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The government is revisiting the current national steel policy 2017 to address major changes in the sector in the past decade including AI, machine learning, technology upgradation, decarbonisation and greater policy focus on sustainability. View More

New Delhi: The government will soon issue the new steel policy for stakeholder consultation that will set a 2047 road map for the domestic steel industry, steel secretary Sandeep Poundrik said Tuesday. Speaking at the CII Manufacturing Confluence, Poundrik said India will have an estimated over 600 mt of steel producing capacity by 2047, while the consumption will be over 500 mt. "This policy which we have formulated we are putting in public domain for consultation. Maybe Monday or so we will put it out," Poundrik said. "The policy is with a vision to take India to 2047 in the steel sector." The government is revisiting the current national steel policy 2017 to address major changes in the sector in the past decade including AI, machine learning, technology upgradation, decarbonisation and greater policy focus on sustainability. Also read | Essar-backed Mesabi Metallics to set up $15-billion steel plant in US He said 45 mt of steel is expected to be exported annually though it may not necessarily be direct steel exports but products as well. Live Events Steel is the backbone of the manufacturing industry and its consumption is rising more than production, Poundrik said adding automotive and white goods are the two sectors that are likely to grow the fastest and will continue to require steel as the primary raw material. India also wants to produce more specialty steel for automobiles, defence, aerospace and other segments of manufacturing. In specialty steel, there are around 175 ongoing projects, he said. "Raw material availability will become a major challenge - we will have to work on that," he said. "AI is something now the industry has to use. So, technology and all of these, are the objectives of the [new steel] policy." The steel ministry is also looking to bring a scheme to help small manufacturing units with technology upgradation and modernisation. "For technology, we are trying to incentivise development of domestic ones," he 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)

Mesabi Metallics will use iron ore for the Iowa plant from its mine in Minnesota, which was recently operationalised. The company has invested nearly $3 billion in this iron ore mine at Nashwauk in the state, which is the first new mine in Minnesota in five decades. This combined $18 billion investment is the largest single-location investment for steel in the country. View More

MUMBAI: Essar Group-backed Mesabi Metallics is setting up the largest steel complex in the US with $15-billion investment, the company said on Tuesday. The Ruia family-owned Essar Group , once among the largest producers of flat steel in India, will set up the steel plant in Iowa with a capacity to produce 10 million tonnes of steel each year. Mesabi Metallics will use iron ore for the Iowa plant from its mine in Minnesota, which was recently operationalised. The company has invested nearly $3 billion in this iron ore mine at Nashwauk in the state, which is the first new mine in Minnesota in five decades. This combined $18 billion investment is the largest single-location investment for steel in the country. "This steel will be mined, melted, and made right here in the USA, which is something very unusual," US President Donald Trump said in a briefing late Monday. "This is a tremendous investment...the plant will produce some of the highest quality, most affordable steel anywhere in the world," he said. Also Read: India to soon release new steel policy, eyes 600 million tons capacity by 2047, secy says In 2018, Trump imposed 25% tariffs on steel imports, which were doubled to 50% in 2025, when Trump returned for his second term. "Our steel industry is roaring back to life. Everyone is building their plant here because they don't want to pay tariffs," Trump said. Live Events Direct-reduction grade iron ore pellets produced at Mesabi Metallics' mine in Minnesota will feed the steel complex in Iowa, where steel will be produced using an electric arc furnace. Also Read: Tata Steel extends Dutch green steel pact by five months to March 2027 This method of producing steel emits lower carbon emissions compared to the traditional blast furnace route, which uses coking coal. "We are building a fully integrated steel business from the ground up, connecting Minnesota's world-class iron ore resources with steelmaking in Iowa to produce 100% American steel," Rewant Ruia, chairman of Mesabi Metallics, 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)

Investors in the Indian stock market are set to focus on companies like KSB and Punjab & Sind Bank on September 30 due to significant financing activities and project developments. Highlights include Tata Steel's $2 billion infusion and Capital India Finance's ?100 crore fundraising. View More

President Donald Trump says he expects Ottawa to concede to its demands on trade in the coming weeks, but Canadian officials insist they won't sign a bad deal. View More

A truck crosses into the United States from Canada on the Gordie Howe International Bridge, connecting Windsor, Ontario, and Detroit, Michigan, on September 6, 2026. Jeff Kowalsky | Afp | Getty ImagesThe White House banned imports of some Canadian vehicles, dairy and alcohol products on Tuesday, as officials sent mixed signals on the prospect of a trade deal.The long list of impacted goods includes motorcycles and mopeds with petrol engines larger than 800cc, whey products and molasses, and a slew of alcoholic beverages — mainly those packaged for direct consumption — from beer and cider to wine, whiskey and vodka. The products are estimated to total around $19.9 billion of Canadian imports by the American Action Forum.The import ban, announced earlier this month by the Trump administration, is the latest step in a war of words — and tit-for-tat tariffs — between the U.S. and Canada. President Donald Trump said on Monday he expected a "fair deal" with Canada within the coming weeks, but continued to strike a combative tone. "They take advantage of us, they feel entitled ... there's nothing they have that we need," Trump told reporters in the Oval Office."I think what's going to happen is over the next three to four weeks they're going to come to us and they're going to say, 'We're going to get rid of all the tariffs.' We're going to win everything," Trump said. However, officials suggest little progress toward a deal.watch nowVIDEO7:3107:31Significant harm to U.S.-Canada trade until midterms: Former Canadian OfficialSquawk Box AsiaU.S. Trade Representative Jamieson Greer told CNBC on Friday that there was "no urgency on our side" to strike an agreement and noted that the U.S. still had "a lot of other trade" with Canada. "We're still getting what we need from them in terms of oil, gas, potash, all of these things ... so there's still a lot of strong trade between the two countries," Greer said.'We're not waiting by the phone'Canadian Trade Minister Dominic LeBlanc told a news conference on Friday that the U.S. was "imposing illegal and unjustified tariffs on sectors of our economy that are causing considerable hardship to businesses and workers across the country."LeBlanc said that the countries were "talking about trying to find alternatives to the current circumstances" but that they were "not going to sign a deal that's bad for Canada." "We have said we will sign an agreement when we think there is one that is in the interests of Canada's sovereignty and Canada's economy ... but we're not waiting by the phone," LeBlanc said.Ottawa has stopped short of unveiling fresh retaliation since its counter-tariffs took effect Sept. 8.Canadian Prime Minister Mark Carney has meanwhile spent the month courting closer ties with the European Union as relations with the U.S. fray, suggesting in a recent speech that the White House is "weaponizing" economic policy as a form of "coercion" on other nations. Canada has imposed tariffs ranging from 15% to 50% on 27.6 billion Canadian dollars ($19.45 billion) worth of a slew of U.S. goods, including steel, dairy, agricultural equipment, paper, household appliances, furniture, clothing and electronics. It said these were a "dollar for dollar" response to Washington's 50% tariffs on goods including cement, wine, hockey sticks and more, imposed in August. The measures target a relatively small portion of the annual $715.5 billion trade in goods between the countries, but continued escalation or a prolonged standoff are expected to significantly impact sectors such as metals and autos, and hurt small and medium-sized businesses on both sides of the border. The Bank of Canada warned this month that new tariffs had made the country's growth prospects more uncertain and increased upside risks to inflation. Correction: Ottawa has stopped short of unveiling fresh retaliation since its counter-tariffs took effect Sept. 8. An earlier version misstated the timeline. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

Trader Julia Spina explains an iron condor trade on Microsoft. View More

In this articleMSFTFollow your favorite stocksCREATE FREE ACCOUNT watch nowVIDEO4:2904:29Options traders have an opportunity to trade this tech giant ahead of earningsOptions ActionThe beauty of trading options is you can make money if a stock goes up, down or nothing at all. Shares of Microsoft are presenting such an opportunity right now.  Microsoft's volatility, a measure of how expensive its options are, has been building over the last several days. That increase is presenting an interesting opportunity for options traders well before earnings. Rising Treasury yields and oil prices have kept implied volatility elevated across the Magnificent Seven. However, Microsoft has been subject to its own unique catalysts, such as last Friday's announcement of a significant Copilot overhaul. Microsoft's overhaul, seeking to compete with Anthropic's Claude by unifying chat, coding, and autonomous agent tools into a single app, sent shares surging nearly 3.7% on the news and pushed Microsoft to the highest close of this year. Stock Chart IconStock chart iconMicrosoft, YTDThis continued to drive up Microsoft's implied volatility, which now sits in the upper 60thpercentile of its annual range, meaningfully elevated and higher than the majority of the Magnificent Seven. This elevated volatility is notable because it's building well ahead of the company's next earnings report. Higher implied volatility carries richer premiums, meaning that premium sellers can collect more money and potentially capitalize on a moderate volatility contraction before the next catalyst arrives. The trade: Iron condorI'm selling the Oct 16 485/475 put spread and the Oct 16 535/545 call spread for a total credit of roughly $2.99.This trade set-up is a short iron condor. This is a neutral strategy which reaches the maximum profit of $299 if Microsoft's stock remains above the $485-strike put and below the $535-strike call by October 16th. The neutral structure reflects two factors: the Copilot catalyst has already been priced in, and Microsoft has traded largely sideways for most of September. The $485 put sits just below the stock's monthly low, while the $535 call sits more than $15 above the post-Copilot high. This gives the position room on both sides of the range Microsoft has established this month. The goal in this structure is simple: you want the stock to stay below the strike of the call you sold and above the put that you sold by expirations. In other words, you're playing for a flat stock price  With breakeven stock prices of $538 to the upside and $482 to the downside, the real danger of the trade is a move beyond either long strike before expiration. The estimated maximum loss of $701 is reached if Microsoft has moved above $545 or below $475, roughly 7% from Monday's close, within the next 17 days. The tradeoff for assuming this risk is a theoretical probability of profit of 63% for this position.Additionally, the "P50," or theoretical probability of collecting half the max profit, is 73%. This supports treating this trade as a candidate for early management rather than holding to expiration, locking in ~$150 when the profit becomes available. Additionally, if Microsoft trades through $485 before expiration, the short put can be assigned, meaning an obligation to buy 100 shares at that price. Once the $2.99 credit is factored in, the effective cost basis drops to $482.01, or around 7.2% below yearly highs. Owning these shares just below pre-announcement prices may be a comfortable outcome for some traders. With the Copilot news already priced in, the next major known catalyst taking place weeks after the October 16thcontracts expire, and volatility elevated well ahead of earnings, the trade is built to profit from time and premium decay rather than a specific direction.Disclosures: Spina owns this trade.All opinions expressed by CNBC Pro contributors are solely their opinions and do not reflect the opinions of CNBC, or its parent company or affiliates, and may have been previously disseminated by them on television, radio, internet or another medium. This content is provided as part of our editorial output for informational purposes only and does not constitute financial, investment, tax or legal advice or a recommendation to buy any security or other financial asset. The content is general in nature and does not reflect any individual's unique personal circumstances. The above content might not be suitable for your particular circumstances. Before making any financial decisions, you should strongly consider seeking advice from your own financial or investment advisor.THIS CONTENT IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSTITUTE FINANCIAL, INVESTMENT, TAX OR LEGAL ADVICE OR A RECOMMENDATION TO BUY ANY SECURITY OR OTHER FINANCIAL ASSET. THE CONTENT IS GENERAL IN NATURE AND DOES NOT REFLECT ANY INDIVIDUAL'S UNIQUE PERSONAL CIRCUMSTANCES. THE ABOVE CONTENT MIGHT NOT BE SUITABLE FOR YOUR PARTICULAR CIRCUMSTANCES. BEFORE MAKING ANY FINANCIAL DECISIONS, YOU SHOULD STRONGLY CONSIDER SEEKING ADVICE FROM YOUR OWN FINANCIAL OR INVESTMENT ADVISOR.Click here for the full disclaimer. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

Three months after the Vedanta demerger, the resulting entities show varied performance. Vedanta Aluminium was a standout initially but has faced fluctuations, while Vedanta Iron and Steel, Vedanta Power, and Vedanta Oil & Gas have shown mixed results View More

Here are five key things investors need to know to start the trading day. View More

This is CNBC's Morning Squawk newsletter. Subscribe here to receive future editions in your inbox.Happy Tuesday. If you're watching "Squawk Box" this morning, you may have noticed a different backdrop: The show is live from Washington, D.C. today as tech execs descend on the nation's capital to talk artificial intelligence. More on that below.Stock futures are higher before the bell following a down day on Wall Street.Here are five key things investors need to know to start the trading day:1. Lunch and learnOpenAI CEO Sam Altman (L) and Meta CEO Mark Zuckerberg (R) attend a state dinner hosted by President Donald Trump for Chinese President Xi Jinping in the East Room of the White House in Washington, DC, on September 24, 2026. Brendan Smialowski | Afp | Getty ImagesPresident Donald Trump is set to meet with technology leaders including Anthropic's Dario Amodei, Meta's Mark Zuckerberg and Alphabet's Sundar Pichai at a luncheon today. The gathering comes after a busy news day for AI companies.Here's the latest:OpenAI abandoned plans to release an upcoming model after it failed to meet the company's safety standards, CNBC's Ashley Capoot reports. Don't miss CNBC's interviews with OpenAI CEO Sam Altman and CFO Sarah Friar live from OpenAI's annual developers conference in San Francisco today. Follow live coverage of the event here.Sources also told CNBC that OpenAI tried to invest in Hugging Face — the company OpenAI's agents hacked in July — before Nvidia agreed to buy it for around $13 billion.Meanwhile, Anthropic launched Sonnet 5.5 yesterday, its second model release since its CEO called for an industry slowdown amid safety concerns.Reuters reported last night that in its IPO prospectus, Anthropic warns that AI models could pose a "catastrophic or existential risk to humanity." AMD is acquiring World Labs in a deal worth $8.2 billion. CNBC's Kif Leswing writes that the AI lab — which was founded by industry pioneer Fei-Fei Li — is developing what's called a world model that can simulate 3D environments.2. Fall chillTraders work on the floor of the New York Stock Exchange during morning trading on Aug. 5, 2026 in New York City. Michael M. Santiago | Getty ImagesTreasury yields started the week by continuing their climb to multiyear highs, putting Wall Street on its back feet.The three major averages all finished yesterday's session in the red. The Dow Jones Industrial Average lost almost 350 points, while the Nasdaq Composite shed nearly 1%. The S&P 500, meanwhile, recorded its biggest one-day loss in more than a month.Follow live market updates here.3. Man of steelUS President Donald Trump during an announcement in the Oval Office of the White House in Washington, DC, US, on Monday, Sept. 28, 2026. Bonnie Cash | Bloomberg | Getty ImagesTrump announced yesterday that Mesabi Metallics plans to invest $15 billion to build a steel plant in Iowa. A White House official told CNBC that production will begin in 2030 at the facility, which would be the largest plant of its kind in U.S. history.The White House said the first phase of the steel plant would produce around 7.5 million tons per year and support as many as 6,000 construction jobs. Minnesota-based Mesabi told CNBC that the plant would produce "100% American steel."As CNBC's Kevin Breuninger notes, the deal comes ahead of November's midterm elections which are expected to center on how voters see Trump's stewardship of the economy. It also follows Trump's decision to impose tariffs on imported steel.Get Morning Squawk directly in your inboxCNBC's Morning Squawk recaps the biggest stories investors should know before the stock market opens, every weekday morning.Subscribe here to get access today.4. Mongo to MetaCheng Xin | Getty ImagesAfter less than a year as MongoDB CEO, CJ Desai is leaving for Meta, where he will report directly to Meta CEO Mark Zuckerberg as the company's chief enterprise platform officer.Meta said in a press release that Desai will lead its new Meta Enterprise Platform for businesses. The platform will focus on a suite of tools that will include its new Muse agent and a coding tool. Just this morning Meta announced Muse for Small Business, a version of its recently launched AI agent.MongoDB shares tumbled 18.5% in yesterday's session following news of Desai's exit, marking the stock's biggest one-day drop since March. Interim CEO Dev Ittycheria will join CNBC's "Squawk on the Street" today at 10 a.m. ET. Watch live on CNBC Pro or CNBC+.5. Cabin feverDavealan | Istock Unreleased | Getty ImagesAlaska Airlines is jumping into the race to win high-end travelers. The airline this morning announced a major premium cabin overhaul that will bring new suites and premium economy seats to planes in both its Alaska and Hawaiian fleets. Both airlines, which merged in 2024 but operate as distinct brands, are also working on opening airport lounges to lure customers willing to shell out for luxury travel. Alaska will open a new lounge at Seattle-Tacoma Airport, while Hawaiian's new lounge in Honolulu is set to open in 2028.The announcement comes ahead of Alaska's investor day in Seattle today. CEO Ben Minicucci will join CNBC's "Squawk on the Street" at 10:20 a.m. ET. The Daily DividendFormer Disney CEO Bob Chapek has stayed largely quiet about his 2022 firing from the entertainment giant. But Chapek joined CNBC's "Squawk Box" yesterday to discuss his tenure at Disney while on a book tour for his new tell-all memoir.watch nowVIDEO7:1407:14Former Disney CEO Bob Chapek on why he wrote his new memoir: 'I had to get the truth out there'Squawk Box— CNBC's CJ Haddad, Ashley Capoot, Kate Rooney, Kif Leswing, Sawdah Bhaimiya, Liz Napolitano, Kevin Breuninger, Samantha Subin, Chris Eudaily, Isabel O'Brien, Leslie Josephs and Sarah Whitten contributed to this report.Josephine Rozzelle edited this edition. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

The new National Steel Policy (NSP) will be put in the public domain for stakeholder feedback in about a week, the secretary said at an event View More

The policy will also focus on decarbonisation, technology, speciality steel and reducing dependence on imports View More

SRIT India IPO, Shah Investor IPO, AceVector IPO, German Green Steel IPO, Runwal Enterprises IPO, Orient Cables IPO Day 2 & 3 updates, news today live updates: Stay tuned View More