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While JSW Steel is expanding its production capacity aggressively through new projects and joint ventures, Tata Steel is betting on higher-margin, value-added products. Their strategies are more nuanced than stark and present different choices being made in a red-hot market for steel. View More

Primary steel producers expect steady operating profitability this fiscal year. Higher global steel prices and safeguard duties will support profit margins. Domestic steel demand is projected to grow between five and seven percent. This growth will be driven by infrastructure and other key sectors. Strong demand and steady profits will strengthen cash accruals for companies. View More

New Delhi: Primary steel makers are expected to maintain operating profitability of Rs 10,500-11,000 per tonne in the current fiscal despite higher input cost, a Crisil Ratings report said on Thursday. Higher global steel prices and the effect of the safeguard duty imposed last year will help keep profitability steady, the report said. This, coupled with healthy demand growth, is expected to strengthen cash accruals and support capex requirements while sustaining stable credit profiles, it said. "The operating profitability of primary steel producers, measured by EBITDA per tonne, is expected to remain resilient at Rs 10,500-11,000 per tonne this fiscal despite rising cost pressures," it said. The cost of production for primary steel producers - producers of steel predominantly through BF-BOF (blast furnace-basic oxygen furnace) route - is projected to rise by around Rs 2,000 per tonne this fiscal, to Rs 53,000 - 54,000 per tonne, owing to higher coking coal prices and elevated logistics and energy costs. Live Events Coking coal, which accounts for nearly 40 per cent of production costs, is expected to become 5-7 per cent costlier amid potential supply disruptions in key exporting regions and sustained demand from major steel producing countries. Higher freight, shipping and insurance costs, along with elevated power and fuel expenses, will further add to cost pressures. Crisil Ratings conducted a study of eight primary steel manufacturers which accounted for around half of India's total steel output last fiscal. Crisil Ratings Director Ankit Hakhu said, "Higher global steel prices, continued protection under the 11.5 per cent safeguard duty and healthy domestic demand growth are expected to support a 6-8 per cent increase in domestic steelprices this fiscal. This will offset rising cost pressures and keep profitability steady. Domestic steel demand is expected to remain healthy, growing 5-7 per cent this fiscal on the high base of fiscal 2026, supported by sustained investments in infrastructure and robust demand from the automotive, engineering and construction sectors. The long-term demand outlook also remains strong, with steel consumption expected to grow 6-8 per cent annually, aided by India's low per capita steel consumption of around 109.2 kg in 2025, which was significantly below the global average of 209 kg. JSW Steel , Jindal Steel , Steel Authority of India Ltd (SAIL), Tata Steel and AMNS India are some of the top steel-making entities in India. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;width: 100%;box-sizing: border-box} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)

The sale of the Amadea caps a turbulent and controversial history for the 348-foot yacht, which was seized from a sanctioned Russian oligarch. View More

watch nowVIDEO4:3004:30Superyacht 'Amadea' sold for $187 million: Here's what to knowSquawk Box A version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.A megayacht once valued at more than $300 million was sold by the U.S. government for $187 million to an Emirati billionaire whose family has a business partnership with the Trump Organization, according to government documents and yacht industry executives.Amadea, a 348-foot yacht seized by federal authorities in 2022, was part of a financial crackdown on Russian oligarchs following the country's invasion of Ukraine. After a lengthy legal battle, the yacht was auctioned off by order of the Justice Department in September.Neither the price nor the buyer was announced by the government, yet a government document reveals the purchase price was $187 million. The buyer was Abbas Sajwani, the 27-year-old son of Dubai property tycoon Hussain Sajwani, whose company DAMAC Properties has partnered with the Trump Organization.Hussain Sajwani appeared with President Donald Trump at Mar-a-Lago last year to announce a $20 billion investment in U.S. data centers by one of Sajwani's companies. At the press conference, Trump introduced Sajwani as "one of the most respected business leaders in the Middle East and indeed the world."Neither Hussain Sajwani, Abbas Sajwani nor DAMAC responded to requests for comment. The Department of Justice and White House declined to comment. CEO of DAMAC Properties Hussain Sajwani makes remarks next to U.S. President-elect Donald Trump, at Mar-a-Lago in Palm Beach, Florida, U.S. January 7, 2025.Carlos Barria | Reuters In 2022, the U.S. seized Amadea off the coast of Fiji as part of a crackdown on Russian oligarchs. The seizure was the highest profile test case for "Task Force KleptoCapture," a program created by the Biden administration to sanction Russian oligarchs and seize the assets of violators. The  Justice Department alleged Amadea was owned by Suleiman Kerimov, a Russian mining tycoon who had been under sanctions since 2018.U.S. authorities hired a new crew and sailed Amadea to San Diego. It remained docked in San Diego Bay for three years during a lengthy legal battle over its ownership. To maintain the yacht and crew, and pay insurance and docking fees, the government spent between $600,000 to $1 million a month, or an estimated $36 million in total, during its time under U.S. control.After a forfeiture order from a U.S. District Court judge, Amadea was ordered to be auctioned on Sept. 10, 2025. The auction, which took place a month later, was overseen by the U.S. Marshals Service, a part of the Justice Department. The director of the Marshals Service is Gadyaces Serralta, who was appointed by Trump and sworn in on Aug. 1, weeks before the Amadea auction. The bids were sealed and submitted to the Marshals Service, which was in charge of selecting the winning bid.The Marshals Service never announced the winner. "The USMS does not routinely disclose or confirm the identity of the buyer when selling assets," a spokesperson for the Marshals Service said in a statement. "That information is withheld under federal privacy exemptions unless ordered released by federal courts."When it was seized, the Justice Department cited various valuations for Amadea. Early filings by the justice department cited a range of "between $300 million and $500 million" and similarly of "more than $300 million." In a 2024 filing, the Justice Department quoted an independent valuation of $230 million. Mega-yacht Amadea of sanctioned Russian oligarch Suleiman Kerimov, seized by the Fiji government at the request of the U.S., arrives at the Honolulu Harbor, Hawaii, on June 16, 2022.Eugene Tanner | AFP | Getty Images Registration documents showed that a month after the $187 million sale, Amadea was registered by Beyond Holding Group Ltd., a British Virgin Islands holding company that lists a headquarters address in Dubai that's the same as DAMAC's.The government hasn't announced a use for the Amadea proceeds. A U.S. aid package signed into law in May 2024 gave the government the ability to seize Russian state assets located in the U.S. and use the proceeds to benefit Ukraine.The sale caps a turbulent and controversial history for Amadea. Built in 2017 by Lurssen, the yacht has six decks and accommodates 16 guests and 36 crew. It has a glass "winter garden," infinity pool with a swim-up bar, movie theater with motion seats for a "4D experience" and a party deck with built-in speakers, lights and laser beams. It also boasts a spa with a hammam, sauna and chromotherapy pool as well as a lobster tank in the galley for fresh seafood.In June, Abbas Sajwani gave Forbes a tour of Amadea anchored off the coast of Monaco. Sajwani told Forbes he had rejected an offer from another buyer to buy Amadea "for much more, in the hundreds of millions.""I love the boat's interior, I love the style," he said. "It's beautiful."Amadea's most famous feature is a five-ton stainless-steel sculpture of an albatross figurehead wrapped around the bow. After his purchase, Sajwani converted the helipad on the bow deck into a pickleball court.The Forbes article doesn't discuss a sale price. Of the auction, it says:  "As luck would have it, Sajwani prevailed. His undisclosed winning bid was only $1 million above the next highest." The article doesn't specify how Sajwani knew the value of the other bids. Get Inside Wealth directly to your inboxThe Inside Wealth newsletter by Robert Frank is your weekly guide to high-net-worth investors and the industries that serve them.Subscribe here to get access today. Demand for high-quality megayachts like Amadea has soared since the pandemic. With the number of billionaires in the world growing to over 3,500, and elite shipyards straining to meet demand with long waitlists, prices for preowned yachts continue to rise. In 2025, sales of preowned yachts of 30 meters or more rose 36%, to $6.44 billion, according to Fraser Yachts.Yacht tracking data provided to CNBC from VesselFinder shows that after the auction, Amadea sailed to Fort Lauderdale, Florida, and Charleston, South Carolina. Yacht industry executives said the trips were for minor repairs and upgrades to Amadea.In the Forbes interview, Sajwani said when he's not in Dubai he runs his real estate business from the Amadea."Many people say they go on a boat for a holiday," he told Forbes. "For me, it's not the case. It's more of a place to live."Abbas Sajwani's company, called AHS Properties, bought the Shangri-La Hotel in Dubai for a reported $300 million and is developing luxury properties along the Dubai Water Canal. Forbes estimates his net worth at $1.9 billion.Although the Iran war has slowed Dubai's once-hot property market, Sajwani told Forbes, "The Dubai market is still very healthy, there's a lot of demand."Sajwani's father, Hussain, is known as the "Donald of Dubai" for his glitzy real estate developments and ties to Trump. In 2013, DAMAC formed a partnership with the Trump Organization to build the first Trump-branded golf course in the Middle East. The course opened in 2017.According to The New York Times, DAMAC paid the Trump Organization millions of dollars before the golf course was built and subsequent management fees. A second Trump-branded golf course with DAMAC was planned but has been delayed. In April 2025, Hussain Sajwani shared photos of a breakfast at the White House, where he mingled with Elon Musk. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

Coal India secured the Gadadharpur iron ore block in Odisha. This acquisition marks the state-run miner's entry into iron ore mining. India's iron ore production is projected to increase significantly by 2026-27. Odisha's rising output will support planned steel capacity additions. This will also bolster infrastructure and construction demand across the nation. View More

Coal India has won the Gadadharpur iron ore block in the eastern state of Odisha through a competitive auction, the state's director ‌of ⁠mines and ⁠geology, Rohit Kumar Lenka, said on Thursday. The block contains 258 million tonnes of iron ore resources and marks the state-run miner's entry into iron ⁠ore mining, ‌according to commodities consultancy BigMint. India, ​the world's second-largest ⁠crude steel producer after China, is ​expected to produce 340 million ​to 345 million metric tons of iron ore in 2026-27, up from about 316 million tons a ‌year earlier, according to BigMint. Odisha is one of India's ​key ​mineral-producing states, ⁠and rising iron ore output is expected to support planned steelmaking capacity ​additions, as well as infrastructure and construction demand. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;width: 100%;box-sizing: border-box} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)

State-run Coal India emerged as the winning bidder for the Gadadharpur iron ore block in Odisha with a 114% premium, marking its entry into a sector dominated by NMDC  View More

During the first four months of FY27, crude steel production stood at 56.3 Mt, up 2.6 per cent from the corresponding period last year View More

India's energy security now depends on manufacturing and resilient technology supply chains. The nation aims to become a global hub for clean energy technology production. Steel is identified as a crucial pillar supporting renewable infrastructure and battery projects. Government schemes support electric mobility, battery manufacturing, and critical mineral supply chains. Industry stakeholders are invited to collaborate for national self-reliance and economic development. View More

New Delhi: Union Minister for Steel and Heavy Industries H D Kumaraswamy on Thursday asserted that the definition of energy security has undergone a fundamental transformation, stating that national strength in today's evolving global landscape depends on manufacturing resilience and tech supply chains rather than simple resource access. Delivering a keynote speech at the Special Plenary Session on "Energy Security & Supply Chains" at the 7th CII International Energy Conference & Exhibition in New Delhi, the Minister outlined India's strategy to emerge as a global hub for clean technologies. He emphasized that industrial capability and energy security are now fundamentally linked. "Today, under the visionary leadership of Hon'ble Prime Minister Narendra Modi, India's energy security is no longer defined solely by access to energy resources. It is increasingly determined by our ability to manufacture, innovate and build resilient supply chains for the technologies that will power the future," the Minister said. Also read | India to remain among fastest-growing steel markets in FY27: India Ratings and Research Kumaraswamy noted that recent geopolitical disruptions and competition over critical minerals have shifted industrial priorities worldwide. He explained that India is responding through the vision of Aatmanirbhar Bharat by establishing competitive domestic capabilities while staying connected to global value chains. Live Events "India should not merely become one of the world's largest consumers of clean energy technologies. India must become one of the world's leading producers of the equipment, materials and technologies that will drive the global energy transition," he said. Highlighting the crucial role of Heavy Industries and Steel, Kumaraswamy described steel as the central pillar of the clean energy transition, pointing out that renewable infrastructure, battery factories, and hydrogen projects rely directly on steel. He noted that as the world's second-largest producer, India is well positioned to meet its expanding domestic needs while addressing global demand for sustainable steel. He reaffirmed the national target of reaching 300 million tonnes of steelmaking capacity by 2030 through eco-friendly practices. "Steel has become the backbone of the global energy transition. The future of the steel sector will not be defined only by production capacity but by sustainability, competitiveness and technological advancement," he remarked. The Minister detailed key central initiatives driving this industrial shift, including the PM E-DRIVE Scheme with an outlay of Rs 10,900 crore to build complete electric mobility ecosystems, and the Production Linked Incentive (PLI) Scheme for Advanced Chemistry Cell Batteries, committing Rs 18,100 crore for 50 GWh of battery capacity. He also pointed to the Rs 7,280 crore scheme for manufacturing Sintered Rare Earth Permanent Magnets to secure critical mineral supply chains. "Our objective is to build complete domestic manufacturing ecosystems that create value and generate employment. This is the essence of resilient supply chains in the twenty-first century," he said. The Union Minister urged industry, academia, and financial institutions to join hands with the government to advance national self-reliance and support long-term economic development goals. "I invite industry and all stakeholders to come forward and work with the Government to make India Aatmanirbhar and realise the vision of Viksit Bharat by 2047," the Minister said. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;width: 100%;box-sizing: border-box} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)

India's coal sector policy reforms have significantly reduced operationalisation timelines for explored blocks. These changes enable faster mine development and quicker commercial production of coal. Captive and commercial mines have contributed substantially to the nation's coal output recently. Commercial coal mining stands as a key reform under Prime Minister Narendra Modi's leadership. Ongoing auctions and stakeholder engagement aim to boost private sector participation further. View More

New Delhi: The recent policy reforms in India's coal sector have streamlined captive and commercial operations by reducing the operationalisation timelines for fully and partially explored blocks, Coal Secretary Vikram Dev Dutt has said. Aided by the government's policy reforms, the operationalisation timelines for fully explored coal blocks have been reduced by 11 months and partially explored blocks by 14 months, Dutt said. Cutting operationalisation timelines drastically reduces regulatory and administrative gestation periods, enabling faster mine development and quicker commercial production. Also read: India's steel ambitions face a coal reality check Speaking during a meeting of Consultative Committee attached to the Ministry of Coal on Wednesday, Dutt said that continuous reforms introduced in the coal sector have reduced the operationalisation timeline for fully explored blocks from 51 months to 40 months and partially explored blocks from 66 months to 52 months. Live Events Captive and commercial mines have played an important role in achieving 1 billion tonnes of coal production in the last two financial years, he said, adding that these mines have contributed around 20 per cent of the country's coal production in the last financial year. Coal Minister G Kishan Reddy said that commercial coal mining is one of the shining examples of many reforms introduced under the leadership of Prime Minister Narendra Modi in the last 12 years. The minister said that 14 rounds of commercial coal mine auctions have already been completed and the 15th round is currently under process. Also read: Coal Ministry notifies SECL's CSR initiative for NEET aspirants Referring to the auction process, the minister said that the Centre is actively engaging with industry bodies and private companies by organising roadshows and stakeholder consultations to ensure greater awareness and wider participation. Members of the Committee appreciated the Ministry's efforts towards reforming the coal sector and offered valuable suggestions on further improving private sector participation and balancing commercial mining growth with environmental and community concerns. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;width: 100%;box-sizing: border-box} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)

Henry Ford explored using farm crops for car manufacturing decades ago. His 1941 experimental vehicle featured a lightweight plastic body derived from plants. This innovative project aimed to reduce reliance on traditional industrial materials. World War II halted production, and petrochemicals later dominated the industry. However, Ford's early ideas inspired modern plant-based automotive materials. View More

Vedanta Aluminium Metal Ltd. is raising 135 billion rupees from three major banks. Axis Bank, HDFC Bank, and ICICI Bank are providing the substantial loan. This marks the first major local-currency borrowing after the conglomerate's recent split. Proceeds will refinance existing debt inherited from the integrated company structure. The fundraising supports Vedanta's strategy for independent and flexible financing. View More

A unit of India’s Vedanta Group is raising about Rs 135 billion ($1.4 billion) from at least three banks, the first large local-currency loan since the conglomerate controlled by billionaire Anil Agarwal was split into separate firms, according to people familiar with the matter. Axis Bank Ltd. has signed a loan agreement for Rs 55 billion with Vedanta Aluminium Metal Ltd., said the people who asked not to be identified because the information is private. HDFC Bank Ltd. and ICICI Bank Ltd. will collectively lend about Rs 80 billion to the new independent entity, they said. The lenders will syndicate a portion of the loan with Axis Bank launching it, the people said. Read more: Each of Vedanta’s five demerged entities can become worth $100 bn: Anil Agarwal The loan tenors range between 6-1/2 years to 7 years with the proceeds to be used to refinance an existing debt that Vedanta Aluminium inherited from the previously integrated company structure, the people said. The banks are offering interest rates in the range of 7.9%-8%, according to the people. Also read | Anil Agarwal maps aggressive expansion after demerger, targets scale-up of several businesses Live Events Representatives for Vedanta Group, Axis Bank, ICICI Bank and HDFC Bank didn’t immediately respond to requests for comment. The fundraising shows Vedanta’s push to establish independently financed businesses to give them greater financial flexibility and reduce debt. The new structure was approved by an Indian court in December. Vedanta split its businesses into five separate listed companies, of which four focusing on aluminum, power, oil and gas, and iron ore began trading on stock exchanges in June. Last month, Crisil Ratings, the local arm of S&P Global, upgraded ratings on several Vedanta firms, raising Vedanta Aluminium’s rating to AA+ with a stable outlook, saying the group’s financial flexibility has improved. Demand from companies seeking to refinance debt and support operations has helped spur credit demand in India. Bank lending expanded 17.7% to 217.3 trillion rupees as of July 15, data from the Reserve Bank of India show, with the growth nearly doubling from the same period last year. Vedanta Aluminium’s net debt may drop to below 100 billion rupees by financial year 2028, ICICI Securities said in a report last month, citing its robust cash flows. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;width: 100%;box-sizing: border-box} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)