The company will be capable of supplying steel for critical and special applications for today and tomorrows automotive industry. Aichi Steel will be posting three personnel in India while additional critical support from the headquarters will be provided constantly.
“In addition to investing approximately 11 percent of issued shares after capital increase, we agreed to provide technical assistance to Vardhman. The demand for special steel in India is expected to expand further due to the growth of the automobile industry. Based on this capital investment and technical support, the foundation of the special steel business will be strengthened by improving global quality and cost competitiveness,” Aichi said in a release.
“First of all, we will have Japanese staff stationed in Vardhman from our company to provide strong technical support, and we will consider further strengthening relationships and expanding business while monitoring market trends,” it added.
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Traffic at major ports down 11% till November
The 12 major Indian ports handled 414.30 mt of traffic in April-November, lower by 10.53% than 463.05 mt recorded in the corresponding period of last year, according to data released by IPA.
New SAIL chairman to focus on financial performance improvement
Soma Mondal, who has taken over as Chairman of Steel Authority of India Ltd on the first day of 2021, has asked employees of public sector steel behemoth to focus on making the organization financially and structurally strong.
Year-end brings in cheer to motown
December sales bought in cheer to the top carmakers of the country as sales moved northbound on a year-on-year basis.
Seaborne coking coal offers rise marginally in December
Seaborne coking coal offers rose marginally in December as new deals were sealed at higher prices despite the Chinese import restrictions on material from Australia, sources said.
November crude steel output up 3.5% on year
India’s crude steel production grew 3.5 percent on year to 9.24 million tons (mt) in November but was down 1.9 percent from October, provisional steel ministry data showed. With 82 percent share, the private sector (51.171mt, down by 13.7 percent) led crude steel production compared to the 18 percent contribution of the PSUs.
Forging industry asks for steel, iron ore export curb
The forging industry has urged the government to ban steel and iron ore exports, as domestic steel prices shot up by 25-30 percent in the last three months due to increased exports and squeezed supply in the local market.
JSPL plans biggest global single-location steel plant
To raise Angul capacity to 25.2 mt
AM/NS India plans to double capacity
ArcelorMittal Nippon Steel (AM/NS) India, a joint venture between ArcelorMittal and Nippon Steel – two of the world’s leading steel companies aims to double the production capacity from the current 9 million tons (mt) in a phased manner, the company said recently.
Steel Sector Braces For Stable 2021
As the rest of the economy trudged towards 2021 burdened with faltering recovery, the steel makers are posed with a happy problem of demand outstripping production levels and stocks.
Budget Wishlist: Industry Bodies Seek Export Ban, Import Duty Cut
Domestic steel makers under the aegis of Confederation of Indian Industry (CII) have sought reduction in basic customs duty on key raw materials like anthracite coal, metallurgical coke, coking coal, and graphite electrode in the upcoming Union Budget 2021.