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SAIL supplies 4,000 tonnes of steel plates for 7th frigate ship of Indian Navy
State-owned SAIL on Thursday said it has supplied 4,000 tonnes of steel plates for the construction of the seventh frigate ship as part of the P17A project of the Indian Navy.SAIL has supplied a total of 28,000 tonnes of steel for the construction of these vessels."SAIL has again contributed significantly to India's defence capabilities by providing the entire quantity of special steel plates of about 4,000 tonnes for the construction of the seventh frigate ship under the indigenous P17A Project for the Indian Navy," it said.The P17A Project comprises the construction of seven ships, of which six have been launched between September 2019 and August 2023.The seventh frigate ship is scheduled to be launched on Friday by Vice President of India Jagdeep Dhankar, Steel Authority of India Ltd (SAIL) said in a statement.

🇮🇳 India · 🗓️ September 01, 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 01, 2023 · Steel

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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 01, 2023 · Steel

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US cold finished bar imports up 26.4 percent in June
Other top sources of imported cold finished bar in June include Canada, with 1,965 mt; Germany, with 1,475 mt; Mexico, with 1,309 mt; and Spain, with 1,246 mt.The US imported the most cold finished bar from Italy in June, with 2,851 mt, compared to 1,083 mt in May and 1,605 mt in June 2022.

🌎 International · 🗓️ August 29, 2023 · Steel

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SEAISI webinar: Cautious optimism for ASEAN steel demand for 2023-2024 despite weak H1
1 percent in 2023 and 2024, though the growth of the real demand is expected to be 3.Demand in the ASEAN region is forecast to increase by 6.3 percent growth in 2022.In the Philippines, despite drop in demand in the second quarter, for the whole 2023 year the industry association is still expecting some small increase – to 10.6 percent in 2023 and 4.

🌎 International · 🗓️ August 29, 2023 · Steel

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