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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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Japan’s industrial output up 2.0 percent in June from May
2 percent in July and increase by 1.7 percent in July and decrease by 3.2 percent and iron and steel inventories fell by 0.3 percent in July, month on month.On the other hand, in June the Japanese iron and steel production index increased by 1.

🌎 International · 🗓️ September 05, 2023 · Steel

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North American longs prices forecast to decline in 2023
However, activity levels in the United States and Canada are projected to weaken for the rest of the year.The pace of construction work has begun to contract, ahead of the autumn.The measures will slow down activity in the regional economy.The increased cost of borrowing is a contributory factor.The Canadian long product market is heavily exposed to the selling policies of neighbouring US mills, which have become increasingly active in the country.

🔗MEPS International

🌎 International · 🗓️ September 05, 2023 · Steel

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