GFG Alliance acquired Adhunik Metaliks and Zion Steel earlier this year, making its entry into the Indian steel market. In this interview with India Global Business, Sanjeev Gupta, Executive Chairman, GFG Alliance, talks about how Covid-19 has impacted their plans for the company, about its sustainable GREENSTEEL model and the company’s plans for India.
Tata Steel Europe recently unveiled a set of restructuring plans to try and reverse its loss-making streak, spurred by worldwide woes faced by the steel industry in the form of overcapacity and stagnant demand. Highlights: Tata Steel is enforcing restructuring and cost-cutting plans for its European business. The plans include cutting back bureaucracy and greater use of technology to enhance efficiency in order to become more cash-positive in a tough market. The announcement comes after Tata Steel Europe announced plans [...]
Tata Steel’s joint venture plans with German steel giant ThyssenKrupp struggle to clear strict European Union (EU) competition norms. German steel giant ThyssenKrupp recently confirmed that it has submitted a comprehensive package of proposed solutions to the European Commission to obtain clearance for the merger of Thyssenkrupp Steel Europe and Tata Steel Europe. The Commission had opened an “in-depth” investigation into the proposed merger in October last year amid concerns that the deal between two of the world’s major steel players may reduce competition in the supply of various high-end [...]
The joint venture with Thyssenkrupp will help address Indian market needs, according to the Indian steel giant. The chairman of Tata Steel welcomed the definitive agreement with German steel major Thyssenkrupp to create a new joint venture company as a “historic” development that would strengthen the steel industry across Europe and India. N. Chandrasekaran was addressing a joint press conference with Thyssenkrupp CEO Heinrich Hiesinger in Brussels at the end of June to mark the creation of Europe’s second-largest steel giant in the form [...]
India’s steel and automotive industries were in the limelight with acquisitions and joint ventures. JSW Steel acquires US-based Acero Junction Indian steelmaker JSW Steel Ltd has agreed to acquire US-based steel mill owner Acero Junction Holdings Inc. for up to $80.85 million (Rs 527 crore) in cash to expand its North America operations. The acquisition will help JSW Steel establish its presence in Ohio, US, and gain deeper access to the North American steel market, the company said in a [...]
India Inc. property expert analyses the pattern shifts in the Indian real estate sector due to changing laws and market trends. If one were to think that the pain in the Indian real estate industry is a matter that started in 2016 due to demonetisation and was made worse in 2017 due to the implementation of the Goods and Services Tax (GST) and Real Estate Regulation Act, one would like to consider the fundamental changes in the IT, telecom and [...]
The Government of India recently announced a highly ambitious vision for India's steel industry and future demand and circulated a New Draft Steel Policy 2017 for public discussion. This document is an outline for attaining a most challenging target capacity of 300 million tonnes of crude steel capacity by 2030, which is anticipated to be the demand for steel then. To put this figure in context, India is producing only around 100 million tonnes today while China alone produces around [...]
With so much Indian investment and interest in Britain’s steel industry, it would be surprising if the current plight of the struggling sector did not feature somewhere on the agenda when Prime Minister Modi met UK ministers during his visit in November.