The minister chaired a video conference with officials from Ministry of Steel, Ministry of Road Transport and Highways, Ministry of Railways, INSDAG, SAIL and steel fabricators from Bhilai to work out the details of the plan.
Flat steel products saw a 163% rise in production at 9.05 lakh tonne in May'20 against 3.44 lakh tonne in April, though it was lower than 10.17 lakh tonne produced in May'19. Long products saw a jump of 124% to 2 lakh tonne during May '20 over 0.89 lakh tonne in April.
"Hans van den Berg, in his current role as vice-chairman of the Board of Management of Tata Steel Netherlands, will take over tasks from Theo Henrar as of 1 June," a spokesperson for Tata Steel Europe told ET. "There is no decision yet who will be the new chairman of this Board of Management," the official added.
Several other manufacturers too said that even if there was an eventuality of employees testing positive, they will follow the standard operating procedures (SOP) and inform the local authorities, but production will continue.
After hitting a historic low in April, domestic steel demand is only expected to climb back to 25-30% of normal levels this month. While demand across the country had shrunk in the aftermath of the first three phases of the lockdown, business is expected to revive toward the latter half of the financial year.
The government imposed a nationwide lockdown on March 25 to prevent spread of the coronavirus pandemic which has impacted production, demand and supply of steel in India. The country had produced 9.02 MT of crude steel during the same month a year ago, the World Steel Association (worldsteel) said in a report.
M&M had 51% in the JV and Sanyo 29%, while the remaining 20% was held by Mitsui. However, in 2018, Sanyo bought around 22% in Mahindra Sanyo, increasing its holding to 51%. Consequently, MSSSPL ceased to be a subsidiary of M&M.
“The first half of FY 2021 is expected to be challenging for steelmakers. Many buyers could prefer to sit at the sidelines, given the uncertain demand environment and liquidity pangs of steel consumers, amid dwindling sales and fixed cost obligations,” said ICRA’s senior vice-president, Jayanta Roy.
JSPL is the first company in India to build the coal gasification plant and the first in the world to produce DRI/Steel via coal gasification process, Jindal said. "We have been requesting it for a long time and last year the Prime Minister too had stressed on its importance," he said.
Domestic steel production fell by a record 69.5% year-on-year basis in April 2020 as per provisional figures. The country produced a mere 2.8 million tonne of crude steel during the month, according to data released by Joint Plan Committee (JPC). Steel has been classified as an essential commodity and permitted to operate during the lockdown period.
The stimulus package announced by Prime Minister, Narendra Modi along with the roadmap for a more atmanirbhar Bharat (self-reliant India) is in line with the industry expectations, Anil Chaudhary, chairman, Steel Authority of India Limited has said.