JSWSTEEL

March 19 (Reuters) - Shares of Indian steel companies rose in early trade on Wednesday after a government body recommended a temporary tax on some steel products in a bid to curb cheap imports.

An index of metal company shares .NIFTYMET rose 0.8%, with industry leader JSW Steel and Tata Steel among the top ten gainers on the Nifty 50 index .NSEI, which was trading flat.

Shares of JSW Steel JSTL.NS rose 1.5%, while Tata Steel TISC.NS climbed 2.1% as of 9:30 a.m. IST. State-owned SAIL SAIL.NS rose 2.6% and Jindal Steel and Power JNSP.NS gained about 1%.

The Directorate General of Trade Remedies, under the federal trade ministry, has recommended a 12% temporary tax or safeguard duty for 200 days on certain steel products in a bid to curb "serious injury" to the domestic industry.

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

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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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By Arpan Chaturvedi, Aditya Kalra and Neha Arora

NEW DELHI, March 12 (Reuters) - ArcelorMittal's India joint venture has sued New Delhi for rejecting imports of a steelmaking raw material, saying it was incorrectly imposing import curbs retroactively, escalating its fight over a policy change that is hurting its business, documents show.

India's government imposed curbs on imports of low-ash metallurgical coke, or met coke, starting in January, with country-specific quotas to help domestic suppliers. That has spooked big players like ArcelorMittal Nippon Steel India which are concerned about quality issues with local met coke.

ArcelorMittal Nippon has already warned New Delhi privately that it may have to severely curtail steelmaking and delay any expansions due to the curbs.

In an escalation of the tussle, the company challenged Indian authorities at the Delhi High Court on March 5 for rejecting 168,300 million tonnes of met coke import orders from Indonesia and Poland which were placed before the restrictions kicked in.

India's government rejected its import request, saying the company had sufficient quantities of met coke already, but that decision "militates against" the country's free trade policy which allows for the import of already placed orders before restrictions are imposed, ArcelorMittal Nippon said in its court filing, which Reuters is the first to report.

New Delhi was seeking to apply its policy change retroactively, and this "creates uncertainty and lack of confidence among traders and investors regarding the policy assurances," the 290-page filing said.

The company, a 60-40 joint venture between Luxembourg-based ArcelorMittal MT.LU and Japan's Nippon Steel 5401.T, did not respond to a request for comment.

India's government also did not respond. A March 6 court order shows officials have to respond to ArcelorMittal Nippon's plea by next week.

Bigger rival JSW Steel JSTL.NS also has dragged the Indian government to the Delhi High Court over delays in clearing earlier met coke imports worth around $90 million, saying the proper implementation of policies is essential for "businesses to plan and operate effectively," court papers show.

A decision on that plea is pending. JSW declined to comment.

India's Steel Secretary Sandeep Poundrik told reporters on Wednesday enough domestic met coke was available and companies only want to resort to imports as they are $50-100 per tonne cheaper.

ArcelorMittal Nippon argued in its court filing that New Delhi's move would impact its production and expose "it to significant financial harm (both on account of breach of contractual obligations to its suppliers and customers)."

It added the move could cost the company $25 million per consignment. And it also faces vessel detention charges of $27,004 per day if permissions are delayed, court papers show.

In a confidential letter to the Indian government on February 19, the company had sounded an alarm bell due to import curbs, saying it could be forced to shut down its blast furnace operation from June or will reduce production from April.

ArcelorMittal Nippon has a 5% share of India's steelmaking market, which has an annual capacity of 200 million metric tons.

India's imports of low-ash met coke have more than doubled over the four years and New Delhi has restricted total overseas purchases to 1.4 million metric tons between January and June.

(Reporting by Arpan Chaturvedi, Aditya Kalra and Neha Arora; Editing by Kim Coghill)

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March 7 (Reuters) - JSW Steel Ltd JSTL.NS:

• JSW STEEL LTD - CONSOLIDATED PRODUCTION UP 12% YOY IN FEB

• JSW STEEL LTD - INDIAN OPERATIONS CAPACITY UTILISATION AT 93.5% IN FEBRUARY

Source text: ID:nBSE56WMD7

Further company coverage: JSTL.NS

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Updates with ArcelorMittal Nippon Steel India response in paragraphs 6-7

By Aditya Kalra and Neha Arora

NEW DELHI, March 5 (Reuters) - ArcelorMittal's India joint venture has warned it may have to severely curtail steelmaking in the country and delay its expansion plans due to New Delhi's import restrictions on a key raw material, a company letter to the government showed.

In a bid to help the domestic coke industry, India, the world's second-biggest producer of crude steel, in December imposed curbs on imports of low-ash metallurgical coke, or met coke, with country-specific quotas.

But local suppliers are not able to meet ArcelorMittal Nippon Steel India's quality requirements for met coke, and the company, in its letter to India's Commerce Minister Piyush Goyal, has sought additional allocation from Poland and Japan to "sustain our operations".

"Circumstances are leading us to (a) compelling scenario wherein we will be forced to shut down our blast furnace operation from the month of June 2025 or to reduce production from April 2025," the Arcelor joint venture's India CEO, Dilip Oommen, said in the confidential letter.

"We are heading for a very difficult and uncertain period," he added in the letter dated February 19, which has been reviewed by Reuters.

ArcelorMittal Nippon Steel India, a 60-40 joint venture between Luxembourg-based ArcelorMittal MT.LU and Japan's Nippon Steel 5401.T, told Reuters it was committed to maintaining an "active dialogue" with policymakers to "mitigate the impact of current restrictions on imports".

"We are confident that through constructive engagement, we will arrive at a mutually beneficial outcome to ensure our operations and ambitious expansion plans continue without interruption."

India's Commerce Ministry and Goyal's office did not respond to requests for comment.

FEARS OF BUSINESS DISRUPTIONS

The letter reveals the alarm caused by India's policy to limit imports of met coke, and foreign-owned steelmakers' fears of business disruptions. Domestic rivals JSW Steel JSTL.NS and Tata Steel TISC.NS have also opposed the move.

India's imports of low-ash met coke have more than doubled over the past four years, and New Delhi has restricted total overseas purchases to 1.4 million metric tons between January and June.

Last week, Reuters reported India could extend the curbs on met coke to encourage local steel mills to source the ingredient from domestic suppliers, despite objections from steel producers citing a lack of domestic availability and quality concerns.

ArcelorMittal-Nippon has a 5% share of India's steelmaking market, which has an annual capacity of 200 million metric tons. It has a plant in western Gujarat state, where it fears its business could be affected by the quotas for met coke.

The company also said in the letter it was expanding its operations with a $9 billion investment that started in 2021. It plans to quadruple its steel capacity in India to 40 million metric tonnes a year by 2035, and was due to start another blast furnace in December in India.

ArcelorMittal-Nippon "may need to delay commissioning of new blast furnace", it said in the letter.

Steel mills in India are already reeling from record high imports of steel and softening local prices that are hurting their profits and could lead to job cuts.

JSW Steel has said India's import curbs on met coke do not make "strategic sense".

The quotas were imposed after India's Directorate General of Trade Remedies said it wanted to protect domestic met coke producers from rising imports. Major suppliers of the raw material include China, Japan, Indonesia, Poland and Switzerland.

(Reporting by Aditya Kalra and Neha Arora; Editing by Jan Harvey and Alex Richardson)

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By Neha Arora and Amy Lv

NEW DELHI/BEIJING, Feb 25 (Reuters) - India could extend restrictions on low-ash metallurgical or met coke imports to encourage local steel mills to source the steelmaking ingredient from domestic suppliers, two sources said.

In December, India, the world's second-biggest producer of crude steel, imposed quantitative curbs with country-specific quotas on imports of low-ash met coke, restricting total overseas purchases to 1.4 million metric tons from January until the end of June.

The reluctance of Indian steel producers to buy from local producers could prompt the government to extend these restrictions beyond June, said the sources, who did not wish to be named because they were not authorised to talk to the media.

Expressing his reservations about steel mills' preference for importing met coke, India's Minister of Commerce and Industry Piyush Goyal stressed the need to source the raw material locally, the sources said.

Since met coke suppliers from China are rerouting their supplies to India via Indonesia, the Indian government has also asked local steel producers to avoid purchases from Jakarta, they said.

Despite a recent thaw in relations, ties between India and China have been tense since the biggest military confrontation in decades on their disputed Himalayan border killed 20 Indian and at least four Chinese soldiers in June 2020. In response, India has increased its scrutiny of investments from Chinese companies.

India's imports of low ash met coke have more than doubled over the past four years.

Leading steel producers, such as JSW Steel JSTL.NS and ArcelorMittal Nippon Steel India, have expressed concerns over the quality of locally produced met coke.

They argue that any extension of import curbs on the raw material could hinder their plans to increase capacity to meet India's robust domestic demand for steel.

(Reporting by Neha Arora in New Delhi and Amy Lv in Beijing; editing by Mayank Bhardwaj and Christina Fincher)

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By Neha Arora

NEW DELHI, Feb 13 (Reuters) - India's finished steel imports rose to an all-time high in the first 10 months of the financial year that started in April, according to provisional government data reviewed by Reuters on Thursday.

India, the world's second-biggest crude steel producer, imported 8.3 million metric tons of finished steel during April-January, up 20.3% from a year earlier, the data showed.

India remained a net importer during the period, the data showed. India turned net importer of steel in the 2023/24 fiscal year, with imports rising steadily since then and primarily led by China.

The government will detail country of origin data later in the month.

New Delhi began investigating in December whether to impose a temporary import tax, known locally as a safeguard duty, to curb inbound steel shipments.

India could impose a temporary tax of 15%-25% within six months to a year, India's steel minister told Reuters in an interview late on Tuesday.

A sustained influx of cheap imports from countries like China have weighed on prices, hurting leading steelmakers such as JSW Steel JSTL.NS and Steel Authority of India Ltd (SAIL) SAIL.NS.

Domestic prices of hot-rolled coil fell by 15% on year during September-December, according to consultancy BigMint.

India's finished steel exports during the April-January period fell to at least a seven-year low at 4 million tons, down 29% from a year earlier, the data showed.

Domestically, finished steel consumption was strong and touched at least a seven-year high of 124.8 million tons for the period, the data showed.

Crude steel production during April-January stood at 124.9 million tons, up 4.5% from the same period the previous year.

(Reporting by Neha Arora; Editing by Tom Hogue)

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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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By Neha Arora

NEW DELHI, Feb 11 (Reuters) - India's smaller steelmakers could be forced out of business by a further surge in imports resulting from sharp tariff increases imposed by U.S. President Donald Trump, industry executives warned on Monday.

With Indian producers already facing increased competition from rising cheap imports from some of the world's leading producers, Trump has increased tariffs on steel and aluminium imports to a flat 25%.

"The increased tariffs may divert Chinese and other Asian exports to India while heightening competition, creating a downward pressure on domestic prices, and affecting small Indian producers with low-cost Chinese dumping," said Anubhav Kathuria, managing director of stainless steel producer Synergy Steels.

Steel prices in India have already dropped in recent months, pressured by an influx of cheap imports, prompting smaller producers to consider job cuts, Reuters reported in December.

JSW Steel JSTL.NS, India's biggest steelmaker, reported a larger than expected decline in third-quarter profit last month, hit by lower prices, subdued demand and rising imports.

"We need to protect ourselves from other countries diverting steel to India because we do not have any safeguards," said one senior steel company executive, who did not wish to be identified because he was not authorised to talk to the media.

India, which became a net importer of steel in the 2023/2024 financial year, is investigating whether to impose a temporary tax to curb imports.

Separately, the Indian Steel Association, has sought government intervention to secure exemption from U.S. tariffs.

(Reporting by Neha Arora
Editing by Mayank Bhardwaj and David Goodman)

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Feb 10 (Reuters) - JSW Steel Ltd JSTL.NS:

• JSW STEEL - EXPECTS GOVERNMENT CAPEX AND INFRA RECOVERY TO AID GROWTH IN Q4

Source text: ID:nNSE3Kvb1m

Further company coverage: JSTL.NS

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Feb 6 (Reuters) - Indian state-owned miner NMDC NMDC.NS reported a higher third-quarter profit on Thursday, aided by price hikes during the period.

The iron ore miner reported a 30% year-on-year rise in profit to 19.44 billion rupees ($222 million) for the October-December quarter.

NMDC increased the prices of iron ore twice during the quarter, resulting in an average price of 4,377 rupees per tonne, up nearly 17% on-year, according to data from JM Financial Institutional Securities.

Last month, JSW Steel JSTL.NS, which primarily procures iron ore from NMDC, said that escalating prices of iron ore have partially offset a decline in costs due to falling coking coal prices.

NMDC's revenue from operations rose 21% to 65.31 billion rupees in the third quarter.

($1 = 87.5280 Indian rupees)

(Reporting by Manvi Pant in Bengaluru)

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Feb 5 (Reuters) - JSW Steel Ltd JSTL.NS:

• GETS TAX DEMAND ORDER FOR 146.8 MILLION RUPEES, PENALTY OF 146.8 MILLION RUPEES

Source text: ID:nBSEt0Vfm

Further company coverage: JSTL.NS

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Feb 3 (Reuters) - JSW Steel Ltd JSTL.NS:

• JSW STEEL LTD - DECIDES NOT TO DEVELOP BANAI AND BHALUMUDA COAL BLOCK

Source text: ID:nBSEH0QCs

Further company coverage: JSTL.NS

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Jan 28 (Reuters) - JSW Steel Ltd JSTL.NS:

• EXTENDED LONG STOP DATE FOR ACQUISITION OF 92.19% STAKE OF MINAS DE REVUBOE

• EXTENDED LONG STOP DATE FROM JANUARY 31, 2025 TO JUNE 30, 2025

Source text: ID:nBSE9gyFM5

Further company coverage: JSTL.NS

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Jan 27 (Reuters) - JSW Steel Ltd JSTL.NS:

• JSW GROUP: JSW GROUP EXPANDS INTO MINING OF NON-FERROUS METALS

• JSW GROUP: WINS MDO CONTRACT FOR TWO COPPER MINES IN JHARKHAND; TO INVEST 26 BLN RUPEES

• JSW GROUP: MDO CONTRACT OF TWO BLOCKS OF COPPER MINES FROM HINDUSTAN COPPER

• JSW GROUP: PROJECT INVOLVES OPERATIONALIZING 2 MINES, SETTING UP OF COPPER CONCENTRATOR PLANT

• JSW GROUP: MINES EXPECTED TO BECOME PART OPERATIONAL IN H2 FY27

Source text: [ID:]

Further company coverage: JSTL.NS

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MUMBAI, Jan 24 (Reuters) - India's Jsquare Electrical Steel Nashik has accepted bids worth 26 billion rupees ($301.6 million) for zero-coupon bonds maturing in three years, three bankers said on Friday.

The company is a wholly owned subsidiary of JSW JFE Electrical Steel (J2ES) - a joint venture between JSW Steel JSTL.NS and Japanese steelmaker JFE Steel.

The company will offer a yield of 9.45% and had invited bids for the issue earlier in the day, the bankers added.

An email sent to JSW Group to seek a comment remained unanswered.

Here is the list of deals reported so far on Jan. 24:

*Size includes base plus greenshoe for some issues

($1 = 86.2080 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Savio D'Souza)

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

• JSW GROUP SIGNS MOU WITH GOVERNMENT OF MAHARASHTRA FOR 3 TRLN RUPEES INVESTMENT IN THE STATE- STATEMENT

• JSW GROUP: MOU TO INVEST IN STEEL, RENEWABLE ENERGY, CEMENT, BATTERY MANUFACTURING, EV IN MAHARASHTRA

Source text: [ID:]

Further company coverage: JSTL.NS

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MUMBAI, Jan 20 (Reuters) - India's Jsquare Electrical Steel Nashik plans to raise 26 billion rupees ($300.7 million) through the sale of zero-coupon bonds maturing in three years, three bankers said on Monday.

The company is a wholly owned subsidiary of JSW JFE Electrical Steel (J2ES) - a joint venture between JSW Steel JSTL.NS and Japanese steelmaker JFE Steel.

The company will offer a yield of 9.45% and has invited bids for the issue on Friday, the bankers added.

An email sent to JSW Group to seek a comment remained unanswered immediately.

Here is the list of deals reported so far on Jan. 20:

*Size includes base plus greenshoe for some issues

($1 = 86.4760 Indian rupees)

(Reporting by Dharamraj Dhutia
Editing by Sumana Nandy)

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Jan 10 (Reuters) - JSW Steel Ltd JSTL.NS:

• REPORTS HIGHEST EVER QUARTERLY CRUDE STEEL PRODUCTION OF 7.03 MILLION TONNES

• Q3 CRUDE STEEL PRODUCTION UP 4% QOQ AND 2% YOY

Source text: ID:nBSEc9X14h

Further company coverage: JSTL.NS

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By Neha Arora

NEW DELHI, Jan 9 (Reuters) - India is expected to sign a preliminary agreement with Mongolia soon in the area of geology and exploration, a senior Indian government official with direct knowledge of the matter said.

Landlocked Mongolia is rich in deposits of copper and coking coal, and India is mostly dependent on imports to meet rising demand for the red metal used in power, construction and electrical vehicles as well as coking coal for steelmaking.

"India's cabinet has approved the MoU (memorandum of understanding) and both countries are expected to sign it soon," the source said, declining to be identified as the deliberations are not yet public.

India's federal mines ministry did not respond to a Reuters email seeking comment.

Mongolia's Ministry of Mining and Heavy Industry did not immediately respond to a Reuters email seeking comments.

Companies such as Adani, Hindalco and Vedanta have expressed an interest in sourcing copper from Mongolia, the source said. All three companies did not respond to emails from Reuters seeking comment.

Both Indian and Mongolian officials are working out supply routes for Indian companies to source copper and coking coal, with India preferring the route from Vladivostok in Russia despite the longer distance, the official said.

"China is convenient but we prefer the route from Russia," the official said.

Relations between Asian giants India and China were strained after a deadly military clash on their disputed border in 2020 but have been on the mend since they reached an agreement in October to pull back troops from their last two stand-off points in the western Himalaya mountains.

Unlike China, India has traditionally maintained close ties with Russia.

Resource-rich Mongolia can offer superior grades of coking coal, industry officials say.

In November, India's JSW Steel JSTL.NS and state-run Steel Authority of India (SAIL) SAIL.NS were in talks with Mongolian authorities to import two shipments of coking coal, Reuters reported.

(Reporting by Neha Arora; Editing by Christian Schmollinger)

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- Source link: (https://bit.ly/4fLyWyw)

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

(Bengaluru newsroom)

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Adds details, background from paragraph 2 onwards

Dec 26 (Reuters) - India will impose restrictions on the import of low-ash metallurgical coke, a key steelmaking ingredient, for six months starting January 1, 2025, a government order said on Thursday.

The move aims to protect domestic producers from rising imports, which have surged by over 61% in the past four years, according to data from the federal trade ministry.

The order sets country-specific quotas, limiting imports to 713,583 tonnes for each of the first two quarters of 2025.

Most imports allowed under the restriction will come from Poland and Colombia.

Import of metallurgical coke with ash content above 18% - generally considered poor quality for steelmaking - remains unrestricted.

This decision follows an April proposal by the Directorate General of Trade Remedies, an arm of the federal trade ministry, to limit annual imports to 2.85 million metric tons for one year.

However, leading steelmakers, including JSW Steel JSTL.NS and ArcelorMittal Nippon Steel, opposed the move, arguing it could hinder steel production in India, the world's second-largest crude steel producer.

The government has been consulting the steelmaking industry ahead of the restrictions, Reuters reported in August.

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

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Dec 19 (Reuters) - JSW Steel Ltd JSTL.NS:

• JSW STEEL LTD - ANNOUNCES RESTRUCTURING OF USA SUBSIDIARIES

• JSW STEEL LTD - PUREST ENERGY MERGED WITH PERIAMA HOLDINGS

• JSW STEEL LTD - CARETTA MINERALS MERGED WITH PLANCK HOLDINGS

Source text: ID:nBSE3rmVXd

Further company coverage: JSTL.NS

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By Manoj Kumar

NEW DELHI, Dec 17 (Reuters) - India is likely to impose a "safeguard duty" or temporary tax of up to 25% on steel imports, industry and government sources said, to help to curb cheap imports from top producer China.

The proposal gained broad support at a meeting chaired by commerce minister Piyush Goyal on Tuesday after small industries dropped initial opposition once they received assurances that they would not be hit by higher steel prices.

"It seems the safeguard duty will be imposed after an investigation, likely completed within a month," said an industry official who attended the meeting. "To address concerns of small manufacturers, large steelmakers will supply them steel at reduced prices."

India's Directorate General of Trade Remedies is investigating whether cheap imports from China have harmed domestic steelmakers. The government is likely to impose the temporary tax once the investigation is over.

"MSMEs (micro, small and medium enterprises) registered with the government will receive raw materials at FOB (free on board) export prices," Pankaj Chadha, chairman of the Engineering Export Promotion Council of India (EEPC), said after the meeting.

Small manufacturers, consuming about 1 million metric tons of steel annually, are expected to benefit from the arrangement, with prices about 20% lower than market rates, Chadha said.

Major producers such as JSW Steel JSTL.NS, Tata Steel TISC.NS and ArcelorMittal Nippon Steel India have raised concerns about cheaper imports from China.

India, the world's second-biggest producer of crude steel, became a net importer of the alloy in the financial year to March 31, with imports surging to a record high during the first seven months of the current financial year.

A commerce ministry spokesman declined to comment.

Assurances of affordable supplies of steel to India's small industries would pave the way for imposition of temporary tax on steel imports, said a government official with the direct knowledge of the matter, noting that "a major roadblock has been removed".

The steel ministry this month proposed a 25% safeguard duty on flat-steel products for two years to curb cheap Chinese imports.

(Reporting by Manoj Kumar
Additional reporting by Neha Arora
Editing by David Goodman)

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By Neha Arora and Mayank Bhardwaj

NEW DELHI, Dec 12 (Reuters) - India will reach a decision soon on whether to impose import restrictions on metallurgical coke, a key ingredient in steelmaking, a source with direct knowledge of the matter told Reuters.

India, the world's second-largest producer of crude steel, proposed a plan in April to protect local suppliers of low-ash metallurgical coke by imposing country-specific quotas to limit annual imports to 2.85 million metric tons for one year.

Leading steelmakers such as JSW Steel JSTL.NS and ArcelorMittal Nippon Steel opposed the move, saying it would hit output, and the government has been consulting with the industry.

Those consultations have concluded, and the decision is now pending with the federal trade ministry, the source said on Wednesday.

"The decision is expected very soon," said the source, who spoke on condition of anonymity as the deliberations are sensitive.

"There are conflicting pressures weighing on the decision with steel industry on one side and met coke producers on the other."

The trade ministry's Directorate General of Trade Remedies (DGTR) said in April the curbs were meant to protect domestic met coke producers from rising imports, which have increased by more than 61% over the past four years.

It proposed quotas on imports from major suppliers including China, Japan, Indonesia, Poland and Switzerland.

In June, India's federal steel ministry also wrote to the trade ministry, saying the curbs would hit local steel production.

The federal trade ministry did not respond to a Reuters email seeking comment.

(Reporting by Neha Arora and Mayank Bhardwaj; Editing by Andrew Heavens)

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Dec 10 (Reuters) - JSW Steel Ltd JSTL.NS:

• JSW STEEL RECEIVES GST PENALTY ORDER OF 644.7 MILLION RUPEES

Source text: ID:nBSE2Djb2R

Further company coverage: JSTL.NS

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

• CONSOLIDATED CRUDE STEEL PRODUCTION OF 23.23 LAKH TONNES FOR NOVEMBER'24

• REPORTS CONSOLIDATED CRUDE STEEL PRODUCTION OF 2.3 MILLION TONNES IN NOV

Source text: ID:nBSE1JM8Zh

Further company coverage: JSTL.NS

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By Neha Arora

MANDI GOBINDGARH, India, Dec 4 (Reuters) - India's construction boom with its gleaming highrises and multilane highways was supposed to drive up domestic steel sales, but Jogindra Group's mills in northern Punjab state are filled with unsold inventory.

A flood of cheap Chinese steel has pushed 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.

India, the world's second-largest steel maker, turned into a net importer in the last fiscal year, sounding alarms in New Delhi about what a weakened sector portends for the security of future infrastructure projects and steel-reliant industries.

At small and medium-sized mills, which account for 41% of India's total steel output and employ more than 1.5 million people, capacity utilisation has dropped by nearly a third over the past six months, executives from a dozen such producers said in interviews.

In Mandi Gobindgarh, Punjab's "steel city", the cluster of mills is unable to compete with Chinese imports often sold at up to 10% less than Indian offerings.

"If we are not able to compete in the market, our plant won't run at full capacity," said Adarsh Garg, chairman and managing director at Jogindra Group.

"We will be forced to lay off 10% to 15% of our employees here if this continues," Garg said.

Despite offering discounts on its products, the company's sales have dropped 30% to 35% in the past six months, forcing it to cut output by nearly a third, Garg said.

Raju John, director general of the Builders Association of India, said developers and engineering firms are lured by the savings. Chinese steel sells for $25 to $50 a metric ton cheaper and sometimes as much as $70.

Finished steel imports from China reached an all-time high this year, up more than 30%, and included both hot-rolled steel used in construction and galvanised steel for the automobile industry.

The influx has battered domestic sales while China's lower prices have also eroded Indian exports.

'EVERYONE IS BLEEDING'

China produces more steel than the rest of the world combined, and its bargain offerings on the global market have prompted widespread trade complaints.

That output, expected to continue in 2025, coupled with heightened export volumes since China's property crisis battered demand from the domestic construction industry, has rattled steel markets overseas, even in countries with a strong local industry.

"Surging imports at predatory prices with reducing export opportunity is today a major concern for the survival of (the) Indian steel industry," the Indian Steel Association said in a presentation to the government.

The association said steel companies are struggling to initiate expansion plans after their profit margins dropped by 68% to 91% so far this fiscal year.

Prices have suffered with hot-rolled coil used in construction plummeting to a three-year low earlier this year.

While smaller steelmakers have been hit the hardest, even big Indian producers such as JSW Steel JSTL.NS and Tata Steel TISC.NS are concerned and have backed the association's efforts to push for curbs on Chinese imports.

The process to impose import curbs, which could take four to six months, is subject to paperwork completion by the industry and a subsequent government investigation to determine whether Chinese imports are harming Indian steel mills.

New Delhi is keen to avoid mass layoffs for the industry's 2.5 million workers as India struggles to employ its surging population.

Steel also fortifies India's rapid development, from new housing to massive infrastructure projects required to sustain the world's fastest-growing major economy.

A senior government official with knowledge of the matter said the financial stability of steel companies is required to ensure future demand is met.

Steel mills across India are feeling the pinch.

"During July-September, the export orders we were waiting for did not come through because we lost business to China," said Sagar Yadav, a senior general manager at Goodluck India steel mills in the northern state of Uttar Pradesh.

In the western city of Pune, Neo Mega Steel has lost orders from the automobile industry to Chinese rivals, said Managing Director Vedant Goel.

And in western Maharashtra state, Bhagyalaxmi Rolling Mill has been hit by a sharp drop in exports.

Nitin Kabra, a director at the mill, said he expects production cuts at the start of next year.

"Chinese imports have impacted our margins and morale," Kabra said.

"Prices have fallen so low that everyone is bleeding."

($1 = 84.33 rupees)

(Reporting by Neha Arora; Additional reporting by Jatindra Dash in BHUBANESWAR; Editing by Mayank Bhardwaj, Tony Munroe and Saad Sayeed)

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Dec 2 (Reuters) - JSW Steel Ltd JSTL.NS:

• INDIAN STEELMAKER JSW TO LAUNCH ITS OWN EV BRAND - FT

Source text: https://tinyurl.com/2a9qj7do

Further company coverage: JSTL.NS

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By David Stanway

SINGAPORE, Nov 29 (Reuters) - The world's biggest steelmakers are falling behind in the shift towards low-carbon production, with some still entirely dependent on fossil fuels for their energy, a survey of 18 leading firms showed on Friday.

Steel is responsible for 7% of global carbon dioxide emissions, around the same as India, with coal-fired blast furnaces producing 2 metric tons of CO2 for each ton of output.

Alternative technologies are available, including electric arc furnaces (EAFs) that can be powered with renewables, and efforts are underway to produce iron using "green hydrogen" rather than coal.

But some of the industry's biggest names still relied on fossil fuels for 99% of their energy over 2022-2023, the Sydney-based climate group Action Speaks Louder (ASL) said.

Steel is considered a "hard to abate" sector, but the main obstacle is affordability, said Laura Kelly, ASL's strategy director and the survey's author.

"This messaging about 'hard to abate' is still implying it is not technologically possible," she said.

The best performer was Sweden's SSAB SSABa.ST, which sourced 19% of its energy from renewables, while some of the biggest laggards were in South Korea.

The share of renewables in the energy use of Hyundai Steel 004020.KS, Dongkuk Steel 460860.KS and Posco 005490.KS stood at zero or close to zero, even though they produce large quantities of steel through EAFs. None of the firms responded to requests for comment.

Kelly said some firms have vested interests in maintaining the status quo because of investments in fossil fuel infrastructure, including import terminals and pipelines.

India's JSW Steel JSTL.NS sourced 0.4% of its energy from renewables. It aims to run all its steel operations using clean energy and waste gas by 2030, said chief sustainability officer Prabodha Acharya.

Baosteel 600019.SS, China's biggest steelmaker, also sourced 0.4% of its energy from renewables in 2022. The company told Reuters it was drawing up new clean energy targets.

Steelmakers will come under growing pressure to shift to cleaner energy as carbon pricing initiatives come into force.

"If it is not hurting them financially now, it is hurting them strategically because they are lagging on that transition plan," Kelly said.

(Reporting by David Stanway; Additional reporting by Amy Lv in Beijing; Editing by Kim Coghill)

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