A selection of news in briefs from STI March
India’s rapid steel growth
The steel industry in India is growing faster than the country’s economic growth, said a steel minister.
Steel industry is growing at around 9-10% while economic growth was 8-9%. India had produced 69Mt of steel in 2010 against a targeted capacity of 73Mt.
The country has set a target to produce 100Mt of steel by 2012-13 and 200Mt by 2020, emphasising the need to develop technology to improve quality of minerals including iron ore and coal as import costs had been rising.
VWN Steel Solutions has been incorporated into the new Danieli Centro Met Swiss company.
It will represent the centre of competence within the Danieli group for the worldwide revamping business in electric steelmaking. Additionally, Danieli Centro Met Swiss, will take care of the German speaking markets in terms of electric steel making projects.
The new company will operate from the existing VWN offices in Rheinfelden, Switzerland.
Jindal to control Ispat
JSW Steel has acquired a 41.29% stake in the ailing Ispat Industries. JSW has acquired 1bn Ispat shares at a preferential price and the company renamed JSW Ispat Steel. The Mittal family in India holds a 26% share in the company.
Proceeds from the acquisition will be used to reduce Ispat’s debt. The deal will make JSW the largest steel producer in India with a capacity of 14.3Mt by March 2011.
Baosteel profits up 120%
Baoshan Iron and Steel reported profits of RMB120bn ($18.2bn) for 2010, up 120% y-o-y.
Sales income for the year was RMB202.4bn ($30.7bn), up 36.3% y-o-y. Though it did not spell out reasons for substantial increase in profit, insiders disclosed that non-steel business contributed a large share.
Source: China Metals e-mail email@example.com