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Tata Steel Nine Individuals Were Injured In Co's Kalinganagar Steel Melting Shop Accident
Tata Steel Ltd TISC.NS:
TATA STEEL: NINE INDIVIDUALS WERE INJURED IN CO'S KALINGANAGAR STEEL MELTING SHOP ACCIDENT
Source text: [ID:]
Further company coverage: TISC.NS
Tata Steel Ltd TISC.NS:
TATA STEEL: NINE INDIVIDUALS WERE INJURED IN CO'S KALINGANAGAR STEEL MELTING SHOP ACCIDENT
Source text: [ID:]
Further company coverage: TISC.NS
Steel stocks gain as India plans to tax imports
Trade body recommends 12% tax on certain steel imports for 200 days
Analysts forecast steel price hikes and earnings growth
May counter diversions from Japan, South Korea after US tariffs
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)
(([email protected]; +918447554364;))
Trade body recommends 12% tax on certain steel imports for 200 days
Analysts forecast steel price hikes and earnings growth
May counter diversions from Japan, South Korea after US tariffs
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)
(([email protected]; +918447554364;))
Indian steel prices facing risk from Chinese imports, tariff pressures, Fitch says
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)
(([email protected]; +918447554364;))
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)
(([email protected]; +918447554364;))
British steel industry calls for help with electricity prices
By Susanna Twidale
LONDON, March 15 (Reuters) - Britain's steel industry has called on the government to help with electricity prices that it says can be it 50% higher than those paid by European competitors.
Earlier this week, the sector was hit by a 25% tariff on exports to the U.S. that make up around 9% of the value of Britain's steel exports.
"Uncompetitive electricity prices must be addressed to ensure the steel industry can thrive, secure thousands of jobs, and safeguard national steel production as geopolitical turbulence increases," said Frank Aaskov, Director, Energy and Climate Change Policy at industry group UK Steel.
The group, which represents the country's main steel producers, has called on the government to set fixed electricity prices for the sector via a contract-for-difference.
Under the system, if wholesale electricity prices rise above a threshold called the strike price, the government would subsidise the difference, and if it fell below a certain level, the steel makers would pay back the difference.
"The strike price could be set at regular intervals to reflect changes in wholesale electricity prices and provide the steel sector with much-needed protection from price volatility,” a report by consultancy Baringa, commissioned by the steel industry said.
The Baringa report said UK producers pay around 68 pounds per megawatt hour (MWh) for electricity, compared with 52 pounds/MWh in Germany and 44 pounds MWh in France.
Last month, the government launched a consultation on a strategy for the steel sector, said it sought to invest 2.5 billion pounds ($3.23 billion) and look at issues including high energy costs.
A government spokesperson said the government was "already bringing energy costs for steel closer in line with other major economies" through a package of measures to support industry.
"This fully exempts eligible firms from certain costs linked to renewable energy policies, particularly those exposed to the high cost of electricity, such as steel."
Steel UK members include British Steel, Liberty Steel and Tata Steel.
($1 = 0.7738 pounds)
(Reporting By Susanna Twidale; editing by David Evans and Barbara Lewis)
(([email protected]; +44 207 5424753;))
By Susanna Twidale
LONDON, March 15 (Reuters) - Britain's steel industry has called on the government to help with electricity prices that it says can be it 50% higher than those paid by European competitors.
Earlier this week, the sector was hit by a 25% tariff on exports to the U.S. that make up around 9% of the value of Britain's steel exports.
"Uncompetitive electricity prices must be addressed to ensure the steel industry can thrive, secure thousands of jobs, and safeguard national steel production as geopolitical turbulence increases," said Frank Aaskov, Director, Energy and Climate Change Policy at industry group UK Steel.
The group, which represents the country's main steel producers, has called on the government to set fixed electricity prices for the sector via a contract-for-difference.
Under the system, if wholesale electricity prices rise above a threshold called the strike price, the government would subsidise the difference, and if it fell below a certain level, the steel makers would pay back the difference.
"The strike price could be set at regular intervals to reflect changes in wholesale electricity prices and provide the steel sector with much-needed protection from price volatility,” a report by consultancy Baringa, commissioned by the steel industry said.
The Baringa report said UK producers pay around 68 pounds per megawatt hour (MWh) for electricity, compared with 52 pounds/MWh in Germany and 44 pounds MWh in France.
Last month, the government launched a consultation on a strategy for the steel sector, said it sought to invest 2.5 billion pounds ($3.23 billion) and look at issues including high energy costs.
A government spokesperson said the government was "already bringing energy costs for steel closer in line with other major economies" through a package of measures to support industry.
"This fully exempts eligible firms from certain costs linked to renewable energy policies, particularly those exposed to the high cost of electricity, such as steel."
Steel UK members include British Steel, Liberty Steel and Tata Steel.
($1 = 0.7738 pounds)
(Reporting By Susanna Twidale; editing by David Evans and Barbara Lewis)
(([email protected]; +44 207 5424753;))
US auto firms seek tariffs exemption for key supplier Tata Steel Nederland
By Alban Kacher
March 12 (Reuters) - Tata Steel Nederland (TSN), the Dutch arm of the Indian steel giant TISC.NS, said on Wednesday some of its U.S. clients, notably from the automotive sector, were lobbying for the supplier to be exempted from U.S. tariffs on steel imports.
“Exemptions are the most important part in mitigating (the effect of the tariffs),” a TSN spokesperson told Reuters, adding that it was too early to comment on the impact for the sector.
"We have been assessing the implications of the change in government in the U.S. for some time and are in close contact with our customers. We are also in close contact with relevant stakeholders to assess and mitigate possible effects," he said.
TSN supplies high-quality specialised, critical, and strategic steel grades to the United States. It is the sole American supplier of nickel-plated strip for electric vehicle batteries and copper-plated strip for fuel lines in cars.
The U.S. is the group's second most important market after Europe, typically accounting for about 12% of annual sales.
The Dutch steel maker benefitted from an exemption from steel tariffs under the previous Trump administration, in 2018.
Trump's increased tariffs on steel and aluminium imports took effect on Wednesday as prior exemptions, duty-free quotas and product exclusions expired.
(Reporting by Alban Kacher
Editing by Mark Potter)
(([email protected]; +48 58 769 65 87;))
By Alban Kacher
March 12 (Reuters) - Tata Steel Nederland (TSN), the Dutch arm of the Indian steel giant TISC.NS, said on Wednesday some of its U.S. clients, notably from the automotive sector, were lobbying for the supplier to be exempted from U.S. tariffs on steel imports.
“Exemptions are the most important part in mitigating (the effect of the tariffs),” a TSN spokesperson told Reuters, adding that it was too early to comment on the impact for the sector.
"We have been assessing the implications of the change in government in the U.S. for some time and are in close contact with our customers. We are also in close contact with relevant stakeholders to assess and mitigate possible effects," he said.
TSN supplies high-quality specialised, critical, and strategic steel grades to the United States. It is the sole American supplier of nickel-plated strip for electric vehicle batteries and copper-plated strip for fuel lines in cars.
The U.S. is the group's second most important market after Europe, typically accounting for about 12% of annual sales.
The Dutch steel maker benefitted from an exemption from steel tariffs under the previous Trump administration, in 2018.
Trump's increased tariffs on steel and aluminium imports took effect on Wednesday as prior exemptions, duty-free quotas and product exclusions expired.
(Reporting by Alban Kacher
Editing by Mark Potter)
(([email protected]; +48 58 769 65 87;))
EXCLUSIVE-ArcelorMittal-Nippon say import curbs may hit India production, delay expansion
India steelmaking raw material cubs face stiff opposition
ArcelorMittal India JV warns of business impact, letter shows
India has imposed raw material curbs to help domestic industry
ArcelorMittal venture says it may have to delay India expansion
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)
(([email protected];))
India steelmaking raw material cubs face stiff opposition
ArcelorMittal India JV warns of business impact, letter shows
India has imposed raw material curbs to help domestic industry
ArcelorMittal venture says it may have to delay India expansion
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)
(([email protected];))
Tata Steel Limited Acquires 7.89 Billion Shares In T Steel Holdings For $1.24 Billion
Feb 25 (Reuters) - Tata Steel Ltd TISC.NS:
TATA STEEL LIMITED - ACQUISITION OF EQUITY STAKE IN T STEEL HOLDINGS
TATA STEEL LTD - ACQUIRES 7.89 BILLION SHARES IN T STEEL HOLDINGS FOR $1.24 BILLION
TATA STEEL LTD - FUNDS TO BE USED FOR DEBT REPAYMENT AND RESTRUCTURING AT TATA STEEL UK
Source text: ID:nRSY4309Ya
Further company coverage: TISC.NS
(([email protected];))
Feb 25 (Reuters) - Tata Steel Ltd TISC.NS:
TATA STEEL LIMITED - ACQUISITION OF EQUITY STAKE IN T STEEL HOLDINGS
TATA STEEL LTD - ACQUIRES 7.89 BILLION SHARES IN T STEEL HOLDINGS FOR $1.24 BILLION
TATA STEEL LTD - FUNDS TO BE USED FOR DEBT REPAYMENT AND RESTRUCTURING AT TATA STEEL UK
Source text: ID:nRSY4309Ya
Further company coverage: TISC.NS
(([email protected];))
India's Tata Steel rises after acquiring shares in Singapore unit
** Shares of India's Tata Steel rise 2% to 141 rupees; among top pct gainers in Nifty 50 index .NSEI, which is down 0.6%
** India's second-biggest steelmaker by market value says it acquired shares in its Singapore-based unit T Steel Holdings
** Share acquisition is worth up to $300 mln, co adds
** Stock eyes a fourth straight session of gains
** If gains hold, TISC to snap a four-month losing streak
(Reporting by Yagnoseni Das in Bengaluru)
(([email protected];))
** Shares of India's Tata Steel rise 2% to 141 rupees; among top pct gainers in Nifty 50 index .NSEI, which is down 0.6%
** India's second-biggest steelmaker by market value says it acquired shares in its Singapore-based unit T Steel Holdings
** Share acquisition is worth up to $300 mln, co adds
** Stock eyes a fourth straight session of gains
** If gains hold, TISC to snap a four-month losing streak
(Reporting by Yagnoseni Das in Bengaluru)
(([email protected];))
Tata Steel Acquires Equity Stake In T Steel Holdings For $300 Million
Feb 20 (Reuters) - Tata Steel Ltd TISC.NS:
TATA STEEL LTD - ACQUISITION OF EQUITY STAKE IN T STEEL HOLDINGS
TATA STEEL LTD - ACQUISITION FOR $300 MILLION
Source text: ID:nBSE1f4X5x
Further company coverage: TISC.NS
(([email protected];;))
Feb 20 (Reuters) - Tata Steel Ltd TISC.NS:
TATA STEEL LTD - ACQUISITION OF EQUITY STAKE IN T STEEL HOLDINGS
TATA STEEL LTD - ACQUISITION FOR $300 MILLION
Source text: ID:nBSE1f4X5x
Further company coverage: TISC.NS
(([email protected];;))
Tata Steel Says Neath Port Talbot Council Approved Plans For Electric Arc Furnace In Port Talbot
Feb 18 (Reuters) - Tata Steel Ltd TISC.NS:
TATA STEEL LTD - NEATH PORT TALBOT COUNCIL APPROVES PLANS FOR ELECTRIC ARC FURNACE IN PORT TALBOT
Source text: ID:nRSR5730Xa
Further company coverage: TISC.NS
(([email protected];))
Feb 18 (Reuters) - Tata Steel Ltd TISC.NS:
TATA STEEL LTD - NEATH PORT TALBOT COUNCIL APPROVES PLANS FOR ELECTRIC ARC FURNACE IN PORT TALBOT
Source text: ID:nRSR5730Xa
Further company coverage: TISC.NS
(([email protected];))
India New Issue-Tata Steel to issue 5-year bonds, bankers say
MUMBAI, Feb 17 (Reuters) - India's Tata Steel TISC.NS plans to raise 30 billion rupees ($346 million) through the sale of bonds maturing in five years, three bankers said on Monday.
The company will pay an annual coupon of 7.65% on this issue and has invited bids from bankers and investors on Friday, they said.
Last week, Reuters reported that Tata Steel is set to tap the corporate bond market after a gap of nearly one year.
Tata Steel did not immediately reply to a Reuters email seeking comment.
Here is the list of deals reported so far on February 17:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Tata Steel | 5 years | 7.65 | 30 | Feb. 21 | AAA (India Ratings) |
*Size includes base plus greenshoe for some issues
($1 = 86.6900 Indian rupees)
(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Mrigank Dhaniwala)
MUMBAI, Feb 17 (Reuters) - India's Tata Steel TISC.NS plans to raise 30 billion rupees ($346 million) through the sale of bonds maturing in five years, three bankers said on Monday.
The company will pay an annual coupon of 7.65% on this issue and has invited bids from bankers and investors on Friday, they said.
Last week, Reuters reported that Tata Steel is set to tap the corporate bond market after a gap of nearly one year.
Tata Steel did not immediately reply to a Reuters email seeking comment.
Here is the list of deals reported so far on February 17:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Tata Steel | 5 years | 7.65 | 30 | Feb. 21 | AAA (India Ratings) |
*Size includes base plus greenshoe for some issues
($1 = 86.6900 Indian rupees)
(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Mrigank Dhaniwala)
India's Tata Steel likely to tap bond market after near 1-year hiatus, sources say
By Khushi Malhotra and Dharamraj Dhutia
MUMBAI, Feb 13 (Reuters) - India's Tata Steel TISC.NS is set to tap the corporate bond market after a gap of nearly one year, two sources familiar with the matter said on Thursday.
"The company is already in talks with merchant bankers and investors, and is offering a variety of tenors, and would finalise one or two of those, based on levels that they get," one of the sources said.
Tata Steel is likely to raise around 30 billion rupees ($345.6 million) through this bond issue and will likely complete the issue before the end of this month.
The company is flexible in terms of tenor and is in discussion for bonds with three-year, five-year, seven-year or even 10-year maturity, the other source said.
Both the sources requested anonymity as they are not authorised to speak with the media.
Tata Steel did not immediately reply to a Reuters email seeking comment.
Recently India Ratings has upgraded the bonds of the steel company to the highest grade of AAA from AA+.
"The ratings factor in the strategic linkages between TSL and its sponsor, Tata Sons Private Limited and the strong financial flexibility of Tata Sons," India Ratings said in a note dated February 11.
The upgrade also reflects the likelihood of reduced losses at Tata Steel's U.K. operations over the next two financial years and eventual profitability, the ratings agency added.
The company has outstanding bonds worth more than 128 billion rupees, of which 6.70 billion rupees of debt is due to mature next month.
Tata Steel last tapped the bond market in March 2024, when it raised 27 billion rupees through bonds maturing in three years at a coupon of 7.79%.
($1 = 86.8020 Indian rupees)
(Reporting by Khushi Malhotra and Dharamraj Dhutia; Editing by Eileen Soreng)
(([email protected];))
By Khushi Malhotra and Dharamraj Dhutia
MUMBAI, Feb 13 (Reuters) - India's Tata Steel TISC.NS is set to tap the corporate bond market after a gap of nearly one year, two sources familiar with the matter said on Thursday.
"The company is already in talks with merchant bankers and investors, and is offering a variety of tenors, and would finalise one or two of those, based on levels that they get," one of the sources said.
Tata Steel is likely to raise around 30 billion rupees ($345.6 million) through this bond issue and will likely complete the issue before the end of this month.
The company is flexible in terms of tenor and is in discussion for bonds with three-year, five-year, seven-year or even 10-year maturity, the other source said.
Both the sources requested anonymity as they are not authorised to speak with the media.
Tata Steel did not immediately reply to a Reuters email seeking comment.
Recently India Ratings has upgraded the bonds of the steel company to the highest grade of AAA from AA+.
"The ratings factor in the strategic linkages between TSL and its sponsor, Tata Sons Private Limited and the strong financial flexibility of Tata Sons," India Ratings said in a note dated February 11.
The upgrade also reflects the likelihood of reduced losses at Tata Steel's U.K. operations over the next two financial years and eventual profitability, the ratings agency added.
The company has outstanding bonds worth more than 128 billion rupees, of which 6.70 billion rupees of debt is due to mature next month.
Tata Steel last tapped the bond market in March 2024, when it raised 27 billion rupees through bonds maturing in three years at a coupon of 7.79%.
($1 = 86.8020 Indian rupees)
(Reporting by Khushi Malhotra and Dharamraj Dhutia; Editing by Eileen Soreng)
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India weighs temporary tax on cheap Chinese steel import, minister says
Chinese imports often aided by unfair trade practices: minister
India could impose temporary tax of 15%-25% to curb imports
India looking at Canada, Russia, U.S. to source coking coal
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)
(([email protected];))
Chinese imports often aided by unfair trade practices: minister
India could impose temporary tax of 15%-25% to curb imports
India looking at Canada, Russia, U.S. to source coking coal
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)
(([email protected];))
Indian steelmakers fear for future if unprotected from effects of Trump tariffs
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)
(([email protected];))
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)
(([email protected];))
UPDATE 6-US steel makers stocks rise, foreign peers fall on Trump tariff plans
Tariffs likely to boost US demand for domestic steel
Steel import costs to rise by about $150 per ton - Citi
ArcelorMittal plans to build manufacturing facility in Alabama
New throughout, updates share prices, adds analyst comment
By Shivansh Tiwary, Medha Singh and Chibuike Oguh
NEW YORK, Feb 10 (Reuters) - Shares of U.S. steel and aluminum producers rose on Monday, while their European and Asian counterparts fell a day after President Donald Trump announced plans to impose fresh metal import tariffs.
On Sunday, Trump said he would impose a 25% tariff increase on all steel and aluminum imports into the U.S. on top of existing duties and a further set of reciprocal tariffs later in the week. He was expected to unveil the new tariffs on Monday or Tuesday.
American producers gained. Cleveland-Cliffs CLF.N jumped nearly 18%, Nucor NUE.N added nearly 6%, and Steel Dynamics STLD.O rose nearly 5%. Century Aluminum CENX.O added 10%, Alcoa AA.N rose 2.2% and U.S. Steel X.N gained nearly 5%.
"It's not surprising that the companies that would directly benefit from this are experiencing market gains right now, that happened last time, although those gains were lost as global market realities eventually catch up with these firms," said Christine McDaniel, senior research fellow at Mercatus Center and a former Deputy Assistant Secretary at the Treasury Department.
American steelmakers have been grappling with subdued demand for their products as an influx of cheaper imports forced them to cut prices and idle mills.
Nearly a quarter of all steel used in the U.S. is imported, with the bulk of it from neighboring Mexico and Canada or close allies in Asia and Europe such as Japan, South Korea and Germany.
Steel manufacturers are trying to bring their supply chain closer or into the U.S. to offset the impact of a tariff hike, which Citi Research said would raise import costs by about $150 per ton.
"Tariffs give them a temporary advantage but then you can't really escape the reality of the global marketplace plus U.S. manufacturers who consume steel and aluminum are now facing higher prices," McDaniel said.
ArcelorMittal MT.LU, the world's second-largest steelmaker, is planning to build a manufacturing facility in Alabama to supply to the automotive sector, one of the largest buyers of domestically produced steel. South Korea's Hyundai Steel 004020.KS also plans a plant in the U.S.
Shares of ArcelorMittal MT.LU, MT.AS and Voestalpine VOES.VI fell 2% each, while Germany's Thyssenkrupp TKAG.DE and Salzgitter SZGG.DE were trading flat.
Additional tariffs on aluminum imports should boost U.S. domestic production to around 1 million metric tons a year from nearly 750,000 metric tons, J.P.Morgan analysts said, similar to the rise seen during the 2018 tariff war.
Shares of Asian steel producers also fell, with India's Tata Steel TISC.NS down 3.2% and JSW Steel JSTL.NS down 2.3%.
The U.S. will still depend heavily on imports to meet its annual aluminum demand of about 5 million metric tons. The metal is widely used in the aerospace sector, which has been grappling with supply chain challenges.
In his first term, Trump imposed tariffs of 25% on steel and 10% on aluminum, but later granted several trading partners duty-free exemptions, including Canada, Mexico and Brazil.
"The higher tariffs at that time were associated with the higher producer prices and raising the input cost, and it did also save some jobs in steel and aluminum but it cost a lot more jobs in the downstream sectors," McDaniel added.
(Reporting by Chibuike Oguh, Christoph Steitz, Paolo Laudani, Isabel Demetz, Medha Singh, Shivansh Tiwary and Aatreyee Dasgupta; Editing by David Goodman, Saumyadeb Chakrabarty, Arun Koyyur and David Gregorio)
(([email protected]; +49 30 220 133 647;))
Tariffs likely to boost US demand for domestic steel
Steel import costs to rise by about $150 per ton - Citi
ArcelorMittal plans to build manufacturing facility in Alabama
New throughout, updates share prices, adds analyst comment
By Shivansh Tiwary, Medha Singh and Chibuike Oguh
NEW YORK, Feb 10 (Reuters) - Shares of U.S. steel and aluminum producers rose on Monday, while their European and Asian counterparts fell a day after President Donald Trump announced plans to impose fresh metal import tariffs.
On Sunday, Trump said he would impose a 25% tariff increase on all steel and aluminum imports into the U.S. on top of existing duties and a further set of reciprocal tariffs later in the week. He was expected to unveil the new tariffs on Monday or Tuesday.
American producers gained. Cleveland-Cliffs CLF.N jumped nearly 18%, Nucor NUE.N added nearly 6%, and Steel Dynamics STLD.O rose nearly 5%. Century Aluminum CENX.O added 10%, Alcoa AA.N rose 2.2% and U.S. Steel X.N gained nearly 5%.
"It's not surprising that the companies that would directly benefit from this are experiencing market gains right now, that happened last time, although those gains were lost as global market realities eventually catch up with these firms," said Christine McDaniel, senior research fellow at Mercatus Center and a former Deputy Assistant Secretary at the Treasury Department.
American steelmakers have been grappling with subdued demand for their products as an influx of cheaper imports forced them to cut prices and idle mills.
Nearly a quarter of all steel used in the U.S. is imported, with the bulk of it from neighboring Mexico and Canada or close allies in Asia and Europe such as Japan, South Korea and Germany.
Steel manufacturers are trying to bring their supply chain closer or into the U.S. to offset the impact of a tariff hike, which Citi Research said would raise import costs by about $150 per ton.
"Tariffs give them a temporary advantage but then you can't really escape the reality of the global marketplace plus U.S. manufacturers who consume steel and aluminum are now facing higher prices," McDaniel said.
ArcelorMittal MT.LU, the world's second-largest steelmaker, is planning to build a manufacturing facility in Alabama to supply to the automotive sector, one of the largest buyers of domestically produced steel. South Korea's Hyundai Steel 004020.KS also plans a plant in the U.S.
Shares of ArcelorMittal MT.LU, MT.AS and Voestalpine VOES.VI fell 2% each, while Germany's Thyssenkrupp TKAG.DE and Salzgitter SZGG.DE were trading flat.
Additional tariffs on aluminum imports should boost U.S. domestic production to around 1 million metric tons a year from nearly 750,000 metric tons, J.P.Morgan analysts said, similar to the rise seen during the 2018 tariff war.
Shares of Asian steel producers also fell, with India's Tata Steel TISC.NS down 3.2% and JSW Steel JSTL.NS down 2.3%.
The U.S. will still depend heavily on imports to meet its annual aluminum demand of about 5 million metric tons. The metal is widely used in the aerospace sector, which has been grappling with supply chain challenges.
In his first term, Trump imposed tariffs of 25% on steel and 10% on aluminum, but later granted several trading partners duty-free exemptions, including Canada, Mexico and Brazil.
"The higher tariffs at that time were associated with the higher producer prices and raising the input cost, and it did also save some jobs in steel and aluminum but it cost a lot more jobs in the downstream sectors," McDaniel added.
(Reporting by Chibuike Oguh, Christoph Steitz, Paolo Laudani, Isabel Demetz, Medha Singh, Shivansh Tiwary and Aatreyee Dasgupta; Editing by David Goodman, Saumyadeb Chakrabarty, Arun Koyyur and David Gregorio)
(([email protected]; +49 30 220 133 647;))
India's Tata Steel gains on surprise Q3 profit
** Shares of India's Tata Steel up 2% to 128.9 rupees
** Country's second-biggest steelmaker by market value posts surprise Q3 profit of 3.27 bln rupees ($37.9 million)
** Analysts had estimated a loss of 2.47 bln rupees
** Co saw high sales volumes in India in Q3, which to some extent offset the hit from lower prices due to high Chinese imports
** Q3 rev. down 3% to 536.48 bln rupees but beat estimates of 530.56 bln
** Including session gains, co narrows 12-month stock price decline to 4.6%
(Reporting by Ananta Agarwal in Bengaluru)
** Shares of India's Tata Steel up 2% to 128.9 rupees
** Country's second-biggest steelmaker by market value posts surprise Q3 profit of 3.27 bln rupees ($37.9 million)
** Analysts had estimated a loss of 2.47 bln rupees
** Co saw high sales volumes in India in Q3, which to some extent offset the hit from lower prices due to high Chinese imports
** Q3 rev. down 3% to 536.48 bln rupees but beat estimates of 530.56 bln
** Including session gains, co narrows 12-month stock price decline to 4.6%
(Reporting by Ananta Agarwal in Bengaluru)
India's finished steel imports from China hit 7-year high in April-Dec
By Neha Arora
NEW DELHI, Jan 27 (Reuters) - India's finished steel imports from China touched their highest levels in at least seven years during the first nine months of the financial year that began in April, according to provisional government data reviewed by Reuters on Monday.
China, the world's top steel producer, shipped 2.1 million metric tons of finished steel to India during April-December, up 13.3% year-on-year, the data showed.
Beijing was the top exporter of finished steel to India during the period.
Shipments from China, South Korea and Japan accounted for 79% of India's overall finished steel imports during the period.
South Korea's finished steel exports to India during April-December touched a five-year high at 2.1 million metric tons, up 7.2% year-on-year, the data showed.
Japan's finished steel exports to India touched an at least seven-year high, nearly doubling year-on-year to 1.6 million metric tons, according to the data.
India's overall finished steel imports reached a six-year high during April-December, as previously reported by Reuters.
India, the world's second-biggest crude steel producer, had turned a net importer of finished steel in the previous financial year. The trend has since continued, with shipments from China rising steadily.
India is conducting a probe to determine the need for imposition of a safeguard duty or a temporary tax to curtail unbridled steel imports.
During April-December, hot-rolled coils or strips were the most imported product during the period, the data showed.
Imports of non-flat products also rose 13.8% from last year, led by bars and rods.
Finished steel exports slumped 24.6% to 3.6 million metric tons, their lowest point in at least six years, the data showed.
Italy was the biggest exports market for India's finished steel products, although shipments fell 38.8% from levels seen last year.
Exports to Belgium, Spain and Nepal also fell.
However, exports to the United Kingdom were up nearly 20% year-on-year, the data showed.
(Reporting by Neha Arora; Editing by Sherry Jacob-Phillips)
(([email protected];))
By Neha Arora
NEW DELHI, Jan 27 (Reuters) - India's finished steel imports from China touched their highest levels in at least seven years during the first nine months of the financial year that began in April, according to provisional government data reviewed by Reuters on Monday.
China, the world's top steel producer, shipped 2.1 million metric tons of finished steel to India during April-December, up 13.3% year-on-year, the data showed.
Beijing was the top exporter of finished steel to India during the period.
Shipments from China, South Korea and Japan accounted for 79% of India's overall finished steel imports during the period.
South Korea's finished steel exports to India during April-December touched a five-year high at 2.1 million metric tons, up 7.2% year-on-year, the data showed.
Japan's finished steel exports to India touched an at least seven-year high, nearly doubling year-on-year to 1.6 million metric tons, according to the data.
India's overall finished steel imports reached a six-year high during April-December, as previously reported by Reuters.
India, the world's second-biggest crude steel producer, had turned a net importer of finished steel in the previous financial year. The trend has since continued, with shipments from China rising steadily.
India is conducting a probe to determine the need for imposition of a safeguard duty or a temporary tax to curtail unbridled steel imports.
During April-December, hot-rolled coils or strips were the most imported product during the period, the data showed.
Imports of non-flat products also rose 13.8% from last year, led by bars and rods.
Finished steel exports slumped 24.6% to 3.6 million metric tons, their lowest point in at least six years, the data showed.
Italy was the biggest exports market for India's finished steel products, although shipments fell 38.8% from levels seen last year.
Exports to Belgium, Spain and Nepal also fell.
However, exports to the United Kingdom were up nearly 20% year-on-year, the data showed.
(Reporting by Neha Arora; Editing by Sherry Jacob-Phillips)
(([email protected];))
Tata Steel Gets Order For Penalty Of 14.6 Million Rupees
Jan 10 (Reuters) - Tata Steel Ltd TISC.NS:
TATA STEEL - GOT ORDER FOR PENALTY OF 14.6 MILLION RUPEES
Source text: ID:nNSE6sngxk
Further company coverage: TISC.NS
(([email protected];;))
Jan 10 (Reuters) - Tata Steel Ltd TISC.NS:
TATA STEEL - GOT ORDER FOR PENALTY OF 14.6 MILLION RUPEES
Source text: ID:nNSE6sngxk
Further company coverage: TISC.NS
(([email protected];;))
Tata Steel Says Tata Steel India Deliveries In Q3 Sales At 5.29 Million Tons
Jan 7 (Reuters) - Tata Steel Ltd TISC.NS:
TATA STEEL - TATA STEEL INDIA DELIVERIES IN Q3 SALES AT 5.29 MILLION TONS
Source text: ID:nBSE7yJvSJ
Further company coverage: TISC.NS
(([email protected];;))
Jan 7 (Reuters) - Tata Steel Ltd TISC.NS:
TATA STEEL - TATA STEEL INDIA DELIVERIES IN Q3 SALES AT 5.29 MILLION TONS
Source text: ID:nBSE7yJvSJ
Further company coverage: TISC.NS
(([email protected];;))
PRESS DIGEST- Financial Times - Dec 18
Dec 18 (Reuters) - The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.
Headlines
EU should force customers to buy less polluting products, companies say
Musk giving 'serious thought' to donating to Reform UK
Jon Thompson to quit as HS2 chair as price of UK rail project soars
Navantia to rescue shipbuilder Harland & Wolff
Brexit hit to UK trade less than predicted
Overview
Major fossil fuel and industrial companies including Shell SHEL.L, BPBP.L and Tata Steel TISC.NS are among those calling on European politicians to consider forcing consumers to buy less polluting products.
Nigel Farage said on Tuesday that Elon Musk was giving "serious thought" to providing a donation to his Reform UK party, as it seeks to bolster ties with president-elect Donald Trump.
The chair of Britain's High Speed 2 rail project, Jon Thompson will step down in the spring, the government said on Tuesday.
Navantia is set to announce on Thursday that it will rescue ailing UK shipbuilder Harland & Wolff HARLgb.ASE after the British government offered the Spanish defence group more generous terms on a contract to build three Royal Navy vessels.
Brexit has hit UK trade less than many forecasters predicted thanks to larger companies adapting to red tape at the border, according to research by the London School of Economics.
(Compiled by Bengaluru newsroom)
Dec 18 (Reuters) - The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.
Headlines
EU should force customers to buy less polluting products, companies say
Musk giving 'serious thought' to donating to Reform UK
Jon Thompson to quit as HS2 chair as price of UK rail project soars
Navantia to rescue shipbuilder Harland & Wolff
Brexit hit to UK trade less than predicted
Overview
Major fossil fuel and industrial companies including Shell SHEL.L, BPBP.L and Tata Steel TISC.NS are among those calling on European politicians to consider forcing consumers to buy less polluting products.
Nigel Farage said on Tuesday that Elon Musk was giving "serious thought" to providing a donation to his Reform UK party, as it seeks to bolster ties with president-elect Donald Trump.
The chair of Britain's High Speed 2 rail project, Jon Thompson will step down in the spring, the government said on Tuesday.
Navantia is set to announce on Thursday that it will rescue ailing UK shipbuilder Harland & Wolff HARLgb.ASE after the British government offered the Spanish defence group more generous terms on a contract to build three Royal Navy vessels.
Brexit has hit UK trade less than many forecasters predicted thanks to larger companies adapting to red tape at the border, according to research by the London School of Economics.
(Compiled by Bengaluru newsroom)
India plans up to 25% temporary tax to curb cheap Chinese steel imports
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)
(([email protected]; +919810286200; Twitter:@manojgulnar;))
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)
(([email protected]; +919810286200; Twitter:@manojgulnar;))
PRESS DIGEST-British Business - Dec 16
Dec 16 (Reuters) - The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.
The Times
- Newcastle airport is planning to sell 49% shareholding owned by Infrabridge for as much as 1 billion pounds ($1.26 billion) and Saudi investors are tipped as the front-running bidders.
- Tata Steel TISC.NS has struck its maiden "green steel" deal with construction equipment manufacturer J.C. Bamford Excavators as it pushes ahead with the decommissioning of its blast furnaces.
The Guardian
- Britain has announced 50 million pounds ($63.11 million) of humanitarian aid for vulnerable Syrians across the Middle East after the overthrow of Bashar al-Assad's regime.
- The UK home secretary, Yvette Cooper, has admitted the government has a "complex arrangement" with China because of the need for economic cooperation, against the backdrop of the exclusion of an alleged Chinese spy with links to Prince Andrew.
The Telegraph
- TalkTalk is to cut hundreds of jobs as the debt-laden broadband company scrambles to strip out 120 million pounds ($151.46 million) in costs.
Sky News
- Partners at the UK's fifth-biggest accountancy firm Grant Thornton have voted to back the sale of a majority stake to Cinven, the private equity firm.
- British Prime Minister Keir Starmer will announce a new green energy deal with Norway to boost growth and protect against spikes in international energy prices like those seen when President Vladimir Putin invaded Ukraine.
The Independent
- UK high street retailers have been accused of recruiting young workers as store assistants without basic employment rights over the busy Christmas period.
- The British government has approved Czech billionaire Daniel Kretinsky's 5.3-billion-pound ($6.69 billion) takeover of Royal Mail owner International Distribution Services IDSI.L.
($1 = 0.7923 pounds)
($1 = 0.9517 euros)
(Compiled by Bengaluru newsroom)
Dec 16 (Reuters) - The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.
The Times
- Newcastle airport is planning to sell 49% shareholding owned by Infrabridge for as much as 1 billion pounds ($1.26 billion) and Saudi investors are tipped as the front-running bidders.
- Tata Steel TISC.NS has struck its maiden "green steel" deal with construction equipment manufacturer J.C. Bamford Excavators as it pushes ahead with the decommissioning of its blast furnaces.
The Guardian
- Britain has announced 50 million pounds ($63.11 million) of humanitarian aid for vulnerable Syrians across the Middle East after the overthrow of Bashar al-Assad's regime.
- The UK home secretary, Yvette Cooper, has admitted the government has a "complex arrangement" with China because of the need for economic cooperation, against the backdrop of the exclusion of an alleged Chinese spy with links to Prince Andrew.
The Telegraph
- TalkTalk is to cut hundreds of jobs as the debt-laden broadband company scrambles to strip out 120 million pounds ($151.46 million) in costs.
Sky News
- Partners at the UK's fifth-biggest accountancy firm Grant Thornton have voted to back the sale of a majority stake to Cinven, the private equity firm.
- British Prime Minister Keir Starmer will announce a new green energy deal with Norway to boost growth and protect against spikes in international energy prices like those seen when President Vladimir Putin invaded Ukraine.
The Independent
- UK high street retailers have been accused of recruiting young workers as store assistants without basic employment rights over the busy Christmas period.
- The British government has approved Czech billionaire Daniel Kretinsky's 5.3-billion-pound ($6.69 billion) takeover of Royal Mail owner International Distribution Services IDSI.L.
($1 = 0.7923 pounds)
($1 = 0.9517 euros)
(Compiled by Bengaluru newsroom)
ANALYSIS-Indian steel mills feel crunch from cheap Chinese imports
Chinese supplies outprice Indian steel in export markets
Capacity utilisation of smaller Indian steel mills down over 30%
Small steel producers offer deep discounts, consider job cuts
Small steelmakers plan to cut production next year as well
India concerned about future steel demand to sustain growth
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)
India's imports of Chinese steel during April-August https://reut.rs/3NKamT1
(Reporting by Neha Arora; Additional reporting by Jatindra Dash in BHUBANESWAR; Editing by Mayank Bhardwaj, Tony Munroe and Saad Sayeed)
(([email protected]; X.com: neha_5))
Chinese supplies outprice Indian steel in export markets
Capacity utilisation of smaller Indian steel mills down over 30%
Small steel producers offer deep discounts, consider job cuts
Small steelmakers plan to cut production next year as well
India concerned about future steel demand to sustain growth
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)
India's imports of Chinese steel during April-August https://reut.rs/3NKamT1
(Reporting by Neha Arora; Additional reporting by Jatindra Dash in BHUBANESWAR; Editing by Mayank Bhardwaj, Tony Munroe and Saad Sayeed)
(([email protected]; X.com: neha_5))
India govt says low steel prices will hurt capacity creation
NEW DELHI, Nov 27 (Reuters) - India's goals for boosting steel production capacity will be adversely impacted by low prices stemming from dumping in the international market, the federal Ministry of Steel said on Wednesday.
The world's second-biggest crude steel producer aims to produce 300 million metric tons by 2030, compared with about 180 million metric tons at present.
"If adequate domestic steel production capacity is not created, the country will become a net importer of steel and will depend on imports of steel for its infrastructure creation," the steel ministry said in a statement.
Low steel prices affected both large and small producers, the ministry said.
"While the overall volume of steel imports, as compared to total consumption in the country, is not significant, cheaper imports lead to depression of domestic steel prices and affect steel producers, both large and small," the ministry said.
India turned a net importer of steel in fiscal year 2023/24 and the trend has continued since then, with imports rising steadily.
The country's finished steel imports during April-October surged to a seven-year high of 5.7 million metric tons.
India's steel ministry favours a safeguard duty or a temporary tax to curb rising steel imports, a senior government official told Reuters last month.
Top Indian steel producers such as JSW Steel JSTL.NS, Tata Steel TISC.NS and ArcelorMittal Nippon Steel India have raised concerns about cheaper steel imports from China.
(Reporting by Neha Arora; Editing by Devika Syamnath)
(([email protected];))
NEW DELHI, Nov 27 (Reuters) - India's goals for boosting steel production capacity will be adversely impacted by low prices stemming from dumping in the international market, the federal Ministry of Steel said on Wednesday.
The world's second-biggest crude steel producer aims to produce 300 million metric tons by 2030, compared with about 180 million metric tons at present.
"If adequate domestic steel production capacity is not created, the country will become a net importer of steel and will depend on imports of steel for its infrastructure creation," the steel ministry said in a statement.
Low steel prices affected both large and small producers, the ministry said.
"While the overall volume of steel imports, as compared to total consumption in the country, is not significant, cheaper imports lead to depression of domestic steel prices and affect steel producers, both large and small," the ministry said.
India turned a net importer of steel in fiscal year 2023/24 and the trend has continued since then, with imports rising steadily.
The country's finished steel imports during April-October surged to a seven-year high of 5.7 million metric tons.
India's steel ministry favours a safeguard duty or a temporary tax to curb rising steel imports, a senior government official told Reuters last month.
Top Indian steel producers such as JSW Steel JSTL.NS, Tata Steel TISC.NS and ArcelorMittal Nippon Steel India have raised concerns about cheaper steel imports from China.
(Reporting by Neha Arora; Editing by Devika Syamnath)
(([email protected];))
Indian steelmakers make new push for temporary tax to check cheap imports
By Neha Arora
NEW DELHI, Nov 19 (Reuters) - India's steelmakers have urged the government to immediately impose a temporary tax to stem cheap imports from China, Japan and South Korea, according to the latest industry presentation, in a fresh move to pressure New Delhi to curb cheap overseas supplies.
"Surging steel imports is a major concern especially from surplus and major exporting countries including China, Japan and Korea," the Indian Steel Association (ISA), a producers' body, said in its presentation to the Directorate General of Trade Remedies (DGTR), an arm of the federal trade ministry.
The steel industry's presentation to DGTR has not been previously reported.
The Indian Steel Association, which counts JSW Steel JSTL.NS, Tata Steel TISC.NS and state-run Steel Authority of India SAIL.NS among its members, said in its presentation dated Nov. 13 that mills were going through a difficult phase due to "severe stress" caused by unbridled imports.
"Surging imports at predatory prices" is a major concern for the survival of the Indian steel industry, the Indian Steel Association said in the presentation reviewed by Reuters.
The Indian Steel Association also mentioned that Vietnam, which was once a buyer of Indian steel, has now become an exporter of the alloy to India.
India in August launched an anti-dumping investigation into certain steel imports from Vietnam, which is still ongoing.
India, the world's second-biggest crude steel producer, became a net importer of the alloy in the fiscal year to March 31, 2024 and the trend has continued since, with imports rising steadily.
India's finished steel imports during April-October surged to a seven-year high at 5.7 million metric tons, according to provisional government data reviewed by Reuters.
"(The) steel industry in 2024/25 by now has lost margins by 68% to 91% and are under severe stress, leading to uncertainty of funding from investors impacting the capacity expansion," the Indian Steel Association said.
India's JSW Steel Ltd, the country's biggest steelmaker by capacity, last reported a third straight quarterly drop in profits, as rising imports dragged down domestic prices.
After going through the presentation, the DGTR asked the Indian Steel Association to submit a formal petition to help initiate an investigation to determine whether cheap steel imports have hurt Indian steelmakers.
The imposition of a safeguard duty will depend on the outcome of the DGTR investigation.
The ISA, trade ministry and DGTR did not respond to Reuters' emails for comment.
Cheap imports are eating into the market share of domestic steelmakers, the Indian Steel Association said in its presentation.
It said 17% of the hot-rolled segment, 20% of coated steel, and 19% of the plates segment have been displaced by cheap Chinese, Japanese and South Korean steel.
China, Japan, South Korea and Vietnam are selling their surplus stocks to India to cash in on strong demand for steel in the south Asian country.
(Reporting by Neha Arora; editing by Mayank Bhardwaj and Ed Osmond)
(([email protected]; Twitter: @MayankBhardwaj9;))
By Neha Arora
NEW DELHI, Nov 19 (Reuters) - India's steelmakers have urged the government to immediately impose a temporary tax to stem cheap imports from China, Japan and South Korea, according to the latest industry presentation, in a fresh move to pressure New Delhi to curb cheap overseas supplies.
"Surging steel imports is a major concern especially from surplus and major exporting countries including China, Japan and Korea," the Indian Steel Association (ISA), a producers' body, said in its presentation to the Directorate General of Trade Remedies (DGTR), an arm of the federal trade ministry.
The steel industry's presentation to DGTR has not been previously reported.
The Indian Steel Association, which counts JSW Steel JSTL.NS, Tata Steel TISC.NS and state-run Steel Authority of India SAIL.NS among its members, said in its presentation dated Nov. 13 that mills were going through a difficult phase due to "severe stress" caused by unbridled imports.
"Surging imports at predatory prices" is a major concern for the survival of the Indian steel industry, the Indian Steel Association said in the presentation reviewed by Reuters.
The Indian Steel Association also mentioned that Vietnam, which was once a buyer of Indian steel, has now become an exporter of the alloy to India.
India in August launched an anti-dumping investigation into certain steel imports from Vietnam, which is still ongoing.
India, the world's second-biggest crude steel producer, became a net importer of the alloy in the fiscal year to March 31, 2024 and the trend has continued since, with imports rising steadily.
India's finished steel imports during April-October surged to a seven-year high at 5.7 million metric tons, according to provisional government data reviewed by Reuters.
"(The) steel industry in 2024/25 by now has lost margins by 68% to 91% and are under severe stress, leading to uncertainty of funding from investors impacting the capacity expansion," the Indian Steel Association said.
India's JSW Steel Ltd, the country's biggest steelmaker by capacity, last reported a third straight quarterly drop in profits, as rising imports dragged down domestic prices.
After going through the presentation, the DGTR asked the Indian Steel Association to submit a formal petition to help initiate an investigation to determine whether cheap steel imports have hurt Indian steelmakers.
The imposition of a safeguard duty will depend on the outcome of the DGTR investigation.
The ISA, trade ministry and DGTR did not respond to Reuters' emails for comment.
Cheap imports are eating into the market share of domestic steelmakers, the Indian Steel Association said in its presentation.
It said 17% of the hot-rolled segment, 20% of coated steel, and 19% of the plates segment have been displaced by cheap Chinese, Japanese and South Korean steel.
China, Japan, South Korea and Vietnam are selling their surplus stocks to India to cash in on strong demand for steel in the south Asian country.
(Reporting by Neha Arora; editing by Mayank Bhardwaj and Ed Osmond)
(([email protected]; Twitter: @MayankBhardwaj9;))
India's April-Sept steel imports led by China, govt data shows
By Neha Arora
NEW DELHI, Nov 8 (Reuters) - India's imports of steel over the period from April to September were led by shipments from China, according to provisional government data reviewed by Reuters on Friday, and the South Asian nation remained a net importer of the alloy.
The world's second-biggest producer of crude steel imported 4.7 million metric tons of the finished metal from April to September, up 42.2% from a year ago, the data showed.
China exported 1.4 million metric tons of steel to India during the period, up 36.7% from a year ago.
Hot-rolled coil was India's biggest import, making up 44% of overall finished steel shipments, the data showed.
China exported stainless steel, hot-rolled coils, galvanised plain and corrugated sheets, plates, electrical sheets, pipes and bars and rods, the data showed.
"Cheap import offers kept market sentiment bearish in India," the government said in its report.
On Thursday, India's Tata Steel TISC.NS CEO said prolonged imports from China could hurt the investment plans of the domestic steel industry.
Apart from China, imports during April-September increased from South Korea, Japan and Vietnam, the data showed.
South Korea exported 1.2 million metric tons of steel to India during the period, up 11.5% on the year, the data showed.
Japan exported 1.1 million metric tons of the alloy, more than double from the year-ago period.
Vietnam exported 0.4 million metric tons of steel during the period, more than double from a year ago, the data showed.
India has launched an anti-dumping investigation on certain steel imports from Vietnam.
Domestically, India's finished steel production stood at 70.6 million metric tons during the period, up 4.7% from a year ago.
Finished steel exports during April-September stood at 2.3 million metric tons, down 35.9% from a year ago.
Italy was India's biggest export market, but shipments slowed to 0.4 million metric tons, down 43.5% from a year ago.
Exports also slowed to Belgium, Nepal and Spain, which are among the top five biggest destinations for Indian steel.
Crude steel production during April to September stood at 72.8 million metric tons, up 3.6% from a year ago.
Consumption of finished steel was at 72.7 million metric tons during the period, up 13.5% on the year.
(Reporting by Neha Arora; Editing by Clarence Fernandez)
(([email protected];))
By Neha Arora
NEW DELHI, Nov 8 (Reuters) - India's imports of steel over the period from April to September were led by shipments from China, according to provisional government data reviewed by Reuters on Friday, and the South Asian nation remained a net importer of the alloy.
The world's second-biggest producer of crude steel imported 4.7 million metric tons of the finished metal from April to September, up 42.2% from a year ago, the data showed.
China exported 1.4 million metric tons of steel to India during the period, up 36.7% from a year ago.
Hot-rolled coil was India's biggest import, making up 44% of overall finished steel shipments, the data showed.
China exported stainless steel, hot-rolled coils, galvanised plain and corrugated sheets, plates, electrical sheets, pipes and bars and rods, the data showed.
"Cheap import offers kept market sentiment bearish in India," the government said in its report.
On Thursday, India's Tata Steel TISC.NS CEO said prolonged imports from China could hurt the investment plans of the domestic steel industry.
Apart from China, imports during April-September increased from South Korea, Japan and Vietnam, the data showed.
South Korea exported 1.2 million metric tons of steel to India during the period, up 11.5% on the year, the data showed.
Japan exported 1.1 million metric tons of the alloy, more than double from the year-ago period.
Vietnam exported 0.4 million metric tons of steel during the period, more than double from a year ago, the data showed.
India has launched an anti-dumping investigation on certain steel imports from Vietnam.
Domestically, India's finished steel production stood at 70.6 million metric tons during the period, up 4.7% from a year ago.
Finished steel exports during April-September stood at 2.3 million metric tons, down 35.9% from a year ago.
Italy was India's biggest export market, but shipments slowed to 0.4 million metric tons, down 43.5% from a year ago.
Exports also slowed to Belgium, Nepal and Spain, which are among the top five biggest destinations for Indian steel.
Crude steel production during April to September stood at 72.8 million metric tons, up 3.6% from a year ago.
Consumption of finished steel was at 72.7 million metric tons during the period, up 13.5% on the year.
(Reporting by Neha Arora; Editing by Clarence Fernandez)
(([email protected];))
INDIA'S TATA STEEL CEO SAYS CHINESE STEEL IMPORTS "UNFAIRLY PRICED"
By Neha Arora and Manvi Pant
NEW DELHI, Nov 7 (Reuters) - India's steel imports from China were "unfairly priced" and prolonged shipments could hurt investment plans of the domestic steel industry, the chief executive of Tata Steel TISC.NS told Reuters on Thursday.
"It's not that Chinese steel is more competitive...they just are able to keep selling steel even at prices at which they lose money, which is obviously unfair competition," said T. V. Narendran, chief executive officer and managing director at Tata Steel.
"If this continues for very long, it will have an impact on the investment plans that the steel industry is making," he said.
Rapid economic growth and increased infrastructure spending have turned India into a global hotspot for steel demand growth, even as demand tapers in Europe and the U.S.
The country's steel demand touched a seven-year high in the April to August period.
India, the world's second-biggest crude steel producer, remained a net finished steel importer during April-August, with imports from China hitting a seven-year high.
Some Chinese steel was also coming to India from Southeast Asia, Narendran said.
The Indian government has initiated an anti-dumping probe on certain steel products imported from Vietnam.
The industry is seeking higher imports tariffs or safeguard measures to tackle rising imports, Narendran said.
Given the Chinese supplies, prices of flat products were likely to remain rangebound, he said.
Steel demand in India is expected to grow at 8%-9% during 2024/25, Narendran said, driven by construction, automotives, railways and oil and gas.
Any tariff increases from Donald Trump, who has been elected as the next U.S. president, were unlikely to have much impact on India because hardly any steel is exported to the U.S., Narendran said.
Separately, Tata Steel was not looking to acquire any coking coal assets overseas, Narendran said, adding that the company's Indian operations largely met its requirements from Australia.
(Reporting by Neha Arora and Manvi Pant; Editing by Mrigank Dhaniwala)
(([email protected];))
By Neha Arora and Manvi Pant
NEW DELHI, Nov 7 (Reuters) - India's steel imports from China were "unfairly priced" and prolonged shipments could hurt investment plans of the domestic steel industry, the chief executive of Tata Steel TISC.NS told Reuters on Thursday.
"It's not that Chinese steel is more competitive...they just are able to keep selling steel even at prices at which they lose money, which is obviously unfair competition," said T. V. Narendran, chief executive officer and managing director at Tata Steel.
"If this continues for very long, it will have an impact on the investment plans that the steel industry is making," he said.
Rapid economic growth and increased infrastructure spending have turned India into a global hotspot for steel demand growth, even as demand tapers in Europe and the U.S.
The country's steel demand touched a seven-year high in the April to August period.
India, the world's second-biggest crude steel producer, remained a net finished steel importer during April-August, with imports from China hitting a seven-year high.
Some Chinese steel was also coming to India from Southeast Asia, Narendran said.
The Indian government has initiated an anti-dumping probe on certain steel products imported from Vietnam.
The industry is seeking higher imports tariffs or safeguard measures to tackle rising imports, Narendran said.
Given the Chinese supplies, prices of flat products were likely to remain rangebound, he said.
Steel demand in India is expected to grow at 8%-9% during 2024/25, Narendran said, driven by construction, automotives, railways and oil and gas.
Any tariff increases from Donald Trump, who has been elected as the next U.S. president, were unlikely to have much impact on India because hardly any steel is exported to the U.S., Narendran said.
Separately, Tata Steel was not looking to acquire any coking coal assets overseas, Narendran said, adding that the company's Indian operations largely met its requirements from Australia.
(Reporting by Neha Arora and Manvi Pant; Editing by Mrigank Dhaniwala)
(([email protected];))
Tata Steel's second-quarter profit beats on higher sales volumes, lower costs
Nov 6 (Reuters) - Tata Steel TISC.NS reported a second-quarter profit on Wednesday that beat analysts' estimates as lower costs and higher sales volumes in India and the Netherlands offset a steep drop in steel prices.
India's second-biggest steelmaker by market value posted a consolidated net profit of 8.33 billion rupees ($99 million) in the quarter, compared with the average analyst estimate of 2.23 billion rupees, according to data compiled by LSEG.
The company had reported a loss of 61.96 billion rupees in the same period a year earlier, hurt by a 63.58 billion rupees charge related to the restructuring of its Port Talbot operations in Wales.
Tata Steel Netherlands' liquid steel volumes rose 28% in the second quarter to 1.57 million tons, while India deliveries rose about 6%.
The company's Netherlands operations reported a core profit of 17.85 billion rupees, compared with a loss a year earlier, helped by lower energy costs and an uptick in sales volumes.
Tata Steel's overall consolidated core profit margins rose to 12% in the second quarter from 8% a year earlier.
The company's quarterly input costs fell 1.4% to 201.87 billion rupees as costs of key steelmaking raw materials such as iron ore and coking coal declined.
Meanwhile, demand in India, the world's second-biggest crude steel producer, was sluggish as above-average rainfall impacted construction activity.
"Macro-economic conditions in China continued to weigh on commodity prices including steel. In India, steel demand continued to improve but domestic prices were under pressure due to cheap imports," Tata Steel CEO T.V. Narendran said.
In August, commodities consultancy BigMint said steel prices in India had plunged to the lowest level in more than three years.
Tata Steel's revenue fell 3.2% to 539.05 billion rupees in the second quarter ending September, ahead of estimates of 537.34 billion rupees.
($1 = 84.2940 Indian rupees)
(Reporting by Sethuraman N R and Manvi Pant; Editing by Shounak Dasgupta)
(([email protected]; +918447554364))
Nov 6 (Reuters) - Tata Steel TISC.NS reported a second-quarter profit on Wednesday that beat analysts' estimates as lower costs and higher sales volumes in India and the Netherlands offset a steep drop in steel prices.
India's second-biggest steelmaker by market value posted a consolidated net profit of 8.33 billion rupees ($99 million) in the quarter, compared with the average analyst estimate of 2.23 billion rupees, according to data compiled by LSEG.
The company had reported a loss of 61.96 billion rupees in the same period a year earlier, hurt by a 63.58 billion rupees charge related to the restructuring of its Port Talbot operations in Wales.
Tata Steel Netherlands' liquid steel volumes rose 28% in the second quarter to 1.57 million tons, while India deliveries rose about 6%.
The company's Netherlands operations reported a core profit of 17.85 billion rupees, compared with a loss a year earlier, helped by lower energy costs and an uptick in sales volumes.
Tata Steel's overall consolidated core profit margins rose to 12% in the second quarter from 8% a year earlier.
The company's quarterly input costs fell 1.4% to 201.87 billion rupees as costs of key steelmaking raw materials such as iron ore and coking coal declined.
Meanwhile, demand in India, the world's second-biggest crude steel producer, was sluggish as above-average rainfall impacted construction activity.
"Macro-economic conditions in China continued to weigh on commodity prices including steel. In India, steel demand continued to improve but domestic prices were under pressure due to cheap imports," Tata Steel CEO T.V. Narendran said.
In August, commodities consultancy BigMint said steel prices in India had plunged to the lowest level in more than three years.
Tata Steel's revenue fell 3.2% to 539.05 billion rupees in the second quarter ending September, ahead of estimates of 537.34 billion rupees.
($1 = 84.2940 Indian rupees)
(Reporting by Sethuraman N R and Manvi Pant; Editing by Shounak Dasgupta)
(([email protected]; +918447554364))
Linde Signs Agreements To De-Captivate Two Air Separation Units And Expand Supply Of Industrial Gases To Tata Steel Limited In India
Oct 24 (Reuters) - Linde PLC LIN.DE:
SIGNS AGREEMENTS TO DE-CAPTIVATE TWO AIR SEPARATION UNITS AND EXPAND SUPPLY OF INDUSTRIAL GASES TO TATA STEEL LIMITED IN INDIA
Source text for Eikon: ID:nEQ3clj32a
Further company coverage: LIN.DE
(Gdansk Newsroom)
(((( [email protected] ; +48 587785269; ));))
Oct 24 (Reuters) - Linde PLC LIN.DE:
SIGNS AGREEMENTS TO DE-CAPTIVATE TWO AIR SEPARATION UNITS AND EXPAND SUPPLY OF INDUSTRIAL GASES TO TATA STEEL LIMITED IN INDIA
Source text for Eikon: ID:nEQ3clj32a
Further company coverage: LIN.DE
(Gdansk Newsroom)
(((( [email protected] ; +48 587785269; ));))
Tata Steel signs contract with Tenova for electric arc furnace at Port Talbot plant
Oct 18 (Reuters) - India's Tata Steel TISC.NS signed a contract with Italy-based Tenova on Friday for an electric arc furnace at its Port Talbot plant in Wales, weeks after Britain's biggest steelworks ended blast furnace-based production.
The closure of the last blast furnace at Port Talbot, once the largest steel works in Europe, was the culmination of decades of decline in Britain's steel industry, which has struggled to compete with low-cost imports.
The plan was for the Tata Steel-owned site to be subject to a three to four-year-long decarbonisation plan to build an electric arc furnace which will make steel from scrap, a 1.25 billion pound ($1.68 billion) project backed by 500 million pounds of British government funding.
Backed by the funding, and when it is commissioned from the end of 2027, the electric arc furnace will reduce the site's steelmaking carbon emissions by 90%, equivalent to 5 million tonnes of carbon dioxide a year, Tata Steel said on Friday.
Tata Steel said it has completed public consultation on the planning application and is working with authorities to submit the application in November 2024, with plans to start site work around July 2025.
(Reporting by Aleef Jahan in Bengaluru; Editing by Shounak Dasgupta)
Oct 18 (Reuters) - India's Tata Steel TISC.NS signed a contract with Italy-based Tenova on Friday for an electric arc furnace at its Port Talbot plant in Wales, weeks after Britain's biggest steelworks ended blast furnace-based production.
The closure of the last blast furnace at Port Talbot, once the largest steel works in Europe, was the culmination of decades of decline in Britain's steel industry, which has struggled to compete with low-cost imports.
The plan was for the Tata Steel-owned site to be subject to a three to four-year-long decarbonisation plan to build an electric arc furnace which will make steel from scrap, a 1.25 billion pound ($1.68 billion) project backed by 500 million pounds of British government funding.
Backed by the funding, and when it is commissioned from the end of 2027, the electric arc furnace will reduce the site's steelmaking carbon emissions by 90%, equivalent to 5 million tonnes of carbon dioxide a year, Tata Steel said on Friday.
Tata Steel said it has completed public consultation on the planning application and is working with authorities to submit the application in November 2024, with plans to start site work around July 2025.
(Reporting by Aleef Jahan in Bengaluru; Editing by Shounak Dasgupta)
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What does Tata Steel do?
Tata Steel Limited, part of Tata group, is a prominent global steel company operating across the steel manufacturing value chain, providing diverse steel products like hot rolled, cold rolled, coated steel, rebars, wire rods, tubes, and wires.
Who are the competitors of Tata Steel?
Tata Steel major competitors are JSW Steel, SAIL, Jindal Stainless, Shyam Metalics&Ener, Sarda Energy&Min., Gallantt Ispat, Usha Martin. Market Cap of Tata Steel is ₹1,72,397 Crs. While the median market cap of its peers are ₹25,407 Crs.
Is Tata Steel financially stable compared to its competitors?
Tata Steel seems to be less financially stable compared to its competitors. Altman Z score of Tata Steel is 1.91 and is ranked 7 out of its 8 competitors.
Does Tata Steel pay decent dividends?
The company seems to be paying a very low dividend. Investors need to see where the company is allocating its profits. Tata Steel latest dividend payout ratio is 50.18% and 3yr average dividend payout ratio is 32.84%
How has Tata Steel allocated its funds?
Companies resources are allocated to majorly productive assets like Plant & Machinery and unproductive assets like Capital Work in Progress, Accounts Receivable, Short Term Loans & Advances
How strong is Tata Steel balance sheet?
Balance sheet of Tata Steel is moderately strong, But short term working capital might become an issue for this company.
Is the profitablity of Tata Steel improving?
The profit is oscillating. The profit of Tata Steel is ₹2,376 Crs for TTM, -₹4,437.44 Crs for Mar 2024 and ₹8,760 Crs for Mar 2023.
Is the debt of Tata Steel increasing or decreasing?
Yes, The debt of Tata Steel is increasing. Latest debt of Tata Steel is ₹84,174 Crs as of Sep-24. This is greater than Mar-24 when it was ₹64,220 Crs.
Is Tata Steel stock expensive?
Yes, Tata Steel is expensive. Latest PE of Tata Steel is 63.12, while 3 year average PE is 16.18. Also latest EV/EBITDA of Tata Steel is 10.13 while 3yr average is 7.35.
Has the share price of Tata Steel grown faster than its competition?
Tata Steel has given lower returns compared to its competitors. Tata Steel has grown at ~2.62% over the last 3yrs while peers have grown at a median rate of 37.57%
Is the promoter bullish about Tata Steel?
Promoters stake in the company seems stable, and we need to go through filings and allocation of resources to gauge promoter bullishness. Latest quarter promoter holding in Tata Steel is 33.19% and last quarter promoter holding is 33.19%.
Are mutual funds buying/selling Tata Steel?
The mutual fund holding of Tata Steel is increasing. The current mutual fund holding in Tata Steel is 12.04% while previous quarter holding is 11.69%.