MWI Bureau

Danieli india has analysed and restored the damaged vertical ledger within quick time, much ahead of the scheduled date of completion.

The Government of Andhra Pradesh has chosen Liberty Steel India Limited as the joint venture partner for construction and development of YSR Steel Corporation Limited’s steel plant in Kadapa district.

A big boost in domestic steel consumption recording all-time high in January. The domestic steel consumption in India for the month of January witnessed a steep rise of 9 percent year on year basis to 9.97MT.

Domestic HRC (hot-rolled coil) prices skyrocketed to Rs 58,000, a 54 percent surge from the price a year ago of the December quarter. This was favored by the growth in domestic consumption, soaring iron ore prices, and higher global steel prices. Prices of HRC had climbed to Rs 58,000/ tonne in the month of January. But due to steep resistance from the end-users and the intervention of the government, the prices were dropped down to Rs 36,250.

Kobe Steel Ltd declared that it has successfully demonstrated the technology that has the potential to significantly reduce CO2 emissions from blast furnace (BF). At the same time use of expensive coke was reduced to the world's lowest level by KOBELCO's BF operation technologies.

Union Steel Minister Dharmendra Pradhan said that POSCO had shown interest in setting up a greenfield steel plant on the land of RINL at an estimated project cost of Rs 30,000 crore. An MoU was signed between POSCO and RINL in October 2019. As per the MoU, POSCO had shown interest in having at least 50 per cent of the stake while the share of RINL will depend on the basis of valuation of RINL’s contribution for the land in setting up the plant.

In the recent Union budget 2021 presented by Finance Minister Nirmala Sitharaman, it was proposed to reduce the import duties of semi flat steel products, primarily used in bridges, pipelines from 12.5 percent to 7.5 percent. Furthermore, the customs duty on the long steel products primarily used for rails, wire rods and infrastructure would be reduced from 10 percent to 7.5 percent, which indicates a price reduction by nearly Rs.2000 at the current price level.

Mould powders were initially used in bottom-pouring, ingot casting in Belgium in 1958 but its application continuous casting commenced from 1963. Casting powders are preferred over oil because of their better thermal insulation to the steel surface which allowed steelmakers to operate with significantly lower superheat and at the same time provided better control of the horizontal heat extracted from the shell.

Tree Island Steel Ltd announced the appointment of Remy Stachowiak as President of the Company with effect from May 7, 2020. Mr. Stachowiak will also continue in his role as Chief Operating Officer of the Company. As President of Tree Island Steel, Mr. Stachowiak will continue to lead all operations, as well as, the sales, marketing, and customer service functions of Tree Island Steel.

Global steel giant ArcelorMittal announced results for the first quarter of the fiscal ended March 31, 2020. The world’s leading integrated steelmaker reported a net loss of USD 1.1 billion for the first quarter as compared to a net income of USD 0.4 billion registered in the year-ago quarter.