Industry demands the basic customs duty on all steel imports to be raised to 25%
"We are hopeful of taking physical possession of the land by the end of the current year to start construction for the greenfield steel project. The pre-land acquisition process has already been successfully initiated," ArcelorMittal CEO, India, Vijay Bhatnagar told PTI in Bhubaneswar. The response from local residents during the first Gram Sabha, held on August 6 as part of the pre-land acquisition process, was positive toward the Rs 40,000-crore (Rs 400 billion) project.
Esmark Inc. has entered into a joint venture with Brazilian iron-ore producer Companhia Vale do Rio Doce and Ukrainian steelmeker Industrial Union of Donbass Corp to purchase the plant.
The Tata Group had acquired its UK steel operations as part of a 6.7 billion pounds acquisition from Anglo-Dutch steelmaker Corus in 2009.
It may be noted, out of 4004 acres required for the Posco plant, 3566 acres are government land with the rest 438 acres being private land.
The Tata Group has decided to defer its plan of setting up a rural business process outsourcing unit near the proposed steel plant at Kalinganagar in Orissa by two years.
It could be Nandigram all over again. Tension gripped the three panchayats near Paradip in Orissa on Wednesday
In the past five or six years, the state has received investments worth around Rs 80,000 crore (Rs 800 billion) -- on the ground -- not counting the memoranda of understanding and plans like Mittal's, that are yet to take off.
'Interim Budget has ignited the entrepreneurial spirit.'
About 250 acres of land had been acquired during four days of acquisition drive undertaken last month.
UK's largest union Unite warned Tata against ducking its promises and conducting a 'fire sale' of its specialty steel business
In the present framework, he said the ministry will talk to states to expedite the process of granting iron ore leases to ArcelorMittal and South Korean steel giant Posco.
Steel firms brace for good times on the back of better demand.
The 11 Indian officials of a steel company, abducted in Nigeria two days back, have been released.
The Centre has conceded most of the demands of potential buyers of Neelachal Ispat Nigam Ltd (NINL). These include lowering the lock-in period for sale of assets to one year and allowing the new buyer to undertake the amalgamation of a special purpose vehicle (SPV) into NINL. An inter-ministerial group led by Department of Investment and Public Asset Management (Dipam) secretary Tuhin Kanta Pandey and the core group of secretaries on divestment (CGD) headed by Cabinet secretary Rajiv Gauba have decided that the lock-in period can be reduced to one year from the date of completion of sale, from the earlier three years proposed by Dipam, an official in the know said.
'China is somewhat disappointing in its recovery, and slow growth, and India is reporting strong growth numbers.'
Goa plant has a capacity of 2 lakh tonne per annum.
A bleak demand outlook for steel in the domestic as well as global market is also another reason Tata Steel may be looking to have additional liquidity as margins are expected to take a hit in the coming quarters.
South Korean steel giant Pohang Steel Company on Tuesday asserted that it will develop a captive port near state-owned Paradip port
Stung by the crisis arising out of the Syndicate Bank bribery case, lenders have gone into a fire-fighting mode to avoid fresh bad loans from their exposure to Bhushan Steel, one of the most indebted steel companies in the country.
As part of the Rs 35,000 crore (Rs 350 billion) mega growth plan, Steel Authority of India is planning to pump in Rs 11,000 crore (Rs 110 bilion) to increase production at its three production units in West Bengal including Durgapur Steel Plant and I
'As Tata Steel we will obviously use group-level leverage to make progress where we want.'
Steel Minister Ram Vilas said in a meeting that the prime minister could intervene, if need be, to provide iron ore blocks to Lakshmi Mittal, CEO of ArcelorMittal, for his two proposed 12 mn tonne steel plants in India. The world's biggest steelmaker has signed MoUs with Jharkhand and Orissa governments to set up greenfield steel plants wherein it will invest a total of Rs 80000 cr. ArcelorMittal has already been allotted two coal blocks, one each, in Orissa and Jharkhand.
'The scheme excludes tractors, light commercial vehicles, and medium and heavy commercial vehicles.'
The UK government has promised to put in place measures worth hundreds of millions of pounds to support any rescue deal for the Indian group's UK business.
ArcelorMittal has moved a few steps forward in setting up its 12-million tonnes steel plant in Keonjhar district of Orissa
Members of the United Action Committee, who had gone dharna at Gada Kujanga last week demanding fulfilment of their demands, decided to cooperate with the administration.
Indians seem to be getting attracted to foreign assets and countries in a different way
Projects include steel plant & railway line; Modi's visit first by a PM to the tribal belt in 30 yrs
Almost all major metal and mining firms would be affected by the Supreme Court ruling canceling 214 coal blocks, but Naveen Jindal's JSPL and Aditya Birla Group's Hindalco would be among the worst hit, analysts said.
Billionaire Mukesh Ambani's Reliance Industries and Tata Group have made it to the prestigious TIME's list of 100 World's Most Influential Companies of 2024. TIME called Reliance 'India's Juggernaut'. This is the second time that Reliance has found its way into the TIME list. Jio Platforms, the firm that holds digital properties of the conglomerate, was included in the inaugural TIME 100 Most Influential Companies List of 2021. Serum Institute is the other Indian company on the list.
Mittal said his steel plants were getting gas at no less than $6 per million British thermal unit (mBtu), much lower than the $4.33 per mBtu price proposed by RIL.
The Karnataka government is actively considering the possibility of changing the location for a proposed steel plant of Posco in north-central Gadag district; instead offer the South Korean major an alternative land elsewhere in the state. The move comes after the farmers of Halligudi village stiffly opposed plans to acquire their "fertile" land ahead of starting work on the project.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances