The steel major said it is tapping alternative supply sources in Turkey and Brazil. Tata Steel’s decision is part of an overall global trend whereby corporates are focusing on a strategy to de-risk their supply chains from China. De-risking started with the US-China trade dispute and accelerated with the spread of the coronavirus.
ICRA has revised its estimate of domestic steel consumption growth to 4-5 per cent in 2020-21.
Jindal Stainless said saw an improvement in net debt-equity ratio which stood at 1.3 as on December 31, compared with 3.2 in March 2017.
The capex will be implemented over the medium term and it will be largely self-funded out of AMNS India’s internal accruals as the unit is cash generative and Ebitda (earnings before interest, taxes, depreciation and amortisation)-positive.
Bhander, a natural gas-based thermal plant with an installed capacity of 500 MW, will remain captive to AM/NS India’s steel manufacturing operations at Hazira. The size of the deal was not immediately disclosed but it is understood to be around Rs 500 crore.
However, NMDC’s cumulative sales up to February 2020 was marginally higher at 28.90 mt against sales of 28.80 mt in April-February 2019, according to a notification sent by the company to the BSE on Monday. Production at the largest domestic state-owned mining company also saw a marginal increase to 29.12 mt in April-Feb 2020 compared to a production of 28.39 mt in the period April-February 2019.
This is due to the modest steel demand growth expectations and margin pressure.
The revision of the outlook reflects the risks in the company's ability to deleverage and generate positive free cash flow
A district mining official claimed around 3,000 tonnes of gold was found in Sonbhadra district of UP.
Super Smelters to invest close to Rs 1,000 crore in setting up a greenfield steel unit in West Bengal
As part of its brownfield expansion, Super Smelters is planning to double the capacity of its unit in Jamuria to 40,000 tonnes per month (tpm) from the existing 20,000 tpm. While investment on the greenfield steel project is likely to be around Rs 600 to Rs 700 crore, the rest will be spent on the expansion.
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