Steel
Tata Steel aims to complete decarbonisation at UK plant in next 3 years, says CEO Narendran
Tata Steel plans to complete its decarbonisation journey at its UK plant within the next three years, according to CEO T V Narendran. The company will transition from the blast furnace route to the low-emission electric arc furnace process. Tata Steel is engaged with European suppliers to source new plant machinery, and recently secured a joint investment plan of £1.25bn ($1.73bn) with the UK government for decarbonisation at its Port Talbot steel making facility.
Scindia discusses ways to incentivise green steel production with various stakeholders
Union Steel Minister Jyotiraditya M Scindia held a meeting with five task forces to discuss incentivizing green steel production and financing options for decarbonizing the industry. Stakeholders, experts, and officials attended the meeting to discuss sustainability and decarbonization in steel production.
SAIL sources 6 lakh tonne coking coal from Russia in 8 shipments: Chairman Amarendu Prakash
State-owned SAIL has sourced 8 shipments of coking coal, each weighing 75,000 tonnes, from Russia between April and September of FY24. The company's chairman, Amarendu Prakash, also revealed that ICVL, a special purpose vehicle of SAIL, RINL, NMDC, CIL, and NTPC, is looking to double its production capacity to 4 million tonnes per annum. Prakash noted that the rising prices of coking coal will directly impact steel manufacturing costs and put pressure on the company's profit margins.
Coking coal rates pushing up steel prices in India: JSP MD Bimlendra Jha
Steel prices in India are increasing due to rising rates of coking coal, according to industry executive Bimlendra Jha. While iron ore is available in India, coking coal needs to be imported. Prices for coking coal have risen from USD 230 per tonne in June-July 2023 to USD 341 per tonne currently.
SAIL expects four coking coal ships from Russia in Sept quarter
Steel Authority of India (SAIL) is expecting four shipments of coking coal from Russia in the September quarter, according to Chairman Amarendu Prakash. The company is also working on doubling coking coal production capacity in its joint venture at Mozambique. Prakash mentioned that higher prices of coking coal and Europe's carbon tax mechanism would impact the company's margins and the cost of steel exports to Europe.
JSW Steel acquires remaining 50 per cent stake in NSL Green Steel Recycling
"Consequent to completion of this acquisition and other closing conditions as mentioned in the Securities Purchase Agreement (SPA), JSW's shareholding in NSL has increased from 50 per cent (pre-acquisition) to 100 per cent (post-acquisition), and NSL has become a wholly-owned subsidiary of the company effective today," it said.
Availability of green hydrogen to reduce dependence on coal in steel making: Tata Steel CEO
Tata Steel plans to scale up the usage of hydrogen in the steel-making process after the successful completion of the pilot project at its Jamshedpur plant in Jharkhand, Narendran told PTI recently. In April 2023, Tata Steel commenced the first of its kind experiment injecting hydrogen gas using 40 per cent of the injection systems in an E-blast furnace at its steel plant in Jamshedpur.
Emissions from Tata Steel's Dutch plant reduce life expectancy, research shows
The Institute said its research showed that exposure to particulate matter and nitrogen dioxide increases the risk of lung cancer and that 4% of the new cases in the area could be attributed to the emissions from the plant. The research also showed that 3% of new cases of asthma in children were due to the emissions.
JSW Steel firm Caretta Minerals to sell assets to West Virginia Properties for USD 24 mn
Caretta Minerals LLC, which is a step-down subsidiary of Periama Holding LLC, was operating coal mines and a preparation plant to beneficiate the coal mined through a leasing arrangement from Alawest Inc and West Virginia Properties (the lessors).
EU's carbon mechanism to fuel large rise in steel import costs, says WoodMac
Consultancy Wood Mackenzie predicts that the EU's carbon border adjustment mechanism (CBAM) will significantly increase the costs of steel imports from India and China by 2034. The CBAM, set to be introduced next month, requires importers to report on the emissions embedded in their products.
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UK Government financial package may help Tata Steel UK narrow losses, says report
The UK government has announced it will pay up to 500 million pounds to facilitate the green transition of steel maker's Port Talbot plant in South Wales, UK. This will entail replacing Port Talbot's blast furnaces with environmentally friendlier electric arc furnaces (EAF) for a total cost of 1.25 billion pounds.
Naveen Jindal to continue on Jindal Steel Power board as non-executive director
"Naveen Jindal has chosen to continue on the Board in the capacity of Non-Executive Chairman, with effect from October 1, 2023. Accordingly, Naveen Jindal will be re-designated as Non-Executive Director of the Board, with effect from October 1, 2023," it said.
Tata Steel plan for port Talbot to lead to huge savings: Koushik Chatterjee
"We have reconfigured the project to be more capital efficient so that we retain parts of assets that can be upgraded, and capex can be made smaller. The grant also became higher. So, we have bridged the gap to make it more viable. There is support in the form of policies as well. For example, the carbon border adjustment mechanism was not on the table initially. But in our conversations and on the government's own initiative, the government has moved on the consultation in March 2023, and has started the ball rolling," Chatterjee said.
Captain Steel to partner Sourav Ganguly's Salboni project
"Sourav is a close friend of ours and we have had a long-standing association. With Sourav's support, we aim to establish a steel plant in West Bengal. We have approached the government with a request for a minimum of 600-700 acres," Captain Steel director Sanjay Gupta told PTI.
Tata Steel to get £500 million from UK for Port Talbot
Tata Steel has secured a £500 million grant from the UK government to support the transition of its Port Talbot plant to more sustainable technologies. The grant will help the plant shift to electric arc furnaces, with the project estimated at £1.25 billion. The rest of the capital is expected to be provided by Tata Steel.
Jindal stainless invests Rs 100 cr in Rathi Super Steel
Jindal Stainless Ltd plans to invest ₹100 crore in Rathi Super Steel over the next two years to increase its offerings in the infrastructure space. The company aims to increase Rathi Super Steel's production capacity and improve the quality of the plant to cater to the infrastructure segment.
