Read more about Steel producer SAIL shares climb 5% after quarterly earnings on Business Standard. Shares of SAIL on Friday rose by 5 per cent after the company posted a 31 per cent jump in its consolidated net profit for the quarter ended March 31, 2021.
Read more about Steel becomes costlier; companies hike rates by up to Rs 4,900/tonne on Business Standard. The price revision has been made in the last two days, the sources said.
Read more about Karnataka puts on hold decision to sell 3,667 acres to JSW Steel on Business Standard. This comes amid opposition from within the ruling BJP and cases pending in courts
Indian steel major Tata Steel has filed a commercial court claim in the UK against British Indian steel tycoon Sanjeev Gupta led GFG Alliance, which owns Liberty Steel, over alleged missed payments from an acquisition dating back to 2017. Liberty Steel had stepped in to acquire Tata s Speciality Steels business employing more than 1,700 people in Yorkshire, Lancashire and the West Midlands in an estimated 100 million pounds deal, which Tata Steel announced as complete in May 2017. Now, it has emerged that payments have been missed in that transaction resulting in Tata launching proceedings against Liberty Speciality Steels, Liberty House Group PTE and Speciality Steel UK all parts of GFG Alliance, The Daily Telegraph first reported.
After a pause, prices of steel and iron ore are on the rise. Steel companies have increased prices by up to Rs 5,000 a tonne beginning April while state-owned iron ore producer, NMDC has hiked prices of lump ore by Rs 500 a tonne. Steel producers said that prices of hot rolled coil – a benchmark for flat steel (used in automobile, domestic appliances and construction) – have been increased by Rs 4,500-5,000 a tonne; prices of long steel (used in infrastructure and construction) have increased by up to Rs 3,000 a tonne. Post-increase, the price of HRC is at Rs 57,600; in longs, TMT is at Rs 52,500. The increase in steel prices is led by a surge in global prices.