity to 1,050 MW. However, its generation capacity has in recent years been affected by drought.

(Reporting by Chris Takudzwa Muronzi; Editing by Nelson Banya and Joe Bavier)

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Corrects headline and lead to say indicative offer was made by Jindal Steel International, not Jindal Steel Ltd

FRANKFURT, Sept 16 (Reuters) - Thyssenkrupp TKAG.DE on Tuesday said it has received a non-binding bid for its steel division from Jindal Steel International, without disclosing any further details.

Thyssenkrupp said it would closely examine the offer for Thyssenkrupp Steel Europe (TKSE) "particularly with regard to economic sustainability, the continuation of the green transformation and employment at our steel sites".

Shares in Thyssenkrupp turned positive after the news and traded 2.1% higher.

Thyssenkrupp last year sold a 20% stake in TKSE, to Czech billionaire Daniel Kretinsky, with the aim of eventually selling a further 30% stake to create a 50-50 joint venture.

Powerful labour union IG Metall criticised the move, saying Kretinsky had not provided information about his strategic plans as a co-shareholder.

Thyssenkrupp's deputy supervisory board chairman and senior IG Metall member Juergen Kerner said the news about the offer by Jindal Steel was good news.

"It is now important to enter into substantive discussions quickly in order to gain clarity on the most important open questions as soon as possible," he said.

(Reporting by Christoph Steitz, Editing by Rachel More)

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Aug 12 (Reuters) - Jindal Steel Ltd JNSP.NS:

• JINDAL STEEL Q1 CONSOL NET PROFIT 14.94 BILLION RUPEES

• JINDAL STEEL AND POWER Q1 CONSOL TOTAL REVENUE FROM OPERATIONS 122.94 BILLION RUPEES

Source text: [ID:]

Further company coverage: JNSP.NS

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NEW DELHI, Aug 11 (Reuters) - The Indian alloy steel producers' association has filed an anti-dumping petition with the federal trade ministry against cheap imports from China, its senior executive told Reuters on Monday.

India, the world's second-biggest producer of crude steel, has the capacity to make around 18 million to 20 million metric tons per annum of alloy steel, which is used in the auto, defence and aerospace sectors.

"China is selling wire rods of alloy steel at very low prices, and imports have gone up considerably in the last three years, hurting the local alloy steel producers," said Anil Dhawan, director general, Alloy Steel Producers Association of India (ASPA).

Alloy steel wire rods are mainly used for automobiles and their components, Dhawan said.

Dhawan said the anti-dumping petition was filed on July 31 with the Directorate General of Trade Remedies, which falls under the Ministry of Commerce and Industry.

The ASPA's members include JSW Steel JSTL.NS, India's biggest steelmaker, as well as Jindal Steel JNSP.NS, Kalyani Steels KLSL.NS, and Mukand Sumi Special Steel, among others.

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.

(Reporting by Neha Arora; Editing by Sonali Paul)

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April 30 (Reuters) - Jindal Steel And Power Ltd JNSP.NS:

• JINDAL STEEL AND POWER Q4 CONSOL NET LOSS 3.39 BILLION RUPEES

• JINDAL STEEL AND POWER Q4 CONSOL TOTAL REVENUE FROM OPERATIONS 131.83 BILLION RUPEES

• JINDAL STEEL - DIVIDEND 2 RUPEES PER SHARE

Source text: ID:nBSE6YdBpS

Further company coverage: JNSP.NS

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By Neha Arora

NEW DELHI, March 27 (Reuters) - The Indian alloy steel producers' association plans to soon file an anti-dumping petition with the federal trade ministry against cheap imports from China, its senior executive told Reuters on Thursday.

India, the world's second-biggest producer of crude steel, has the capacity to make around 18-20 million metric tons per annum of alloy steel that is used in auto, defence and aerospace sectors.

"There has been an increase in imports of alloy and special steel bars and rods into India continuously from China, Japan, Korea and others, while China is exporting to India these products at very low prices," Anil Dhawan, Director General, Alloy Steel Producers Association of India (ASPA), said in response to a query on the petition.

"ASPA and its members are working with their legal counsel to file an anti-dumping petition with the DGTR (Directorate General of Trade Remedies) in the near future."

The DGTR falls under the federal trade ministry.

The ASPA's members include JSW Steel JSTL.NS, India's biggest steelmaker, as well as Jindal Steel and Power JNSP.NS, Kalyani Steels KLSL.NS, and Mukand Sumi Special Steel, among others.

Earlier this month, India recommended a temporary 12% tax, known locally as safeguard duty, on some steel products for 200 days to curb imports.

India shipped in record quantities of finished steel during April-January and was a net importer, Reuters had reported earlier.

Its finished steel imports from China, South Korea and Japan hit a record high in the first 10 months of the current financial year.

(Reporting by Neha Arora; Editing by Savio D'Souza)

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Recast with ADI statement in second and fifth paragraph

ROME, March 20 (Reuters) - Italy will begin exclusive talks with an Azeri consortium about the sale of Italian steel company Acciaierie d'Italia (ADI), formerly known as Ilva, Industry Minister Adolfo Urso and ADI said on Thursday.

ADI said in a statement that the consortium investors interested in taking it over are Baku Steel and Azerbaijan Investment Company OJSC, part of the Azerbaijan Business Development Fund.

The company, which is under state administration after struggling to maintain production amid rising energy costs and weak demand, is a major headache for Italian Prime Minister Giorgia Meloni because its closure would have major knock-on effects for the country's manufacturing sector.

"The commissioners (running the company) have pre-announced to me that they will send a formal request today to be authorized to negotiate with the Azeri consortium that made the best proposal," Urso told reporters on the sidelines of an event in Bologna, northern Italy, earlier in the day.

ADI's commissioners took into account several factors in the selection process, including the applicants' financial viability, the industrial sustainability of their proposals, and the projected benefits for employment and local communities, the statement said.

In February, both Baku Steel and the Indian company Jindal Steel International raised their preliminary bids for ADI.

The government took charge of ADI's factories in Italy last year under a special administration procedure, ending weeks of clashes with its then top shareholder ArcelorMittal MT.LU, the world's second-largest steelmaker.

(Reporting by Giuseppe Fonte and Francesca Piscioneri, editing by Gavin Jones, Tomasz Janowski, Gianluca Semeraro and Jan Harvey)

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Recasts, adds analyst comments in paragraphs 7-9

By Manvi Pant

March 19 (Reuters) - Shares of Indian steel companies rose on Wednesday, a day after a government body recommended a temporary tax on some steel products in a bid to curb cheap imports amid rising global trade tensions, raising hopes of a boost to the firms' earnings.

Metal shares .NIFTYMET rose as much as 1.6% in early trade in Mumbai. Industry leader JSW Steel JSTL.NS and Tata Steel TISC.NS rose about 3% to be among the top ten gainers on the benchmark Nifty 50 index .NSEI, which advanced 0.3%. State-run SAIL SAIL.NS rose 3.7%.

In December 2024, India launched a probe after record imports, largely from China, forced top steel mills to petition the government.

On Tuesday, India's Directorate General of Trade Remedies, which functions under the federal trade ministry, recommended a 12% temporary tax for 200 days on certain steel product imports in a bid to curb "serious injury" to the domestic industry.

The tax is proposed to be levied on products including hot-rolled coils, steel sheets and plates, as well as cold-rolled coils and sheets.

Analysts at J.P. Morgan see scope for raising estimates on steel companies' earnings as the tax "opens up ample room for imagination around profitability improvement."

"The tax can potentially lead to more room for price hikes in the next few months after rising to 1,500 rupees to 2,000 rupees in the near term," Parthiv Jhonsa, lead analyst for metal and mining at brokerage Anand Rathi, said.

"Earnings of steel companies are expected to increase in the next one to two quarters," he said.

The tax is expected to help Indian steel mills counter any potential trade diversions from countries like Japan and South Korea into the South Asian country after U.S. President Donald Trump imposed 25% import tariffs on the alloy, as per commodities consultancy BigMint.

The two Asian countries account for 15% of steel shipments to the U.S.

(Reporting by Manvi Pant in Bengaluru; Editing by Mrigank Dhaniwala)

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Feb 27 (Reuters) - Jindal Steel And Power Ltd JNSP.NS:

• JINDAL SAID TO RAISE BID FOR ITALIAN STEELMAKER TO €4 BILLION- BLOOMBERG NEWS

Source text: https://tinyurl.com/2csxtpk9

Further company coverage: JNSP.NS

(Reporting by AnushaDevan Shah)

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ROME, Feb 15 (Reuters) - Baku Steel Company and Jindal Steel International have raised their bids for Acciaierie d'Italia (ADI), formerly known as Ilva, the Italian government said on Saturday, making them the frontrunners in the bidding for the plant.

ADI, based in the southern Italian city of Taranto, has been under state administration after struggling to maintain production amid rising energy costs and weak demand.

The fate of ADI is a concern for Italian Prime Minister Giorgia Meloni, as its closure would have a serious impact on the country's manufacturing sector.

Ilva's extraordinary commissioners said in a statement that they would evaluate the bids "in a few days" and send their opinion to the industry ministry.

They did not give financial details.

Italian newspaper Il Messaggero reported on Saturday that Baku Steel Company has raised its offer to around 1 billion euros ($1.05 billion), more than Jindal's.

The government hopes to conclude negotiations by March, Il Messaggero added.

($1 = 0.9532 euros)

(Reporting by Giselda Vagnoni; editing by Barbara Lewis)

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By Neha Arora and Mayank Bhardwaj

NEW DELHI, Feb 12 (Reuters) - India could impose a temporary tax of 15%-25% on steel from China in as soon as six months because of the "serious challenge" to domestic producers from cheap imports, Steel Minister H.D. Kumaraswamy said.

"Rising Chinese steel imports, often aided by unfair trade practices, pose a serious challenge to Indian manufacturers," Kumaraswamy told Reuters in an interview late on Tuesday. "The government is resolute in its commitment to protecting the Indian steel industry," Kumaraswamy added.

New Delhi began an investigation in December into whether to impose a temporary tax, known locally as a safeguard duty, to curb steel imports. If adopted, it could remain in force for as long as two years.

"Based on ongoing investigations, safeguard duties in the range of 15-25% are being considered to prevent unfair competition and ensure a level playing field," the minister said.

India became a net importer of finished steel in the fiscal year ending March 2024, and shipments from China reached a record high between April and December.

As a result, despite robust local demand as a result of rapid economic growth and rising infrastructure spending in the world's fastest-growing major economy, domestic steel prices have slumped.

Some of India's smaller mills have had to scale down operations and consider job cuts as a result of the import surge, Reuters reported in December.

Industry insiders say U.S. President Donald Trump's sharp tariff increases on steel imports could exacerbate the problems as exporters look to ship to India instead.

"Given their duty-free access on account of the free trade agreements (FTA) with India, import pressures from South Korea and Japan could increase in FY2026 as they search for alternate markets for their hitherto American cargoes. This can exert pressure on domestic steel prices, pulling down the industry’s earnings further in FY2026," ratings agency ICRA said in a note on Wednesday.

India's steel exports have also slumped in recent months, primarily due to sluggish global demand, exacerbating the challenges faced by India's leading steelmakers such as JSW Steel JSTL.NS, Tata Steel TISC.NS, and Jindal Steel and Power JNSP.NS.

JSW Steel, India's biggest steelmaker, reported a larger than expected decline in October to December profit, its fiscal third-quarter, last month.

"While short-term challenges have impacted steel exports, the government is actively working on expanding market access," Kumaraswamy said, alluding to India's efforts to find new markets for its steel.

India was looking to sell its steel to Africa, the Middle East, and Southeast Asia, he said, adding that manufacturers had shifted towards producing high-value, specialised steel. High-grade steel can command higher prices and the competition from China is less intense.

India is also looking to diversify sources of steel-making raw materials such as coking coal, Kumaraswamy said, looking towards Canada, Russia, Mongolia, Mozambique, and the United States.

Australia was the main supplier of coking coal to India in the last decade, accounting for about 80% of all such shipments. Its share dropped to 62% in 2024, as supplies from the U.S. as well as Russia and Mozambique helped India to diversify.

The minister also said the government would roll out a production-linked incentive programme to encourage low-carbon steel production.

India would require an estimated investment of $20-25 billion for its steel sector's decarbonisation, with the transition funded through green bonds, concessional financing, and public-private partnerships, the minister said.

(Reporting by Neha Arora and Mayank Bhardwaj; Additional reporting by Manvi Pant in Bengaluru; Editing by Kate Mayberry)

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** India's Jindal Steel & Power JNSP.NS down 12.7% at 733 rupees, its lowest since Feb 2024

** JNSP stock marks its worst intraday pct drop since May 2022

** The steel miner on Thursday reported a 51% Y/Y profit slump on lower demand and prices

** Co also announced additional capex of 160 bln rupees ($1.85 bln) on top of existing 310 bln rupees capex plan

** Without corresponding capacity expansion, there is uncertainty around returns, earnings contribution from capex projects; expect stock to react negatively to results - CLSA

** JNSP stock down 20.1% so far in Jan vs a 4.6% drop in Nifty Metals Index .NIFTYMET

($1 = 86.6520 Indian rupees)

(Reporting by Sethuraman NR in Bengaluru)

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Jan 30 (Reuters) - Jindal Steel And Power Ltd JNSP.NS:

• JINDAL STEEL EXEC: EXPECT STEEL PRICES TO INCREASE GOING FORWARD

• JINDAL STEEL EXEC: GOVERNMENT INFRA SPENDING IMPROVED IN ONGOING QUARTER

• JINDAL STEEL EXEC: SEE 100-200 RUPEES/TON REDUCTION IN IRON ORE COSTS IN Q4

Source text: [ID:]

Further company coverage: JNSP.NS

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The following factors could affect Italian markets on Tuesday.

Reuters has not verified the newspaper reports, and cannot vouch for their accuracy. New items are marked with (*).

For a complete list of diary events in Italy please click on IT/DIA.

POLITICS

Germany, Poland, Britain, France and Italy will implement as swiftly as possible new NATO targets for weapons and troop numbers which the alliance is about to agree upon, German Defence Minister Pistorius pledged on Monday.

ECONOMY

ISTAT releases November industrial output data (0900 GMT) and bulletin on the state of the economy in November and December (1000 GMT).

COMPANIES

(*) INTESA SANPAOLO ISP.MI

Italy's largest bank on Monday completed its first proprietary Bitcoin trade, investing 1 million euros ($1.03 million) in the world's largest digital currency, an internal memo showed.

(*) UNICREDIT CRDI.MI

Credit Agricole CAGR.PA should decide by May whether it wants Italy's second largest lender to extend its contract with the French bank's fund manager Amundi AMUN.PA, Italian daily Il Messaggero reported on Tuesday, citing comments by UniCredit CEO Andrea Orcel.

(*) BANCA POPOLARE SONDRIO BPSI.MI, BANCO DESIO DESI.MI

The Cr Asti banking foundation, the main shareholder of the northern Italian lender Cassa di Risparmio di Asti, is considering possible merger partners for the bank and has attracted the interest of northern peers Banca Popolare di Sondrio and Banco Desio, daily La Stampa reported on Tuesday.

(*) FINCANTIERI FCT.MI, LEONARDO LDOF.MI

The Italian shipbuilder Fincantieri has reached a final agreement with defence group Leonardo for the acquisition of its Underwater Armament Systems unit, the daily MF reported on Tuesday. The purchase price will be around 415 million euros, the paper said, at the upper end of a range set in May last year.

(*) BANCO BPM BAMI.MI, ANIMA HOLDING ANIM.MI

Lawyers for Italy's third-largest bank have advised the lender that it can raise the price of its offer for asset manager Anima with the votes of just half of its shareholders plus one, at a general meeting, rather than the two-thirds required under a so-called "passivity rule," MF daily reported on Tuesday.

The passivity rule prevents managers of a takeover target from doing anything that could thwart a takeover bid without approval from shareholders.

The newspaper added that the bank's board of directors will hold a preliminary discussion on Jan. 21 over whether to increase its bid, while a general meeting could be held by March.

(*) DANIELI DANI.MI

India's Jindal Steel International JNSP.NS, one of three companies which has presented an offer to buy Italian steel firm Acciaierie d'Italia, wants to involve machine-maker Danieli in its plans for modernising Acciaierie d'Italia's existing plants and building new ones, Jindal Steel's European director Narendra Kumar Misra said in an interview with daily Il Sole 24 Ore on Tuesday.

(*) A2A A2.MI, HERA HRA.MI, IREN IREE.MI, EDISON EDNn.MI

The French utility Engie ENGIE.PA is considering selling its retail business in Italy, Italian daily Il Sole 24 Ore reported on Tuesday. The newspaper said the business, with almost a million customers, is worth at least 500 million euros. It mentioned the Italian utilities A2A, Hera, Iren and Edison as potential buyers.

(*) NEXI NEXII.MI

Morgan Stanley cut its rating on the Italian payments firm to underweight from equal rate. It lowered its target price to 4.75 euros from 7.15.

(*) PIRELLI PIRC.MI

Goldman Sachs on Tuesday raised its recommendation for the Italian tyre maker to buy from neutral, and raised the target price to 7.2 euros from 6.4.

(*) MONCLER MONC.MI

Barclays on Tuesday cut its rating on the Italian fashion company to equal weight from overweight, and lowered the target price to 56 euros from 61

CUCINELLI BCU.MI

Revenues at the Italian luxury group rose 12.4% at constant exchange rates last year, a touch above its most recent guidance, bucking a sector slowdown thanks to its focus on the industry's high end.

SAIPEM SPMI.MI

The Italian energy contractor said on Monday it will present its strategic plan for 2025-2028 on Feb. 25.

TELECOM ITALIA (TIM) TLIT.MI

An Italian court is expected to decide this week on a request by top investor Vivendi VIV.PA to annul the former phone monopoly's decision to sell its landline grid to a consortium led by KKR KKR.N, a source close to the matter said on Monday.

MEDIOBANCA

Consumer credit arm Compass took a majority stake in HeidiPay, a company focusing on the "Buy Now Pay Later" sector, in which it previously had a 19.5% stake, the bank said on Monday.

DIARY

Rome, Foreign Minister Antonio Tajani holds press point with Israeli counterpart Gideon Sa'ar (1800 GMT).

Environment and Energy Security Minister Gilberto Pichetto Fratin attends 4th edition "Future Minerals Forum (FMF)" in Riyadh (Saudi Arabia).

Rome, Slovakia President Peter Pellegrini on official visit meets with Prime Minister Giorgia Meloni (1030) and President Sergio Mattarella (1100 GMT).

Rome, National Institute for Public Policy Analysis (INAPP) President Natale Forlani presents 2024 report (1000 GMT); Labour Minister Marina Elvira Calderone expected to give speech.

Milan, Intesa Sanpaolo ISP.MI and business lobby Confindustria present renewed cooperation agreement "Investment, innovation, credit; the key factors for the sustainable growth of Italian companies" with CEO Carlo Messina (1000 GMT).

((Milan newsroom, e-mail: [email protected]))

For Italian market data and news, click on codes in
brackets:

20 biggest gainers (in percentage).............PG.MI

20 biggest losers (in percentage)..............PL.MI

FTSE IT allshare index .FTITLMS

FTSE Mib index........ .FTMIB

FTSE Allstars index... .FTSTAR

FTSE Mid Cap index.... .FTITMC

Block trades.......... .BLK.MI

Stories on Italy...... IT-LEN

For pan-European market data and news, click on codes in
brackets:

European Equities speed guide...................EUR/EQUITY

FTSEurofirst 300 index...............................FTEU3

DJ STOXX index.......................................STOXX

Top 10 STOXX sectors............................PGL.STOXXS

Top 10 EUROSTOXX sectors.......................PGL.STOXXES

Top 10 Eurofirst 300 sectors....................PGL.FTEU3S

Top 25 European pct gainers........................PG.PEUR

Top 25 European pct losers.........................PL.PEUR

Main stock markets:

Dow Jones................DJI Wall Street report ......N

Nikkei 225..............N225 Tokyo report.............T

FTSE 100................FTSE London report............L

Xetra DAX..............GDAXI Frankfurt market stories.F

CAC-40..................FCHI Paris market stories....PA

World Indices.....................................0#.INDEX

Reuters survey of world bourse outlook.........EQUITYPOLL1

Western European IPO diary..........................WEUIPO

European Asset Allocation........................EUR/ASSET

Reuters News at a Glance: Equities...............TOP/EQE

Main currency report:...............................FRX/

($1 = 0.9759 euros)

MUMBAI, Dec 20 (Reuters) - India has launched an investigation to consider if it should impose a safeguard duty or a temporary tax to curtail unbridled steel imports, according to a government notice on Friday.

The probe comes after Indian Steel Association, which represents top steelmakers such as ArcelorMittal Nippon Steel India Ltd, JSW Steel Ltd, Jindal Steel and Power, filed a petition to initiate an investigation concerning imports of "Non-Alloy and Alloy Steel Flat Products" into India.

India's finished steel imports from China reached an all-time high during the first eight months of the fiscal year to March 2025, according to provisional government data reviewed by Reuters on Friday, adding to concerns among domestic mills about cheap shipments from China.

"There is a recent, sudden, sharp and significant increase in the volume of imports, which has caused significant injury to the domestic industry in India," ISA said in its petition.

The Directorate General of Trade Remedies, an arm of the federal trade ministry, which launched the probe, in a notice dated Dec. 19 said there is sufficient evidence of "a recent, sudden, sharp and significant increase in imports" to start a safeguard investigation.

An influx of cheap Chinese steel has forced India's smaller mills to scale down operations and consider job cuts, as the South Asian nation joins a growing list of countries contemplating action to stem imports.

(Reporting by Neha Arora in New Delhi and Shanima A in Mumbai)

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Dec 18 (Reuters) - Interarch Building Products Ltd INEH.NS:

• INTERARCH BUILDING PRODUCTS LTD - ENTERS STRATEGIC PARTNERSHIP WITH JINDAL STEEL & POWER

Source text: ID:nBSE1YGXch

Further company coverage: INEH.NS

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By Neha Arora

NEW DELHI, Nov 26 (Reuters) - India's JSW Steel JSTL.NS and state-run Steel Authority of India (SAIL) SAIL.NS are in talks with Mongolian authorities to import two shipments of coking coal, two sources with direct knowledge of the matter said.

JSW Steel, the country's biggest steelmaker by capacity, plans to buy 2,500 metric tons, while SAIL aims to import 75,000 metric tons of the steelmaking raw material from Mongolia, said the sources who requested anonymity as the plans are not public.

Both JSW Steel and SAIL would import Mongolian coking coal either via Russia or China, said the sources.

"We are just trying to understand how the logistics work," SAIL Chairman Amarendu Prakash told Reuters when asked if the company was looking to receive a shipment from Mongolia.

SAIL was exploring sourcing coking coal from Mongolia to diversify its suppliers, it said in an emailed statement to Reuters.

India, the world's second-largest producer of crude steel, meets 85% of its coking coal requirements through imports.

Late last year, erratic weather conditions hit coking coal supplies from Australia, which accounts for over half of India's coking coal imports of around 70 million metric tons a year.

Since then, Indian steel mills have been seeking to source coking coal from other countries.

Last month, a source said India was exploring ways to import regular supplies of Mongolian coking coal via Russia to reduce reliance on supplies through China.

Industry officials say landlocked but resource-rich Mongolia can offer superior grades of coking coal at relatively lower prices to India, which is witnessing strong steel demand driven by rapid economic growth and increasing infrastructure spending.

Mongolian coal is about $50 a metric ton cheaper than the Australian supplies, they said.

India's Jindal Steel and Power JNSP.NS is also keen to source coking coal from Mongolia, one of the sources said.

India's JSW Steel and Jindal Steel and Power didn't respond to Reuters emails for comment.

The Indian government is working to help steel companies diversify imports to avoid over-reliance on specific countries, commodities consultancy BigMint said.

India imported 29.4 million metric tons of coking coal during the first half of the fiscal year, up nearly 2% from a year earlier, the consultancy added.

(Reporting by Neha Arora; Editing by Mayank Bhardwaj and Christina Fincher)

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Nov 6 (Reuters) - Jindal Steel And Power Ltd JNSP.NS:

• Q2 CONSOL NET PROFIT 8.61 BILLION RUPEES

• Q2 CONSOL TOTAL REVENUE FROM OPERATIONS 112.13 BILLION RUPEES

Source text: ID:nBSENQZbQ

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Oct 7 (Reuters) - Jindal Steel And Power Ltd JNSP.NS:

• JINDAL STEEL INTERNATIONAL TO ACQUIRE CZECH VITKOVICE STEEL, SUBJECT TO REGULATORY APPROVAL - NEWS AGENCY CTK

Source text for Eikon: [ID:]

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** Metals .NIFTYMET up 0.3%, buck broader market weakness; JSW Steel JSTL.NS lead gains

** NIFTYMET only major sectoral gainer as market slips on worries about escalating Mideast conflict; NIFTY down 1.5%

** Nomura starts JSTL and JNSP with "buy", sets TP of 1,220 rupees for JSTL (a Street high and 22% upside to last close) and 1,200 rupees for JNSP (17% upside)

** Says Indian steel cos are in a sweet spot in the global metals sector, led by demand from autos, construction

** Adds JSTL, JNSP's earnings outlook improved structurally due to domestic demand, as consumption rose 14% in Q1 FY25 after a 14% growth Y/Y in FY24

** Expects sustained consumption growth till FY27, boosting earnings of domestic steel makers

** Morgan Stanley upgrades JSTL, JSNP to "overweight" from "equalweight" and Tata Steel TISC.NS to "equalweight" from "underweight"; raises TPs

** Says China stimulus could lead to higher steel prices, aiding earnings momentum

(Reporting by Bharath Rajeswaran in Bengaluru)

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BENGALURU, Aug 12 (Reuters) - India's state-run miner NMDC NMDC.NS reported a first-quarter profit ahead of estimates on Monday as higher prices offset a decline in sales primarily caused by workers' strikes.

Profit for the country's largest state-owned iron ore miner swelled 20% from a year earlier to 19.84 billion rupees (about $236 million) for the three months ended June 30.

Analysts had estimated a profit of 16.35 billion rupees, per LSEG data.

NMDC imposed price hikes of iron ore in the quarter, analysts said, which hit bottomlines of steelmakers including JSW Steel JSTL.NS and Jindal Steel JNSP.NS. Iron ore is a key steelmaking raw material.

NMDC's sales, however, fell significantly in two of the three months of the quarter, while production dipped in all three months, according to its monthly updates.

Iron ore production and sales volumes were affected by employee strikes, analysts at brokerage Prabhudas Lilladher said.

The miner has been facing significant disruptions in its production and dispatches due to an ongoing workers' strike which erupted in May, BigMint, a commodities consultancy firm said in May.

NMDC's revenue from operations fell marginally to 53.78 billion rupees. Analysts had predicted a revenue of 54.46 billion rupees.

($1 = 83.9250 Indian rupees)

(Reporting by Manvi Pant in Bengaluru; Editing by Mrigank Dhaniwala and Vijay Kishore)

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** Shares of Jindal Steel and Power JNSP.NS slips 4.2% to 932 rupees, its lowest since June 4

** The steelmaker reported 21% fall in Q1 consol profit, hurt by higher costs, frail demand

** At least 3 brokerages slashed PT on stock post results, four have reduced ratings, per LSEG data

** Prabhudas Lilladher cuts rating from "Accumulate" to "Hold", PT to 978 rupees from 1,006 rupees earlier

** Adds, citing analyst call, that delay in blast furnace commissioning meant benefits from capex projects would contribute to margins only by FY25-26

** Expects decline in costs of coking coal, iron ore in Q2, but weak steel prices to offset

** Ambit Capital sees dilution in Q2 core profit despite moderation in coking coal costs; keeps "Sell" rating, TP of 500 rupees

** BOBCaps cuts TP to 975 rupees from 1,055 rupees on delay in project milestones

** Including session's gains, stock is up ~25% vs ~15% rise in the Nifty metal index .NIFTYMET

(Reporting by Manvi Pant in Bengaluru)

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By Giuseppe Fonte

ROME, July 24 (Reuters) - Six international and domestic players have expressed interest in taking over the steelworks of Acciaierie d'Italia (ADI) which was formerly known as Ilva, the government told trade unions during a meeting on Wednesday.

They are India's Vulcan Green Steel and Steel Mont, Ukraine's Metinvest, Canada's Stelco and Italian steel firms Arvedi and Marcegaglia, government officials told Reuters.

The fate of ADI is a major headache for Italian Prime Minister Giorgia Meloni, as its closure would have serious knock-on effects for the country's manufacturing sector.

ADI's main plant in the city of Taranto is one of the largest in Europe and a major employer in Italy's under-developed south.

Addressing unions, Industry Minister Adolfo Urso said six players would be interested in taking part in the tender process that Rome was expected to launch by the end of this month, according to the officials, who attended the meeting.

The government took charge of the group's factories in Italy this year under a special administration procedure, ending weeks of clashes with its then top shareholder ArcelorMittal MT.LU, the world's second-largest steelmaker.

As energy costs rose and rolled steel coil prices fell, ADI ran out of cash and accumulated huge debts with suppliers including energy group Eni ENI.MI and grid operator Snam SRG.MI, prompting the government to offer financial aid and a temporary layoff scheme to keep staff at home.

Canada's Innovation Minister Francois-Philippe Champagne championed Stelco's bid in a telephone conversation with Urso on Tuesday, the Italian ministry said in a statement.

Metinvest, Ukraine's largest steelmaker, is looking for production sites abroad to offset significant asset losses at home, including the vast Azovstal steel plant in Mariupol that was destroyed during a prolonged Russian siege.

Vulcan Green Steel is part of Jindal Steel Group, which has already signed off on a preliminary agreement with the Italian government to relaunch the Piombino steelmaking site in Tuscany.

(Reporting by Giuseppe Fonte; Editing by Kirsten Donovan)

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July 19 (Reuters) - Jindal Steel And Power Ltd JNSP.NS:

• DINESH KUMAR SARAOGI HAD RESIGNED FROM HIS POSITION AS DIRECTOR OF COMPANY

Source text for Eikon: ID:nBSE84DVV5

Further company coverage: JNSP.NS

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** Shares of Jindal Steel and Power JNSP.NS up 1.3% at 990.45 rupees, hitting a record high for a second straight session

** Stock is top gainer in Nifty Metal Index .NIFTYMET, which is up 0.4%

** Brokerage Macquarie says co to benefit from product mix and ramp-up of coal mines and pellet plants, maintains "outperform"

** Macquarie raises TP to 930.30 rupees from 860 rupees

** Morgan Staley says management commentary implies good margin expansion in Q1FY25, guidelines on higher iron ore costs should be offset by moderation in coking coal costs, keeps "underweight"; PT of 655 rupees

** Iron ore and coking coal are key raw materials for steelmakers

** Atleast 10 brokerages up PT on the steelmaker post Q4 profit jump on Monday- LSEG data

** Stock up ~33% YTD vs ~18% rise in NIFTYMET

(Reporting by Manvi Pant in Bengaluru)

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** Shares of Jindal Steel & Power JNSP.NS rise as much as 4.1% to 978 rupees, hitting a record high

** Stock top gainer in Nifty metals index .NIFTYMET, last up 3.4%

** JNSP on Monday said its reported profit after tax doubled to 9.33 billion rupees ($111.7 million) in the March-quarter

** Co said its input costs declined nearly 15% to 52.65 billion rupees, aiding the profit rise

** Average analyst rating on stock is "buy"; median PT is 865 rupees, a discount of 10.9% to day's high - LSEG data

** YTD stock has risen 30.5% so far vs a 15.2% climb in the Nifty metals index

($1 = 83.5030 Indian rupees)

(Reporting by Anisha Ajith in Bengaluru)

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