NEWS

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The ultra mega steel project proposed in Odisha has got a fresh twist with the Union ministry of steel proposing maharatna firm Steel Authority of India Ltd (SAIL) to be the equity partner in the project. If the Centre's latest move falls in place, SAIL is most likely to replace…

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The Odisha government is making all efforts to see that Posco's proposed steel plant comes up in the state, said Chief Minister, Naveen Patnaik here today, brushing aside speculation that the South Korean steel major is backing away from the project. "I do not think so. As you know our…

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German industrial group ThyssenKrupp said it had agreed to buy a stake in a Chinese sheet steel company to strengthen its position with carmakers in southwestern China. ThyssenKrupp said on Tuesday it was acquiring a 12.5 percent direct and a 37.5 percent indirect stake in a unit of China's Angang…

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State-owned iron ore miner NMDC today said it has entered into a pact with Steel Ministry, Chhattisgarh Government and SAIL for setting up an ultra mega steel plant at Bastar. "NMDC, a navratna PSE under the Ministry of Steel ... has signed the following MoUs (Memorandum of Understandings)...(including) setting up…

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Tata Steel has signed supplementary lease deeds for six iron and manganese ore mines falling under Joda circle in Keonjhar district. After the execution of lease deeds, the six mines that are poised to restart operation are Joda West, Joda East, Manmora, Khandabandh, Tiringpahad and Bamebari. All these six mines…

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South Korea's imports of steel shrank in April from a year earlier, caused by slumping demand and increased inventory, industry data showed Tuesday. South Korea imported 1.84 million tons of steel last month, down 8.5 percent from a year earlier, according to the data compiled by the Korea Iron &…

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Ailing steel maker Perwaja Holdings Bhd expects to restart its Kemaman plant operations within the next 18 months after securing its white knight China's TianJin Zhiyuan Investment Group Co Ltd, with an investment commitment of RM300 million. With that, Zhiyuan will emerge as a majority shareholder of Perwaja while seeing…

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The EU and Japan have criticised India for “frequent and frivolous” use of safeguard measures — imposition of higher duties to protect domestic industry against import surges — and have asked New Delhi to review its use of the tool. The countries also questioned India’s recent safeguard investigation on certain…

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Steel Exchange India Ltd (SEIL) today reported 96 per cent decline in its standalone net profit at Rs 1 crore for the quarter ended March 31, 2015 on account of higher finance cost and tax expenses.  The firm, part of the Vizag Profiles Group, had posted a net profit of…

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A western Pennsylvania company said technology at its new mill processes steel up to 20 percent faster than conventional means. The $1.2 billion Allegheny Technologies facility, about 19 miles north of Pittsburgh, replaces a plant that opened more than 50 years ago. The mill is the most expensive investment in…