HEADLINES

    • Tata Steel unit sale talks continue but other options eyed
      Others | Steel | 29th May 2015

      Tata Steel is in talks with employees about transferring its "long products" unit into a wholly-owned subsidiary, but said talks to sell the business to Swiss-based Klesch Group continue. The steelmaker said in October last year it was in talks to sell the unit, which employs 6,500 people...

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    • Posco to hold minority in a JV with SAIL, in a new Bokaroplant
      India | Steel | 29th May 2015

      State-owned SAIL and Korean major Posco have decided to join hands again for setting up a 1.5 million tonne per annum steel plant at Bokaro at a likely investment of R6,000 crore to cater to the growing demand from the automotive sector. A steel ministry official said the two are in the final...

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    • Dry bulk market is the victim of a shift in demand
      Others | Freight | 29th May 2015

      The fall in dry bulk freight rates is attributed, in large part, to the substantial decrease of China’s thermal coal imports, a major commodity trade in the past, combined with the large supply base of dry bulk carriers, in need of employment. At the same time, as shipbroker Allied...

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    • Coal India Q4 profit falls 4.41% to Rs4,238.55 crore
      India | Coal/Coke | 29th May 2015

      Coal India Ltd (CIL)’s net profit for the quarter ended March fell by 4.41% from a year earlier to Rs.4,238.55 crore as realization from the more lucrative e-auction sales dropped. Total revenue increased 3.7% to Rs.21,339.55 crore from a year earlier. Total expenses jumped 3.8% to Rs.16,072....

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    • SAIL joins hands with Mittal Steel for a new automotive grade Steel plant
      India | Steel | 29th May 2015

      World’s leading steel maker ArcelorMittal and Steel Authority of India (SAIL) last week signed anMoU to set up an automotive steel manufacturing facility under a joint venture arrangement in India. The proposed joint venture would construct a cold rolling mill and other downstream finishing...

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    • Mine auction to start next month
      India | Iron ore | 28th May 2015

      The eight mineral rich states — Karnataka, Rajasthan, Jharkhand, Madhya Pradesh, Chhattisgarh, Gujarat and Odisha — have identified 200 mines with iron ore, limestone and bauxite deposits for auction. The Karnataka government intimated the ministry that it has identified eight iron ore...

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    • Vedanta seeks to lift SC-imposed output cap on Goa iron ore
      India | Iron ore | 28th May 2015

      Vedanta Resources Plc will aim to lift a court-imposed cap on its iron ore output in Goa, the country's top state for exporting the commodity, as it prepares to resume mining there in October after a three-year lull. A mining ban that had been in place in Goa since September 2012 was lifted last...

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    • Miners to continue seeing a tougher time ahead
      Iron ore | China | 28th May 2015

      Chinese steel industry heavyweight Li Xinchuang expects iron ore to remain below $US65 per tonne for the coming two years.The president of China's peak metallurgical industry has warned iron ore mining companies are in for a "very, very tough time" in coming years as the fierce...

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    • NMDC draws up blueprint to raise output to 100 MT by 2022
      India | Iron ore | 27th May 2015

      The country's largest iron ore miner NMDC today said it has charted out a growth plan to take its iron ore production to 100 million tonnes (MT) by 2022. The state-run company's production, at present, stands at about 30 MT. "NMDC...organised a two day workshop in Srinagar...the workshop was...

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    • Odisha's poor power linkage policy hit aluminium plant: Vedanta
      India | Iron ore | 27th May 2015

      Mining and minerals giant Vedanta today said it is operating its Jharsugda aluminium facility at a mere 25 per cent of installed capacity while putting the blame on state government for absence of power linkage policy and raw material crunch. The NRI-billionaire Anil Aggarwal-led company has set up...

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    • China ensures supply continuation of Cheap iron Ore
      Iron ore | China | 27th May 2015

      With iron ore prices still at multi-year lows, a reported interest by China's biggest steelmaker for indebted Australian iron ore miner Fortescue Metals makes business sense for both parties, depending on how much the deal is worth. It's logical that Baosteel would try to secure future supply Iron...

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    • Tata Steel Stock downgraded to Sell
      Others | Steel | 26th May 2015

      Tata Steel shares slipped nearly 3 per cent in intraday trade after brokerage CLSA downgraded the scrip to 'Sell' from 'Buy' and slashed the target price by 40 per cent to Rs 290 from Rs 480 earlier. According to the brokerage house, the company may face margin contractions due to depressed steel...

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