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Ramkrishna Forgings bags Euro 8.25 million order in South America
65 crore, for the supply of equipment to a client in the South American market.The company, which exports to over 50 countries, has a manufacturing facility in Jamshedpur in Jharkhand.The company will be supplying front and rear axle components for the next five years, it said in a statement."This contract represents a significant step in our journey to expand and diversify our operations in the South American market," said Ramkrishna Forgings CFO Lalit Kumar Khetan.It has formed a joint venture with Titagarh Rail systems to manufacture and supply 80,000 wheels to the Indian Railways.

🇮🇳 India · 🗓️ September 05, 2023 · Steel

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Indian Oil Corporation floats global tender for construction of green hydrogen plant
The successful bidder will ensure the supply of gaseous green hydrogen at the delivery point to IOC, to be marketed by the latter.The proposed location of the new green hydrogen unit is between the Panipat Refinery and Panipat Naphtha Cracker area in land owned by IOC within the vicinity of the Panipat Refinery Complex.The plant would need to be completed within 30 months for date of award of the contract.The company said that the investor would be required to construct a green hydrogen plant with a capacity of 10,000 mt per day, making it the largest such plant currently planned in the country.

🇮🇳 India · 🗓️ September 05, 2023 · Steel

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ACRE to buy Union Bank's Rs 411 crore Visa Steel Loan
The offer of upfront cash of ₹143 crore by ACRE equates to a recovery of 35%.ACRE was declared the successful bidder in the absence of counteroffers at the auction.The company, however, challenged the order in the appellate tribunal and obtained a stay from the Orissa High Court, halting the insolvency process.The move to sell their exposure to the steel company comes as banks seek to address recovery delays due to court interventions by the promoters.To exercise control over the debt resolution process in any company undergoing restructuring, an acquirer looks to own a minimum of 66% of the company's debt.

🇮🇳 India · 🗓️ September 05, 2023 · Steel

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US mechanical tubing exports up 6.8 percent in June
The US shipped the most mechanical tubing to Mexico in June with 3,137 mt, compared to 2,909 mt in May and 2,808 mt in June 2022.Other top destinations included Canada, with 2,661 mt.There were no other significant destinations (1,000 mt or more) for US mechanical tubing exports in June.

🌎 International · 🗓️ September 04, 2023 · Steel

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General Motors Silao, Mexico idled due to lack of components
That volume places it as the largest manufacturer in the country with a share of 18.Data from the Mexican Association of the Automotive Industry (AMIA) show that in the first seven months of the year, to July, General Motors manufactured around 411,000 vehicles at its plants in Mexico.The Silao plant will reportedly restart production on September 4.SteelOrbis contacted the press department of General Motor México, however there was no response to confirm the restart of production and to know if other plants in Mexico are also idled.Data from a past interview with Guanajuato government officials told SteelOrbis that the General Motors plant in Silao produces a vehicle every 90 seconds.

🌎 International · 🗓️ September 04, 2023 · Steel

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