Steel makers Steel Authority of India Ltd (SAIL) and Rashtriya Ispat Nigam Ltd (RINL) have given Rs 30 crore and Rs 6.16 crore respectively to the Prime Minister's Citizen Assistance and Relief in Emergency Situation (PM-CARES) Fund.
The Group recorded the highest ever production and sales of Steel and related product at 8.2 Million tonne and 8 million tonnes respectively, which is an increase of 12% and 10% respectively, an official statement said. The company's domestic operations continued to ramp up significantly during the year FY20.
In an 81-page judgment, High Court Judge Andrew Henshaw on Monday found no merit in the case being brought by ArcelorMittal to enforce a worldwide freeze on Essar's assets to protect them from "dissipation" while the former pursues parallel legal remedies.
Bauxite transportation too went up to 73.02 lakh tonne, also the highest ever, so far. During 2019-20, the company’s Alumina Refinery produced highest-ever 21.61 lakh tonne of Alumina Hydrate, setting a new record. The Steam & Power Plant (SPP) of the Alumina Refinery also achieved highest ever net power generation.
The company also said in view of the restrictions in the despatch of finished goods and poor market conditions due to the shutdown of customer operations in automotive, construction and other segments, shipments to customers have been curtailed. "All payments to MSME vendors and contract workers are being done on due dates," the statement added.
In India, where a 21-day nationwide lockdown has been announced to combat the spread of the virus, the company said its mining operations are running normally "but the integrated steel facilities in Jamshedpur, Kalinganagar Angul and Gamahria have started reducing production levels and operations in the downstream facilities have been suspended.
During the same period, the plant also posted a 30% growth in overall production of prime rails. Bhilai Steel Plant, which supplies rails to the Indian Railways, ended the fiscal 2019-20 with a cumulative production of 12.85 lakh tonne of UTS 90 prime rails, thereby registering a growth of 30% over the volume of prime UTS 90 rails produced over 2018-19.
AM/NS India, a joint venture between ArcelorMittal and Nippon Steel, and HMEL, a partnership between Hindustan Petroleum and Mittal Energy Investments, have announced a Rs 100-crore support package to strengthen India's capacity to protect families and communities impacted by COVID-19.
Private steel maker JSPL on Tuesday announced a Rs 25 crore contribution to the PM-CARES Fund to fight the outbreak of coronavirus in the country.
Domestic steel demand is likely to see a sharp dive in the first quarter of the coming fiscal due to stalled factories and production cutbacks across major user industries like auto and construction, Icra said.
JSW Steel, one of the country’s largest private steel companies, has decided to scale down or suspend production at its units in the wake of the global pandemic.
The move will affect the capacity utilisation which is expected to go down significantly during this period of lockdown, the statement added.
“Increase the export tax rebate rate of 1,084 products to 13%…includes steel products such as hot-rolled coil, wire rod, cold-rolled strip, hot-dipped galvanized strip and stainless steel strip,” showed an official letter from China’s ministry of finance and state administration of taxation, dated March 17.
Biometric attendance recording system for employees has been suspended till further notice.Two help desks (24x7) have been created at Visakha Steel General Hospital (VSGH) and an Isolation Ward has also been set up in the hospital.
The steel ministry chaaired by steel Secretary Binoy Kumar held a meeting on Monday via video-conferencing, in which senior officials of SAIL, RINL, NMDC, MOIL and KIOCL were asked about their preparedness at their plants and units in the wake of outbreak of coronavirus.
rom banning large gatherings at their offices and facilities to avoiding domestic and abroad travel, and encouraging work from home, steelmakers are taking several precautionary steps to protect its employees amid the outbreak of the novel coronavirus, the steel companies said.
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