Latest Sectors News
Infrastructure, real estate, manufacturing and renewable energy projects to drive consumption; global demand outlook subdued by China’s slowdown View More
According to the draft, the imports of sub-standard or non-conforming steel, sudden import surges and possible circumvention of trade measures pose significant challenges for domestic producers View More
Shyam Metalics Group has secured strategic mining rights for the Phutamura coal block in Chhattisgarh. The investment in Alom Solar Private Limited aims to ensure a stable, long-term and cost-effective coal supply for its captive power generation and steel manufacturing operations. The investment also underscores the group's focus on sustainable growth and long-term value creation for stakeholders. View More
Kolkata: Shyam Metalics Group has secured strategic mining rights for the Phutamura coal block in Chhattisgarh through its investment in Alom Solar Private Limited , the successful bidder for the block, the company said on Tuesday. Located in the Mand Raigarh coalfield in Raigarh district, the block covers around 7.32 sq km and has estimated coal reserves of about 170 million tonnes, it said in a statement. Mining operations and coal production are expected to begin in July 2027, according to the company. Read more: Blackouts hit Indian factories as coal crunch feeds into economy The investment is part of the group's backward integration strategy to ensure a stable, long-term and cost-effective coal supply for its captive power generation and steel manufacturing operations , it said. Live Events Access to the reserves is expected to strengthen raw material security, improve operational self-sufficiency and reduce dependence on external coal supplies, the company said. Read more: India wastes 1.8 billion units of renewable power amid shortages and dwindling coal stocks: Report The investment also underscores the group's focus on sustainable growth and long-term value creation for stakeholders, it added. .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)
Sitharaman said India raised crude steel output by 10% in 2025 to 165 million tonnes and by 6% in January-August 2026, even as world output declined. India's share of world steel production has risen to about 9% from 5.2% in 2014, she added. View More
New Delhi: India's steel industry is expanding even as global output declines, with domestic demand supported by infrastructure spending keeping pace with production, finance minister Nirmala Sitharaman said on Monday, highlighting the country's growing role in the global steel market. Speaking at the World Steel Association 's (Worldsteel) General Assembly here, Sitharaman said India raised crude steel output by 10% in 2025 to 165 million tonnes and by 6% in January-August 2026, even as world output declined. India's share of world steel production has risen to about 9% from 5.2% in 2014, she added. Demand has expanded alongside production, making India the fastest-growing major steel market in the world, with a public investment programme and a green steel framework in place, the finance minister said. Finished steel consumption in the country more than doubled over a decade to 164 million tonnes in FY26. For two successive years, consumption has exceeded production, she added. Sitharaman invited Worldsteel to "consider establishing an office in India" to strengthen its presence in the country. Investments in infrastructure such as railway, national highways, ports and high-speed rail networks create sustained demand for steel across construction, transport, energy and industrial infrastructure, she said. The task is to ensure that the growth in steel production is matched by advances in raw-material security, specialised manufacturing, technological sophistication, and environmental performance, the finance minister said. "Small modular reactors, being developed under our Nuclear Energy Mission, also hold promise for the steel sector," she said. As these technologies mature and are deployed, they can provide reliable, round-the-clock, low-carbon electricity, complementing renewable energy and supporting the steel industry's decarbonisation, Sitharaman said. A practical priority is to expand scrap-based steelmaking and use renewable electricity to power it, she 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)
Nirmala Sitharaman urged the World Steel Association to establish a local base amid rising domestic demand, warning that unilateral tools like the EU's CBAM only redirect excess global capacity without fixing overproduction. View More
Finance Minister Nirmala Sitharaman urged steelmakers to cut emissions and boost domestic specialty steel production to reduce import dependence. She highlighted rising domestic demand, a ?6,300 crore PLI scheme and public investment as key growth drivers. View More
India’s rising steel production and infrastructure-led consumption are strengthening its role in the global industry, even as worldwide capacity pressures persist View More
The partnership will be supported by almost £1.9 million from the UK Government, matched by £1 million from Tata Steel, bringing critical industrial expertise to the programme View More