Mumbai, May 15 (EPC News): JSW Steel has outlined Rs6,000 crore capital expenditure plan for the current fiscal. The amount, in debt and equity form, will be utilized for enhancing the company’s manufacturing capacity.  

"Our capital expenditure plan for the current fiscal is around Rs 6,000 crore, of which Rs 3,500 crore will be debt and the rest will be through the route of equity," Joint Managing Director and Group CFO Seshagiri Rao said. 

The company’s Vijaynagar plant is currently under expansion and is expected to be complete by FY2014. “"We hope to complete the expansion of Vijaynagar unit to 12 million tonnes by FY14," says Sajjan Jindal, Chairman and Managing Director of the company.

However, the scarcity of iron ore has put the company’s Karnataka plant on hold. “We would not increase the Karnataka plant capacity to 16 million tonnes as planned earlier, until there is clarity on iron ore supply issue,” he adds. 

EPC News Bureau

Kutch, May, 12 (EPC News): The Gujarat High Court has asked Electrotherm (India) Ltd, a global metal manufacturing company to halt the steel plant operation at Samkhyali village in Gujarat.

The company is asked to commence operation after it receives a fresh environment clearance from the Ministry of Environment and Forest (MoEF) in favour of the company.

The company, in return, is in a move to file an appeal in the Supreme Court against the said order.

EPC News Bureau

New Delhi, May 12 (EPC News): Steel Authority of India Ltd plans to explore its public-private ventures in Mongolia and Afghanistan. SAIL inked an initial agreement with the Mongolian government to study the possibilities of setting up a steel plant and mining iron and coal (coking and thermal) in Mongolia. 

As per the MoU, the Mongolia Mineral Resource and Energy (MMRE) will provide information on possible iron and coal deposits with SAIL and will suggest locations for investments. The agreement further involves a joint study by MMRE and SAIL for setting up mineral processing facilities of iron ore, coal and steel. SAIL will either shed the investments individually or through consortiums with other entities, informed a statement released by the company.

Based on the study, SAIL will select the best available technology to treat the Mongolian iron ore and coal deposits. 

EPC News Bureau

New Delhi, May, 11 (EPC News): India has invited Chinese steel makers to set up pellet plant in India, allowing them to take full advantage of the zero duty on pellet export and reduced custom duty on import of palletization plants.

China is the largest importer of iron ore with the import of nearly 75 to 80 million tonnes every year. No export duty and reduced custom duty i.e. 2.5% from 7.5%, on import of palletization machinery will greatly save company's expenditure cost of pellets.

It is a win-win deal for Chinese steel industry to set up pelletisation plants in India as it would make up for the extra expenditure being incurred by them in view of 30% duty on iron ore exports from India, said C S Verma, Chairman of Steel Authority of India Ltd (SAIL), who signed a MoU with the Chinese Iron and Steel Association (CISA).

EPC News Bureau

Bhubaneshwar, May, 03 (EPC News): State Government run, National Aluminium Co. (NALCO) has floated a tender for export of 12,000 tonnes of aluminum ingots. The last date for submission of the bid is 8th May.

The company will export the metal from May to October in six batches of 2000 tonnes each.

The company has increased the sale price of aluminum ingots by Rs1500 per tonne from across all products, in line with the overseas market. The revised base price of aluminum has increased to Rs138,700 per tonne in domestic market.

EPC News Bureau

Chennai, May, 03 (EPC News): Chennai based Carborundum Universal ( CUMI) has said that the company will invest around Rs200 crore in the current fiscal. The company also plans to setup a Greenfield project for fired and castable refractories.

The company in its release said that it plans to add more capacities in its existing business verticals covering both domestic and international operations. 

“It plans to increase capacity in abrasive thin wheels, converted coated products, sintered alumina grains, alumina zirconia grains and lined equipment fabrication facility,” the company said. 

In its overseas business, capacity expansion in Russia and South Africa would be completed during this year.

EPC News Bureau 

Mumbai, May, 03 (EPC News): Siemens Metals Technologies has bagged BMM Ispat's  merchant bar mill order for its Hospet plant. 

The rolling mill at Hospet plant tend to produce around 850,000 tonnes of merchant bar steel products annually  is schedule to commission by the end of 2013. But the company in its release did not disclose the value of the contract. 

The products include reinforcing steels, round bars, flat and square bars, angles and channel sections. Low and medium-carbon or low-alloy steel grades as well as spring and free cutting steel can be processed, said a company release. 

The project will executed jointly by Siemens Metals Technologies Italy and Morgan Construction Company India (a Siemens VAI Business). 

EPC News Bureau 

Uttarakhand, May, 02 (EPC News): Mahindra Ugine Steel Company (MUSCO), a steel manufacturing company plans to launch the Automated Heavy Stamping Presses (press shop) in its stamping division at Pantnagar in Uttarakhand with an approved capital expenditure of Rs47.49 crore.

Once commissioned in FY 2013-14, the plant will cater to automative businesses in and around Pantnagar and Rudrapur such as Tata Motors Ltd, Ashok Leyland and Mahindra & Mahindra Ltd.

EPC News Bureau