On the proposed carbon border tax, Goyal suggested that 4-5 top steel leaders engage in talks with him to deliberate the issue, which aims to level the playing field by imposing taxes on imported steel that currently avoids domestic levies
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According to the Ministry of Steel, steel production in India, is largely driven by market dynamics, logistics for raw materials, and other commercial considerations
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In the first quarter (Q1) of FY 2024-25, Sail reported consistent crude steel production of 4.68 million tonnes, matching the 4.67 million tonnes produced in Q1 FY'24
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India transitioned to a net importer of steel in the fiscal year ending 31 March 2024. This trend has persisted, with finished steel imports reaching a five-year high in April-May, based on provisional government data
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The official X (formerly Twitter) handle of RINL-VSP shared this remarkable achievement, stating, “It is a testament to our dedication, innovation & unwavering commitment to excellence”
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In a high-level meeting with top officials on Wednesday, the Minister emphasised the necessity of increasing steel production to make the plant profitable. He reviewed detailed reports on the company's activities, financial status, production levels, and new initiatives
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This follows the Ministry of Steel’s initiative, launched in November of last year, to bolster the national identity of Indian steel products
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The new plant, which has received initial board approval, will be located near the existing IISCO Steel Plant and will have a production capacity of 4.08 million tonnes (mt)
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In May, finished steel imports were recorded at 0.55 mt, a 13 per cent year-on-year increase from 0.49 mt
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According to ICRA’s latest note on the steel sector, domestic steel mills are expected to see an increase in earnings in Q1 FY2025 due to favourable trends in input costs and rising steel prices
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