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Vedanta to sell all its steel assets by March 2024
The strategic move to divest its steel and steel raw material business was initiated in June as part of Vedanta's broader effort to refocus on its core mining operations.Notably, Vedanta entered the steel production sector in 2018 with the acquisition of ESL Steel, a transaction valued at 52.This predicament prompted rating agencies to downgrade the group's credit rating, further emphasizing the need for strategic realignment and asset sales to address its financial challenges.Vedanta Ltd, an Indian multinational mining and metals conglomerate, is on track to finalize the sale of its steel assets by March 2024, according to the company's chairman, Anil Agarwal, in an interview with CNBC TV 18 on Tuesday.The parent company, Vedanta Resources, is currently grappling with a substantial debt burden amounting to $6.

🔗Construction World

🇮🇳 India · 🗓️ October 12, 2023 · Building Material

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JSP plan to make Angul facility largest location steel plant
6 MTPA from the current 3.Discussing the expansion of the Angul facility, Jha expressed the company's commitment to achieving trial production by the end of 2023, followed by full-scale commercial production in the subsequent year.Regarding the outlook for the steel sector in India, Jha highlighted the country's growth trajectory, driven by the government's emphasis on infrastructure projects.Currently, the capacity of the Odisha-based plant is undergoing a substantial expansion, poised to increase from the existing 5.6 MTPA, as confirmed by the company in a statement.

🔗Construction World

🇮🇳 India · 🗓️ October 12, 2023 · Building Material

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Iron ore supply resumes for Vizag Steel
The supply of iron ore to Rashtriya Ispat Nigam Limited (RINL), the corporate entity responsible for the Visakhapatnam Steel Plant (VSP), faced a temporary disruption due to damage to the transportation line.Coupled with the continued supplies from NMDC and the quantities obtained from alternative sources, RINL remains committed to sustaining uninterrupted operations and ensuring the availability of essential raw materials for the steel plant.The supply was halted from September 24 to October 9, resulting in damage to the Kottavalasa-Kirandul railway line on September 24.An official spokesperson from RINL acknowledged the substantial challenge posed by the major landslide on the KK line between Jaypore and Koraput.During this supply interruption, the team at RINL made commendable efforts to ensure a continuous flow of iron ore to meet the VSP's requirements.

🔗Construction World

🇮🇳 India · 🗓️ October 12, 2023 · Building Material

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Crude steel output grows to 70 MT in April-September
06 MT in the corresponding period of the previous year.60 MT in the April-September period of the previous fiscal year, reflecting shifts in global trade dynamics.SteelMint anticipates that these factors will continue to support the growth in steel production during the second half of the current fiscal year.75 MT recorded in the same six-month period a year ago.This marks a significant rise compared to the steel output of 61.

🔗Construction World

🇮🇳 India · 🗓️ October 12, 2023 · Building Material

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Global steel prices may rise a tad on hopes of sops for Chinese property sector
AOCE said an uncertainty surrounding the rate of China’s steel output growth in 2023 is whether, and to what extent, the Chinese Government chooses to cap steel production levels over the rest of the year.But the outlook for US steel demand in the second half of 2023 contains downside risks.AOCE said India’s steel production is forecast to grow 6.Research agency BMI said it expects production to increase in the fourth quarter, improving supply and extending to the first quarter of 2024, driven by Chinese steel mills.“Global steel producers are expected to face subdued demand and moderating prices over the rest of 2023,” it said.

🔗Subramani Ra Mancombu

🇮🇳 India · 🗓️ October 12, 2023 · Steel

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