JSWSTEEL

Jan 20 (Reuters) - JSW Steel Ltd JSTL.NS:

• INDIA COMPETITION REGULATOR: APPROVES COMBINATION BETWEEN BHUSHAN POWER AND STEEL, JSW SAMBALPUR STEEL, JFE STEEL CORP, JSW KALINGA STEEL

Further company coverage: JSTL.NS

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By Neha Arora

NEW DELHI, Jan 12 (Reuters) - India was a net exporter of finished steel in the first nine months of the financial year, with shipments reaching 4.8 million metric tons, up 33.3% from a year ago, according to provisional government data reviewed by Reuters on Monday.

The data showed that the world's second-biggest crude steel producer imported 4.65 million metric tons of finished steel in the same period.

Country-wise data on India's steel exports is expected later in the month.

In December, the government imposed an import tariff on some steel products to curb cheaper shipments, primarily from China.

The levy, locally known as a safeguard duty, will be imposed at 12% followed by 11.5% in the second year and 11% in the third year.

India produced 117.6 million metric tons of finished steel between April-December, while consumption stood at 119.3 million metric tons, the data showed.

Crude steel production during the period stood at 123.9 million metric tons, according to the data.

In January, leading Indian steelmakers raised prices of hot-rolled coils and cold-rolled coils by up to 2,000 rupees ($22.19) per metric ton, according to commodities consultancy BigMint.

Prices of hot-rolled coil ranged between 50,250 rupees per metric ton to 51,250 rupees per metric ton, the consultancy said.

($1 = 90.1413 Indian rupees)

(Reporting by Neha Arora; Editing by Ronojoy Mazumdar)

(([email protected];))

Jan 9 (Reuters) - JSW Steel Ltd JSTL.NS:

• JSW STEEL - CONSOLIDATED CRUDE STEEL PRODUCTION OF 7.48 MILLION TONNES FOR Q3 FY26

• JSW STEEL - BLAST FURNACE 3 AT VIJAYANAGAR UNDER SHUTDOWN FOR UPGRADE

Source text: ID:nBSE547lBC

Further company coverage: JSTL.NS

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By Ross Kerber

Jan 7 (Reuters) - This is the weekly Reuters Sustainable Finance Newsletter, which you can sign up for here .

Happy 2026. Over the New Year holiday I read an advance copy of a book on U.S. President Donald Trump's leadership style, but I didn't expect just how central the topic would become with Saturday's capture of Venezuela's president by U.S. forces.

The timing paid off with the interview I did with the book's authors, which you can read about in this week's column below. The column contains a link for the publisher's website about the soon-to-be-published book.

This newsletter also includes coverage of an antitrust probe in India and what to look for at the Consumer Technology Association's annual CES trade show in Las Vegas, baby.

Just like last year, please follow me on LinkedIn and/or Bluesky. You can reach me via [email protected]

Venezuela capture follows 'Trump's Ten Commandments' by the book

U.S. President Donald Trump's order for the U.S. military to capture Venezuela's president over the weekend looks in line with many of his other recent moves, foregoing bipartisan agreements and international alliances in favor of direct actions carried out with murky or shifting justifications.

Trump's decision-making process and management style have remained consistent, say two Yale leadership scholars in a new book, Trump's Ten Commandments. They call the president's understanding of authority that of "a tribal chieftain blended with the necessary fluidity and creative chaos of a business entrepreneur." In other words, a family businessman who should not be underestimated.

You can read my interview with Yale's Jeffrey Sonnenfeld by clicking here, and don't miss the included video Q&A.

Company news

India's Tata Steel,TISC.NS JSW Steel JSTL.NS and 26 other firms colluded on prices in breach of the country's antitrust law, a competition watchdog found according to this Reuters EXCLUSIVE report.

Even as automakers cut back on plans for electric vehicles, auto suppliers and startups are heavily pitching AI-backed autonomous driving technology, according to our PREVIEW of the CES trade show in Las Vegas.

Controversies about big tech companies' depreciation schedules are worrying, according to this REUTERS OPEN INTEREST column, citing cases including at Nvidia NVDA.O and Oracle.ORCL.N

On my radar

The owners of Chinese AI system DeepSeek agreed to improved disclosures about "hallucinations" in order to end an investigation by Italian regulators.

Hilton Worldwide Holdings HLT.N said it kicked out of its system a Minneapolis hotel that had refused bookings from U.S. Immigration and Customs Enforcement agents.

(Reporting by Ross Kerber; Editing by David Gregorio)

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By Aditya Kalra and Neha Arora

NEW DELHI, Jan 6 (Reuters) - India's competition watchdog has found market leaders Tata Steel TISC.NS, JSW Steel JSTL.NS, state-run SAIL SAIL.NS and 25 other firms breached antitrust law by colluding on steel selling prices, a confidential document shows, putting the companies and their executives at risk of hefty fines.

The Competition Commission of India (CCI) has also held 56 top executives, including JSW's billionaire Managing Director Sajjan Jindal, Tata Steel CEO T.V. Narendran and four former SAIL chairpersons, liable for price collusion over varying periods of time between 2015 and 2023, according to a CCI order dated October 6, which has not been made public and is being reported for the first time.

JSW declined to comment, while Tata Steel, SAIL, and the executives did not respond to Reuters queries. The CCI also did not respond to requests for comment.

The CCI investigation - the most high-profile case involving the steel industry - started in 2021 after a group of builders alleged in a criminal case brought to a state court that nine companies were collectively restricting the supply of steel and increasing prices.

Reuters reported in 2022 the watchdog raided some small steel companies as part of an investigation into the industry.

The probe was later expanded to as many as 31 companies and industry groups, as well as dozens of executives, the CCI's October order, reviewed by Reuters, shows. Under CCI rules, details of cases related to cartel-like activity are not made public before they have concluded.

The CCI investigation has "found the conduct of the parties to be in contravention" of Indian antitrust law and "certain individuals have also been held liable," the order stated.

The findings are a critical stage of any antitrust case.

They will be reviewed by top CCI officials and companies and executives will also have the opportunity to submit any objections or comments in a process that is likely to take several months given the scale of the investigation.

The CCI will then issue its final order, which will be released publicly.

RISK OF SIGNIFICANT FINES

India is the world's second-largest producer of crude steel, and demand for the alloy has been rising as infrastructure spending has increased in the fast-growing major economy.

JSW Steel has 17.5% of the Indian market, Tata Steel 13.3% and SAIL 10%, according to data from commodities consultancy BigMint.

In the last fiscal year to March 2025, JSW Steel reported standalone revenues of $14.2 billion, while Tata Steel's were $14.7 billion.

The CCI is empowered to impose penalties on steel companies of up to three times their profit or 10% of turnover, whichever is higher, for each year of wrongdoing. Individual executives can also be fined.

JSW and SAIL have denied the allegations before the CCI, according to two people familiar with the matter, who declined to be named because the case was confidential.

One of them said JSW had also submitted its response to the CCI, and denied the allegations.

WHATSAPP CHATS REVIEWED

The CCI opened the case after Coimbatore Corporation Contractors Welfare Association alleged in a case it brought before a Tamil Nadu state court in 2021 that steel companies had hiked prices by 55% during a six-month period to March 11 that year, and were artificially boosting prices by restricting supply to builders and consumers.

After the public prosecutor said the issue was an antitrust matter, the judge then ordered the CCI to take "appropriate action" on the complaint of the association, whose members are involved in road and highway construction.

Other companies in the CCI document that were found to have allegedly colluded on prices, were Shyam Steel Industries, state-run Rashtriya Ispat Nigam and other smaller-sized firms. Shyam and Rashtriya did not respond to Reuters queries.

The CCI has asked the steel companies to submit their audited financial statements for the eight financial years to 2023, the October order showed. The watchdog typically seeks such details to calculate potential penalties.

While the October order did not detail the evidence analysed, an internal CCI document from July 2025 said officials had uncovered WhatsApp messages exchanged between regional industry groups of steel product makers that suggested wrongdoing.

The messages "indicate that they are involved in fixing the prices/cutting down production," said the July document.

(Reporting by Aditya Kalra and Neha Arora; Additional reporting by Arpan Chaturvedi; Editing by Kate Mayberry)

((Email: [email protected]; X: @adityakalra;))

Adds details throughout

By Vivek Kumar M

Dec 31 (Reuters) - Shares of major Indian steel companies climbed between 2% and 5% on Wednesday after the country imposed a three-year import tariff on select products to curb cheap shipments from China.

The levy, locally known as a safeguard duty, will be imposed at 12% in the first year followed by 11.5% in the second year and then 11% in the third year.

Tata Steel TISC.NS and JSW Steel JSTL.NS rose 2.4% and 5%, respectively, leading gainers on the benchmark Nifty 50 .NSEI index. Steel Authority of India SAIL.NS and Jindal Steel JINT.NS also added 2.5% and 3.5%.

"Post announcement of the safeguard duty, the domestic steel prices are currently at about 13% to 15% discount to the landed cost of imports from China, providing sufficient headroom for price hikes by domestic manufacturers," said Sunny Agrawal, head of fundamental equity research at SBICAPS Securities.

The move follows the Directorate General of Trade Remedies' findings of a sharp surge in imports causing injury to domestic producers.

Earlier, the government had implemented a temporary 12% duty for 200 days in April . While that shorter duration caused investor uncertainty, the new three-year window provides long-term protection for local players, according to the analyst.

The metal stocks .NIFTYMET hit a record 11,189.8 points on the day, gaining as much as 1.7%. The sectoral gauge has risen in 12 of the previous 14 sessions, supported by firm prices for copper, aluminium and silver.

A rise in commodity prices is driven by expectations of two U.S. Federal Reserve rate cuts in 2026, improved Chinese demand and supply shortages, as per analysts.

The domestic metal index has jumped roughly 29% in 2025, outperforming the Nifty 50's 10% advance.

(Reporting by Vivek Kumar M; Editing by Mrigank Dhaniwala, Janane Venkatraman and Nivedita Bhattacharjee)

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By Neha Arora and Manvi Pant

NEW DELHI, Dec 3 (Reuters) - India's iron ore imports hit a six-year high this year as steel mills stepped up overseas purchases to overcome shortages of high-grade ore and take advantage of lower global prices for the steelmaking raw material, analysts and trade officials said.

Iron ore imports more than doubled to over 10 million metric tons in the first 10 months of 2025 from a year earlier, Lalit Ladkat, senior analyst at London-headquartered CRU Group, told Reuters.

Between January and October, JSW Steel, the country's biggest steelmaker by capacity, emerged as the top buyer of iron ore from overseas suppliers, analysts and officials said.

Average imports during 2019–2024 were 4.3 million metric tons a year, Ladkat said.

"In 2025, demand outpaced the domestic production and availability of higher-grade ores was a big concern," Ladkat said, adding that delays in starting production at already auctioned mines were among the reasons supply growth was slowing.

Last month, the top civil servant at the Ministry of Steel ruled out any shortage of iron ore in the country.

Low import prices, along with the feasibility of importing for steel plants near ports, such as JSW Steel's plant in the western state of Maharashtra, helped boost shipments, according to a senior government official and analysts.

India has been importing iron ore mainly from Brazil, Oman and Australia.

Brazilian miner Vale VALE3.SA is preparing to meet rising iron ore demand from India, which could double its steel production by the end of the decade, CEO Gustavo Pimenta told Reuters last month.

This year, heavy rainfall in the eastern state of Odisha, which accounts for nearly 55% of India's total iron ore output, led to lower production, according to commodities consultancy BigMint.

"Imports may exceed 11–12 million metric tons in FY26 and could remain elevated next year as well if domestic production or captive sourcing does not improve," BigMint said, referring to the fiscal year to March 2026.

Iron ore output in India, also the world's second-biggest crude steel producer, rose to 289 million metric tons in fiscal 2025, from 277 million metric tons a year earlier, according to government data.

Earlier this year, the government urged steel mills to acquire iron ore mines overseas, while expressing concern over slow development in greenfield iron ore mines.

(Reporting by Neha Arora in New Delhi and Manvi Pant in Bengaluru; Editing by Mayank Bhardwaj and Janane Venkatraman)

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By Neha Arora

NEW DELHI, Nov 24 (Reuters) - India's finished steel imports during the first seven months of the financial year were down 34.1% year-on-year, according to provisional government data reviewed by Reuters on Monday.

India, the world's second-biggest crude steel producer, imported 3.8 million metric tons of finished steel during April-October and was a net importer of the alloy, the data showed.

South Korea was the biggest exporter of finished steel to India during the period, shipping in 1.4 million metric tons of finished steel, followed by China, Japan and Russia.

Domestically, steel prices were under pressure due to headwinds from weak demand and high supply, "while trading activity remained subdued in view of the ongoing festival season", the government report said.

Reuters reported in October that small steel producers were struggling with weak demand and falling prices.

India exported 3.5 million metric tons of finished steel during April-October, up 25.3% year-on-year, the data showed.

Italy and Belgium were the biggest markets for Indian steel during the period, followed by Spain, according to the data.

India's finished steel production during April-October stood at 91.6 million metric tons, while crude steel production was at 95.7 million metric tons, the data showed.

Consumption of finished steel during the period stood at 92.2 million metric tons, up 7.4% year-on-year.

(Reporting by Neha Arora; Editing by Jan Harvey)

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By Neha Arora

NEW DELHI, Oct 15 (Reuters) - India's steel mills secured only about half of their metallurgical coke needs from domestic suppliers in the first half of 2025, highlighting shortages and amplifying their calls for an easing of import curbs on the key steelmaking material.

Between January and June, India produced 1.5 million metric tons of metallurgical coke, while demand was roughly double that at 3.09 million tons, according to a source familiar with the matter and internal government data reviewed by Reuters.

India, the world's second-largest crude steel producer, introduced the import curbs in January to try to boost the local metallurgical coke industry. In June, it extended the curbs, setting country-specific quotas and capping overseas purchases at 1.4 million tons between July 1 and December 31.

STEELMAKERS CALL FOR EASING OF IMPORT CURBS

Some steel mill executives, speaking on condition of anonymity because they were not authorised to talk to the media, said the latest local metallurgical coke output data raised questions about that decision.

Indian steel producers have urged the government to raise import quotas nearly sevenfold to ease what they call a critical supply crunch.

The federal Ministry of Commerce and Industry did not respond to an email seeking comment.

Last year, the automobile industry lobby also urged the government against curbs on metallurgical coke imports, warning of potential supply disruptions for auto components, according to a letter from the Society of Indian Automobile Manufacturers seen by Reuters.

The industry group did not respond to an email seeking comment.

Major steelmakers, including JSW Steel JSTL.NS and ArcelorMittal Nippon Steel India have raised concerns about the curbs, saying they disrupt their expansion plans by making it difficult to source preferred grades locally.

Imports of low-ash metallurgical coke more than doubled in the four years before the curbs, with major suppliers including China, Japan, Indonesia, Poland, and Switzerland.

(Reporting by Neha Arora; Editing by Mayank Bhardwaj and Mark Potter)

(([email protected];))

Updates shares in paragraph 8, adds company's comment and background in paragraph 6,7

By Arpan Chaturvedi

Sept 26 (Reuters) - India's Supreme Court said on Friday that JSW Steel's JSTL.NS $2.3 billion takeover of Bhushan Power and Steel (BPSL) could go ahead, reversing its own earlier decision to reject the deal.

In May, the country's top court rejected the deal six years after it was first approved, unsettling buyers of other distressed assets and casting a shadow over Indian bankruptcy reforms introduced in 2016.

JSW then filed a request for it to review the rejection.

On Friday, the court said JSW had revived BPSL by investing heavily in modernization and safeguarded thousands of livelihoods by keeping the company a going concern.

The purpose of the Insolvency and Bankruptcy Code - to help transform a loss-making entity into a profit-making one - has been achieved, the court said.

The company said in an exchange filing that the Supreme Court has dismissed appeals filed by the promoters and some operational creditors of BPSL.

The Supreme Court cited major procedural lapses for its decision in May to scrap one of the most successful insolvency deals in India's history - the takeover of Bhushan Power by the country's biggest steelmaker in 2019.

Shares of JSW Steel rose as much as 1.6% after the news, but trimmed all gains to trade 1.4% lower amid a broad-based sell-off.

(Reporting by Arpan Chaturvedi, Chandini Monnappa and Anuran Sadhu; Editing by Clarence Fernandez and Edwina Gibbs)

(([email protected]; https://www.linkedin.com/in/chandini-monnappa-8a37b013b/;))

By Neha Arora

NEW DELHI, Aug 27 (Reuters) - Indian steel producers have called on the government to sharply raise import quotas for low-ash metallurgical coke, seeking a near sevenfold increase to address what they say is a critical supply crunch, according to sources and a government document.

India, the world's second-largest crude steel producer, in June extended import curbs on low-ash metallurgical coke, a steelmaking raw material, for six months starting in July.

New Delhi also set country-specific import quotas and capped purchases at 1.4 million metric tons from July 1 to December 31.

Steelmakers have urged Prime Minister Narendra Modi's administration to raise the import quota to 9.3 million metric tons, with the largest share of additional shipments sought from Indonesia, followed by Japan and Poland, said the sources aware of the matter.

The steelmakers' requests were recorded in a government document prepared by senior officials, which was reviewed by Reuters.

Steel firms have requested 2.6 million metric tons of imports from Indonesia, far exceeding the government's current allocation of 66,364 metric tons, according to the document.

Rapid capacity expansion by steel companies has strained met coke availability, and the abrupt policy curbs have dealt a blow to major producers, one of the sources said, speaking on condition of anonymity as deliberations were not public.

Many steel company executives have told the government that domestic met coke output is insufficient to meet demand, said the sources.

The federal Ministry of Commerce and Industry did not respond to a Reuters email seeking comments.

Major steelmakers such as JSW Steel JSTL.NS and ArcelorMittal Nippon Steel India have expressed concerns over import curbs, arguing the restrictions disrupt their expansion efforts due to the difficulty in sourcing preferred grades locally.

JSW, India's largest steelmaker by capacity, met federal trade ministry officials late last month to request a higher allocation of met coke, Reuters reported earlier.

Imports of low-ash met coke have more than doubled over the past four years, with major suppliers including China, Japan, Indonesia, Poland, and Switzerland.

Earlier this year, Piyush Goyal, India's trade minister, urged steelmakers to source met coke locally.

The federal Ministry of Steel has also supported the import restrictions, saying local supplies of met coke are sufficient to meet demand, Reuters reported earlier.

(Reporting by Neha Arora
Editing by Mayank Bhardwaj and Peter Graff)

(([email protected];))

Aug 21 (Reuters) - JSW Steel Ltd JSTL.NS:

• UNIT DECLARED AS SUCCESSFUL BIDDER FOR A COAL BLOCK, RAJGAMAR DIPSIDE IN CHATTISGARH

Source text: ID:nBSEPgVwN

Further company coverage: JSTL.NS

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Aug 18 (Reuters) - JSW Steel JSTL.NS and South Korea's POSCO 005490.KS have entered a deal to explore setting up an integrated steel plant in India, the country's largest steelmaker by market capitalisation said on Monday.

(Reporting by Manvi Pant; Editing by Mrigank Dhaniwala)

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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)

(([email protected];))

Aug 11 (Reuters) - Hatch:

• CONSORTIUM UNDERTAKING PRE-FEASIBILITY STUDY TO ASSESS DEVELOPMENT OF CARBON CAPTURE, UTILISATION & STORAGE HUBS ACROSS ASIA

• CONSORTIUM OF ARCELORMITTAL NIPPON STEEL INDIA, JSW STEEL, HYUNDAI STEEL, BHP, OTHERS

• CONSORTIUM STUDY WILL SEEK POTENTIAL APPLICATIONS FOR CAPTURED CO2 IN INDUSTRIAL PROCESSES IN ASIA, OTHERS

(([email protected];))

By Neha Arora

NEW DELHI, Aug 7 (Reuters) - India's JSW Steel has urged the government to raise the company's allocation in quotas to import low-ash metallurgical coke, a steelmaking fuel, to tide over shortfalls, two sources familiar with the matter said.

India, the world's second-biggest crude steel producer, in June extended country-specific import quotas of so-called met coke for six months to the end of December, capping purchases at 1.4 million metric tons.

JSW Steel, India's biggest steelmaker by capacity, met officials from the federal trade ministry late last month, the sources said, declining to be identified because deliberations are not public.

JSW Steel executives urged government officials to increase the company's allocation, citing operational difficulties at two of their units in the southern state of Karnataka and the central state of Chhattisgarh, the sources added, without saying how much extra the company wanted to import.

"Naturally, this quota is hampering operations and we have given representation. The matter is still under discussion," one of the sources said.

JSW Steel had the option of moving some of its surplus from other locations to the affected plants but the logistics cost was an impediment and not enough was being produced to meet the shortfalls, the source added.

The federal trade ministry did not respond to an email seeking comment. JSW Steel had no comment.

The import curbs have worried major steel producers in the past as well, including JSW Steel and ArcelorMittal Nippon Steel India, which have argued the curbs hinder the companies' expansion plans because it is difficult to source preferred grades locally.

India has also launched an anti-dumping probe into overseas supplies of low-ash met coke from Australia, China, Colombia, Indonesia, Japan, and Russia, following a request from an industry body.

Imports of low-ash met coke have more than doubled in the past four years and major suppliers of the raw material include China, Japan, Indonesia, Poland and Switzerland.

Earlier this year, Commerce Minister Piyush Goyal urged steelmakers to source met coke locally.

The federal Ministry of Steel has also backed the import curbs, saying there was adequate supply of met coke locally to meet demand, Reuters has reported.

(Reporting by Neha Arora. Editing by Mayank Bhardwaj and Mark Potter)

(([email protected];))

Aug 4 (Reuters) - India's JSW Steel JSTL.NS and Japan's JFE Steel will invest 58.45 billion rupees ($669 million) to expand production capacity of cold rolled grain-oriented electrical steel across two Indian plants to 350,000 tons per annum, JSW Steel said on Monday.

($1 = 87.4070 Indian rupees)

(Reporting by Nandan Mandayam in Bengaluru; Editing by Harikrishnan Nair)

(([email protected]; Mobile: +91 9591011727;))

Updates with details and background throughout

Aug 4 (Reuters) - Australia's BlueScope Steel BSL.AX said on Monday it has assembled a heavyweight consortium of global steelmakers to bid for Sanjeev Gupta's troubled Whyalla Steelworks, over a month after the local government formally opened a sale process.

The group — comprising Japan’s Nippon Steel 5401.T, India’s JSW Steel JSTL.NS, and South Korea’s POSCO 005490.KS — brings a combined market value of A$115 billion ($74.4 billion), and is eyeing the South Australian plant as a future hub for low-emissions iron production for domestic and export markets.

The consortium has lodged a non-binding expression of interest but has yet to submit a formal bid.

Whyalla Steelworks was placed in administration in February, after its operating company collapsed under tens of millions in debt. The Australian and South Australian governments stepped in with a joint A$1.9 billion rescue package to safeguard local jobs and preserve a key piece of industrial infrastructure.

Australia formally opened the sale process in June, citing strong global interest from companies seeking a foothold in the emerging green steel economy.

Gupta's family conglomerate, GFG Alliance, was not immediately reachable for a Reuters request for comment.

($1 = 1.5466 Australian dollars)

(Reporting by Rishav Chatterjee in Bengaluru; Editing by Sandra Maler)

(([email protected];))

Updates with details of the court order and background from paragraph 2 onwards

By Arpan Chaturvedi

July 31 (Reuters) - India's top court said on Thursday it would reconsider its order that quashed Indian steelmaker JSW Steel's JSTL.NS $2.3 billion takeover of Bhushan Power and Steel, saying the order did not correctly consider past precedents.

In May, the Supreme Court rejected JSW Steel's deal for Bhushan Power and Steel six years after it was first approved, unsettling buyers of other distressed assets and casting a shadow over Indian bankruptcy reforms introduced in 2016.

JSW Steel subsequently asked the top court to review its ruling.

On Thursday, judges heard the review plea and said the verdict quashing the deal did not correctly consider the legal position established by past precedents.

"We therefore find this a fit case wherein the judgment under review needs to be recalled and the matter needs to be considered afresh," the top court added.

In May, while quashing the deal, the Supreme Court had said there was an "entire spectrum of lacunas and flaws" in the takeover process and decided to scrap one of the most successful insolvency deals in India's history.

The top court ordered the liquidation of Bhushan Power and asked banks to return funds which they had recovered during JSW's takeover.

However, weeks later it paused the liquidation proceedings, allowing time for JSW Steel to seek a review of the verdict.

The Supreme Court will hear the case next on August 7.

(Reporting by Arpan Chaturvedi in New Delhi. Writing by Abinaya Vijayaraghavan. Editing by Janane Venkatraman and Mark Potter)

(([email protected];))

July 25 (Reuters) - Steel Authority of India SAIL.NS reported a rise in first-quarter profit on Friday, helped by a marginal rise in steel prices due to a temporary tariff imposed on some imports, easing input costs and strong domestic demand.

The state-owned company's consolidated profit before exceptional items and tax more than doubled year-on-year to 9.68 billion rupees ($111.90 million) during the quarter ended June 30.

The company recorded a one-time cost of 3.12 billion rupees a year ago.

Its revenue from operations rose 8% to 259.22 billion rupees.

KEY CONTEXT

Last week, JSW Steel JSTL.NS, India's top steelmaker by market capitalisation, beat profit estimates on the back of higher prices and easing input costs.

India had imposed a 12% temporary tariff on some steel imports in April to help domestic mills, which have been under pressure from low-cost shipments from China. That moderated finished steel imports into the country and prompted domestic steelmakers to bridge the supply gap, boosting the metal's prices.

Costs of iron ore and coking coal — key steelmaking raw materials — dropped in the quarter, analysts said, helping the bottom line of the mills.

PEER COMPARISON

* The mean of analyst ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell

** The ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT

APRIL-JUNE STOCK PERFORMANCE

-- All data from LSEG

-- $1 = 86.5060 Indian rupees

(Reporting by Manvi Pant and Ananta Agarwal in Bengaluru;)

(([email protected]; +918447554364;))

** Indian steelmaker JSW Steel JSTL.NS beat first-quarter profit view on Friday, driven by firm domestic steel prices and easing raw material costs

** At least four analysts have upgraded their rating on the stock, while four have hiked their PTs - data compiled by LSEG

PRICE DRIVEN GROWTH

** Jefferies ("buy," PT: 1,200 rupees) says Q1 was a "good" quarter with a positive growth outlook by the company as it is further expanding its capacity to 36 mtpa in FY26

** Nuvama ("reduce," PT: 977 rupees) says earnings were driven by higher steel prices and they are expected to rise post-monsoon after bottoming out in July, thus boosting earnings for JSTL

** Emkay Global ("add," PT: 1,050 rupees) says extension of safeguard duty on imported cheap steel will help JSTL, with strong demand further supporting steel prices

(Reporting by Kashish Tandon in Bengaluru)

((kashish.tandon@thomsonreuters.com; Mobile: +91 8800437922))

** Shares of JSW Steel JSTL.NS are down 0.5% ahead of Q1 results due later in the day

** Analysts, on avg, expect India's top steelmaker to more than double consol net profit, per data compiled by LSEG

** Expect steel firms to benefit after govt imposed 12% duty on steel imports

** Steel sector should also benefit from lower coking coal prices despite the slight uptick in iron ore price - HDFC Securities

** However, with demand weakness during monsoon and persistent domestic oversupply, industry margin appears to be approaching near-term peak - Elara Capital

** On avg, JSTL rated "buy", median PT at 1,060 rupees - LSEG data

** YTD, JSTL up nearly 14%

($1 = 86.1790 Indian rupees)

(Reporting by Anuran Sadhu in Bengaluru)

(([email protected]; +91 8697274436;))

- Source link: (https://bitl.to/4p6L)

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

(Bengaluru newsroom)

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Rewrites with details and background throughout

June 30 (Reuters) - The Indian government has extended import curbs on low-ash metallurgical coke, a steelmaking raw material, for six months starting July, a government order said on Monday, dealing a blow to steelmakers who oppose restrictions on overseas purchases.

India, the world's second-largest crude steel producer, will set country-specific import quotas and cap purchases at 1.4 million metric tons from July 1 to December 31, the order said.

Reuters in February reported that India could extend curbs on low-ash met coke imports to encourage local steel mills to use domestic suppliers. It also reported in May that India's steel ministry favoured extending the restrictions.

The curbs have worried major steel producers, including ArcelorMittal Nippon India and JSW Steel JSTL.NS, who argue they hinder the companies' expansion plans because it is difficult to source preferred grades locally.

India's Commerce Minister Piyush Goyal in April urged steelmakers to source met coke locally.

India has also started an anti-dumping probe into overseas supplies of low-ash met coke from Australia, China, Colombia, Indonesia, Japan, and Russia, following a request from an industry body.

Imports of low-ash met coke have more than doubled in the past four years and major suppliers of the raw material include China, Japan, Indonesia, Poland and Switzerland.

(Reporting by Neha Arora and Harshita Meenaktshi. Editing by Susan Fenton and Mark Potter)

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Corrects to say liquidation, not liquidity, in paragraph 4; the story was previously corrected to add dropped words "pause on" in paragraph 4

June 25 (Reuters) - Indian steelmaker JSW Steel JSTL.NS said on Wednesday it has filed a review petition before the country's top court, related to the rejection of its $2.3 billion takeover plan of Bhushan Power and Steel (BPSL).

Early last month, the Supreme Court of India rejected JSW Steel's resolution plan to acquire BPSL and ordered its liquidation, four years after the takeover was completed.

On May 26, the court halted the liquidation proceedings of the debt-ridden firm after JSW Steel and some creditors of BPSL told the Supreme Court that they would file a review petition against the order.

The court had said that the pause on liquidation proceedings will be in effect until a review petition is filed and taken up.

The collapse of the deal had unsettled buyers of distressed assets, with many lawyers and bankruptcy law experts saying that the ruling has alarmed potential buyers of insolvent or bankrupt firms, Reuters reported in May.

The Supreme Court cited major procedural lapses for the ruling, JSW Steel had said. The company added that it saw no impact from the order.

(Reporting by Manvi Pant in Bengaluru; Editing by Shailesh Kuber)

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June 25 (Reuters) - Indian steelmaker JSW Steel JSTL.NS said on Wednesday it has filed a review petition before the country's top court, related to the rejection of its $2.3 billion takeover of Bhushan Power and Steel (BPSL).

Early last month, the Supreme Court of India rejected JSW Steel's resolution plan to acquire BPSL and ordered its liquidation, four years after the takeover was completed.

On May 26, the court halted the liquidation proceedings of BPSL after JSW Steel and some creditors of BPSL told the Supreme Court that they will be filing a review petition against the order.

(Reporting by Manvi Pant in Bengaluru; Editing by Shailesh Kuber)

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June 9 (Reuters) - JSW Steel Ltd JSTL.NS:

• REPORTS MAY'25 CRUDE STEEL PRODUCTION AT 2.3 MILLION TONNES

Source text: ID:nBSE8rwWP7

Further company coverage: JSTL.NS

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By Neha Arora

NEW DELHI, June 2 (Reuters) - India's key iron ore producer NMDC NMDC.NS is testing a new pricing formula for its output to shield its profits from the volatilities reflected in global benchmarks, a source with direct knowledge of the matter told Reuters.

State-run NMDC, which sells its output locally, currently releases monthly iron ore prices linked to inventories, international prices and domestic market dynamics.

The company plans to launch the new formula after initial trials, the source said, declining to be identified as the plan is not public yet.

"We are taking baby steps," the source added.

The new formula will not link prices to any international index or exchange, the source said.

With the launch of the new mechanism, NMDC will gradually move to a more frequent disclosure of iron ore prices, the source said, adding the intervals had not been finalised yet.

"Going forward, we will try to do it more frequently so that there is no lag in whatever is happening in the market and our prices," the source said.

The miner will also collect pricing information from different stockyards across cities, compared to the existing mechanism of gathering information from mines, the source said.

NMDC did not respond to a Reuters email seeking comments.

India's JSW Steel JSTL.NS, the country's biggest steelmaker by capacity, primarily sources its iron ore from NMDC.

NMDC reported a fall in fourth-quarter profit, hurt by lower product prices.

India is also in the process of overhauling the average sale price of iron ore to garner higher revenues for the government, as the mines ministry believes some miners try to depress prices artificially in order to pay lower royalties to the government.

(Reporting by Neha Arora. Editing by Nidhi Verma and Mark Potter)

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May 26 (Reuters) - Indian state-owned miner NMDC NMDC.NS on Tuesday reported a fall in fourth-quarter profit, hurt by lower product prices.

The iron ore miner's quarterly profit before exceptional items and tax came in at 23.51 billion rupees ($275.56 million), down 3.5% from a year ago.

Its profit including tax rose 2% for the January-March quarter due to lower tax expenses.

NMDC's iron ore prices averaged at 4,206 rupees, lower than the average of 4,299 rupees a year earlier, according to data from JM Financial Institutional Securities.

The company had announced a price cut in January, according to commodities consultancy BigMint.

JSW Steel JSTL.NS, which primarily procures iron ore from NMDC, said earlier this month that a further drop in iron ore prices is expected in the first quarter of the ongoing fiscal year.

NMDC's fourth-quarter revenue from operations rose 7% to 69.53 billion rupees, mainly due to higher sales in its pellets unit, which logged a nearly 13-fold increase in revenue.

Revenue from its iron ore vertical fell nearly 2% during the quarter.

($1 = 85.3180 Indian rupees)

(Reporting by Manvi Pant in Bengaluru; Editing by Shreya Biswas)

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