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Naveen Jindal, chairman of Jindal Steel, is considering a 5-billion bid for European steelmaker Celsa to enhance his operations. The discussions are at a preliminary stage and could attract competition from other bidders. Celsa, headquartered in Barcelona, has a manufacturing capacity of 7.5 million tonnes and is focused on long steel products. The creditors controlling Celsa have invested significantly to stabilize the company's finances after a lengthy restructuring. View More

New Delhi: Jindal Steel 's chairman Naveen Jindal is evaluating a 5-billion bid for European steel maker Celsa , people familiar with the matter said. He could face competition from other interested parties, they added. Jindal has been looking for a gateway into Europe to expand his global steel business after talks to buy Thyssenkrupp Steel didn't materialise. Jindal and Thyssenkrupp were engaged in exclusive negotiations for nine months before talks were terminated in the middle of this year. 'Attractive' Assets Jindal is said to be evaluating a bid for Celsa through privately-owned overseas companies whose operations are unrelated to the listed Jindal Steel. Also Read | SAIL flies in Mongolian coking coal as it seeks new supplies, sources say Live Events The discussions are preliminary and may not necessarily result in a deal. The Barcelona-headquartered Celsa's manufacturing capacity of 7.5 million tonnes of steel and its product portfolio of long steel products used in the construction industry are said to be attractive. Clubbed with the listed Jindal Steel, which is targeting steelmaking capacity of over 15 million tonnes, and Jindal's privately owned business in Oman with 3.2 million tonnes of steel capacity, the group's total steel capacity could cross 25 million tonnes, if the acquisition succeeds. Jindal is also adding 5 million tonnes of direct reduced iron manufacturing capacity in Oman. This could supply raw materials for any large steel making business he acquires in Europe. The group also owns iron ore mines in Mozambique and Cameroon. Jindal and Celsa did not comment on the matter when contacted. Celsa has operations in France, Spain and Poland. Also Read | New steel policy draft ready, to set 2047 road map: Secretary Creditors including Strategic Value Partners, Attestor, Deutsche Bank and Golden Tree control Celsa. They own almost 100% stake. The company originally belonged to Spain's Rubiralta family. The company was turned around after the creditors took control in 2023. They have infused 1 billion through loans, bonds and shares as part of recapitalisation efforts. The company posted a profit in April after twenty-eight months of restructuring efforts. For the calendar year 2025 it posted revenues of 3.3 billion and earnings before interest, tax, depreciation and amortization of 396 million. .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 Wall Street Journal reported MGM was exploring an offer for People Inc. after People Inc. withdrew its $48.30-per-share proposal to buy the rest of MGM. View More

In this articleMGMPPLICZRWYNNFollow your favorite stocksCREATE FREE ACCOUNT watch nowVIDEO36:3236:32Leading gaming CEOs on the state of the industry amid prediction markets boomCasinos and GamingMGM Resorts International CEO Bill Hornbuckle is leaving open the possibility that the casino operator could acquire Barry Diller's People Inc., a striking reversal after the media company abandoned its own effort to take over MGM.Asked at the Global Gaming Expo this week whether MGM was considering buying People Inc., Hornbuckle said MGM would continue pursuing what is in the best interest of shareholders and "trying to unlock the value of a company that we think is grossly undervalued."Hornbuckle pointed to MGM's collection of assets, including BetMGM, its casino operations in Macao, its resort under construction in Japan and its properties in Las Vegas.The Wall Street Journal reported last week that MGM was exploring an offer for People Inc. The publishing and holding company, formerly known as IAC, owns roughly 27% of MGM and is its largest shareholder.People Inc. last week withdrew its $48.30-per-share proposal to buy the rest of MGM. Diller said the "mix" of factors required to complete the transaction had not come together as the company had hoped, but said People Inc. remained interested in a possible strategic transaction with MGM.MGM Resorts International CEO William Hornbuckle listens as President Donald Trump delivers remarks during a meeting with U.S. travel executives in the Oval Office of the White House on Sept. 2, 2026 in Washington, DC. Kevin Dietsch | Getty ImagesHornbuckle called Diller and People Inc. "an amazing shareholder" and said Diller remains bullish on Las Vegas."There's nothing like it replicated anywhere in the world," Hornbuckle said. "It is the one place, particularly in his world, where AI won't disintermediate it."Unlike some of People Inc.'s publishing and digital businesses, Hornbuckle said, Las Vegas is built around physical experiences that artificial intelligence cannot replace."People are coming here to enjoy things physically, and that's not going to change," he said.MGM shares were trading near $32 ahead of the G2E discussion, well below the $48.30 price People Inc. had offered in June.Caesars prepares to go privateThe talks between MGM and People Inc. come as one of MGM's biggest Las Vegas rivals prepares for a take-private transaction.Caesars Entertainment shareholders last week approved the company's $17.6 billion sale, including assumed debt, to Fertitta Entertainment. The deal would combine Caesars' casino and digital operations with Tilman Fertitta's Golden Nugget casinos, Landry's restaurant group and other hospitality assets.Caesars CEO Tom Reeg said operating as a private company would allow management to take a longer view."We're forced as public companies to think in 90-day increments far more than is healthy for any business," Reeg said. "That's not how you run a business." He said the combination with a hospitality company that has more than 400 outlets across the country creates an opportunity to connect the businesses into a broader customer ecosystem.The transaction is undergoing an extended antitrust review by the Federal Trade Commission, which recently issued a second request for information.Reeg called the request normal for a transaction of this size and said the markets under scrutiny are not particularly material to the combined company."You shouldn't be surprised if there's a property or two that ultimately gets divested," Reeg said. "But I wouldn't expect them to be needle movers from a news perspective."A Happy & Prosperous Dragon Link slot machine is viewed at Caesars Palace Hotel & Casino on May 29, 2025 in Las Vegas, Nevada. George Rose | Getty ImagesReeg said the recent interest in the casino space from Diller, Fertitta and activist investor Carl Icahn indicates that sophisticated investors see long-term value in Las Vegas despite weaker visitation and concerns about prices."You have some of the smartest people in the world saying, 'How do I get in?'" Reeg said.Asked whether those investors were buying because Las Vegas is a bargain, he said, "I think it's both."Wynn's UAE betBeyond Las Vegas, Wynn Resorts CEO Craig Billings said construction of Wynn Al Marjan Island in the United Arab Emirates remains on track despite regional conflict that has contributed to a roughly $600 million increase in the project's budget.Billings said approximately half of that increase is related to the conflict, but the resort has missed only one day of construction.Most of the disruption came during a two- to three-month period when supply chains were being rerouted through different ports, he said. Shipping costs also surged because insurers were unwilling to cover some routes."From our perspective, it's super straightforward: Get open, start earning EBITDA," Billings said. "You're going to pay for that uptick in cost very, very quickly."Billings said Wynn's property and construction insurance costs at the site have not increased, citing the security provided by authorities in the UAE. The resort is scheduled to open in September 2027.The property will be the first integrated resort with casino gaming in the UAE and represents Wynn's biggest expansion beyond its existing markets in Las Vegas, Boston and Macao.Macao's premium customerBillings also played down the importance of broad visitation figures in Macao, which saw record visitor traffic in August.Wynn's results depend less on how many people enter Macao than on which customers arrive, he said. The company targets the premium end of the market.The Wynn Palace casino resort, operated by Wynn Resorts Ltd., in Macao, China, on Saturday, April 5, 2025.Eduardo Leal | Bloomberg | Getty ImagesBillings described Macao as the largest gaming market in the world, generating roughly five times the gaming revenue of the Las Vegas Strip with about 30% as many hotel rooms."Whether Macao's up 2%, down 3%, you have to look through any given cycle," he said. "We remain very, very focused on the mid- and long-term in Macao."Hornbuckle said MGM is the smallest of the major operators in the market and is similarly focused on higher-value customers. He said 94% of MGM's occupied rooms in Macao are filled by known casino customers, and the company is converting more standard rooms into suites to meet demand.And while luxury retail sales have been soft in China, Billings said that is not necessarily a warning sign for casino spending. Chinese consumers are changing their brand preferences, he said, weakening the historical relationship between luxury retail sales and gaming revenue.MGM's Japan resort emerges from the groundHornbuckle said MGM's integrated resort in Osaka, Japan, is on time and on budget after more than a year of site preparation on the man-made island of Yumeshima.The development will cover roughly 97 acres and 18 million square feet. Hornbuckle said its casino floor will be four times the size of the casino at MGM's Bellagio."We're finally coming out of the dirt," he said. "You can see the structures. Steel is being laid."Hornbuckle said that if Singapore's integrated resorts provide a reasonable comparison, MGM Osaka could quickly become a $2 billion cash-flow business.Japan has so far only approved the Osaka development, but Hornbuckle said the potential for competition in or around Tokyo wouldn't pose a threat, given Japan's population and the time it would take a rival to propose and build a new project. "If we don't have a five-year head start on this — and then some — I'd be absolutely shocked," he said. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

Steel Authority of India has airlifted a 1-metric-ton sample of coking coal from Mongolia for testing. This trial was initiated as part of India's effort to reduce reliance on Australian coal imports. Transporting coal from Mongolia poses significant logistical challenges, especially due to India's strained relations with China. View More

Steel Authority of India (SAIL) has airlifted coking coal from Mongolia for the first time, testing the landlocked nation as a potential new supplier as India seeks to reduce its dependence on Australia, two sources said. The state-backed steelmaker flew in a 1-metric-ton sample earlier this month and will assess whether the coal meets its steelmaking requirements, the sources said, declining to be identified because the development has not been made public. SAIL, one of India's largest steelmakers, planned the trial last year, in a move first reported by Reuters. Also read: India to soon release new steel policy, eyes 600 million tons capacity by 2047, secy says India, the world's second-largest crude steel producer after China, imports about 95% of its coking coal needs, with Australia supplying at least half. Coking coal accounts for nearly 40% of steel production costs . Live Events The trial is aimed primarily at diversifying supplies, though transporting coal from Mongolia to India remains a major challenge, the sources said. Logistics hurdles Mongolia is landlocked between Russia and China, and strained relations between New Delhi and Beijing mean India would likely have to rely on a longer route through Russia. Indian authorities have previously said they favour the Russian route because of strategic concerns involving China. Also read: New steel policy draft ready, to set 2047 road map: Secretary Relations between India and China have remained tense since a deadly clash along their disputed Himalayan border in 2020, despite recent steps to improve ties, including the resumption of direct flights and easier visa procedures for Chinese professionals. SAIL will decide whether to pursue long-term supplies from Mongolia based on the suitability of the coal, and the cost and feasibility of transporting it, the sources said. Shipping the coal via Russia would make it significantly more expensive than competing supplies, although its quality is superior, a metallurgical coal analyst said. SAIL and Mongolia's Ministry of Mining and Heavy Industry did not respond to requests for comment. India and Mongolia agreed last year to work towards securing coking coal and copper supplies for Indian companies. India's coking coal imports are expected to rise 3% to 5% in 2026/27 from 64 million tons a year earlier, commodities consultancy BigMint has said, as domestic coal does not fully meet steelmakers' requirements. Australia is expected to remain India's largest supplier, although imports from Russia, Mozambique and the US are also forecast to increase, analysts said. As India expands steel production, it will require substantially more coking coal, most of which will need to be imported, increasing pressure on global supplies. Indian steelmakers have raised prices in recent weeks as coking coal costs increased and domestic demand revived, Reuters reported earlier this month. .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)

Broad gains in metals, energy, and engineering amid strategic deals, acquisitions, and large-scale EPC orders View More

Vishal Nirmiti IPO opens on September 30 with a Rs 178-crore issue, comprising fresh shares and an OFS. The IPO has a Rs 208–220 price band and a Rs 6 grey market premium. View More

Vishal Nirmiti IPO opens for subscription today, September 30, giving investors a three-day window to bid. The Rs 178-crore public issue comprises a fresh issue and an offer for sale (OFS). In the grey market, the IPO is currently commanding a premium of Rs 6, or 3%, over the upper end of its price band, indicating limited premium expectations ahead of the listing. The Vishal Nirmiti IPO is a book-built issue comprising a fresh issue of 65.91 lakh shares aggregating to Rs 145 crore and an offer for sale of 15 lakh shares worth Rs 33 crore. The IPO will close on October 5, while the basis of allotment is expected to be finalised on October 6. The shares are proposed to list on both the NSE and BSE, with October 8 as the tentative listing date. The company has fixed the IPO price band at Rs 208 to Rs 220 per share. The lot size is 68 shares, meaning retail investors must invest a minimum of Rs 14,960 at the upper end of the price band. Saffron Capital Advisors Pvt Ltd is the book-running lead manager, while MUFG Intime India Pvt Ltd is the registrar to the issue. Vishal Nirmiti IPO GMP today The grey market premium (GMP) for Vishal Nirmiti IPO stood at Rs 6, or 3%, as of September 30. Based on the upper price band of Rs 220 and the prevailing GMP, the implied estimated listing price is around Rs 226. Live Events Grey market premiums are unofficial and can change before listing. They should not be considered a reliable indicator of the actual listing price or future performance of the shares. Analyst view on Vishal Nirmiti IPO According to an Anand Rathi research report, Vishal Nirmiti is valued at 23.2 times FY26 price-to-earnings (P/E) and 13.1 times FY26 EV/EBITDA at the upper price band, implying a post-issue market capitalisation of approximately Rs 5,806 million. The brokerage noted the company's established position in railway infrastructure manufacturing, execution capabilities, improving profitability and growth opportunities linked to India's infrastructure capital expenditure cycle. Based on these factors, Anand Rathi described the IPO as fully priced and assigned a "Subscribe - Long Term" rating to the issue. Objects of the issue The company proposes to utilise the net proceeds from the fresh issue towards funding its working capital requirements, repayment and/or pre-payment of term loans, and general corporate purposes. Of the total Rs 94 crore in net proceeds, Rs 75 crore is earmarked for working capital requirements and Rs 19 crore for repayment and/or pre-payment, in part or in full, of term loans. The remaining amount will be used for general corporate purposes. Vishal Nirmiti financial performance Vishal Nirmiti Ltd reported a 6% increase in total income to Rs 344 crore in FY26 from Rs 325 crore in FY25. Profit after tax (PAT) also rose 6% year-on-year to Rs 25 crore in FY26, compared with Rs 24 crore in FY25. About Vishal Nirmiti Incorporated in 1994, Vishal Nirmiti Ltd, formerly known as Sejal Farms Private Ltd, is engaged in civil engineering, manufacturing and construction activities. The company manufactures and deals in pre-stressed concrete (PSC) sleepers for railways, pre-cast and pre-stressed concrete products, and mild steel (MS) pipes, liners and penstock pipes for pumped storage projects (PSPs). The company also provides engineering, procurement and construction (EPC) services for railway infrastructure, irrigation and civil engineering projects across sectors including railways, renewable power and industrial infrastructure. Vishal Nirmiti has a pan-India presence, with operational units across Maharashtra, Madhya Pradesh, Gujarat, Himachal Pradesh, Uttar Pradesh, Odisha and Karnataka. The company is led by a promoter group with more than four decades of domain experience. As of June 30, 2026, the company had 420 employees. Disclaimer: The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here .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 ETMarkets WhatsApp channel) (You can now subscribe to our ETMarkets WhatsApp channel)

The IPOs were open for subscription from September 25 to September 29. The shares are scheduled to be listed on the BSE and NSE on Monday, October 5. View More

The basis of allotment for four mainboard initial public offerings (IPOs), Orient Cables (India), German Green Steel & Power, Acevector (Snapdeal) and Runwal Enterprises, is scheduled to be finalised today, September 30, after the four issues collectively raised Rs 1,775.90 crore from the public markets. The IPOs were open for subscription from September 25 to September 29. The shares are scheduled to be listed on the BSE and NSE on Monday, October 5. Orient Cables recorded the highest subscription among the four issues at 92.97 times, followed by German Green Steel & Power at 28.98 times, Acevector at 4.93 times and Runwal Enterprises at 2.50 times. Investors who subscribed to the issues can check their allotment status through the BSE, NSE or the registrar appointed for the respective IPO. How to check IPO allotment status BSE: https://www.bseindia.com/investors/appli_check.aspx Live Events NSE: https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids MUFG Intime India: https://in.mpms.mufg.com/Initial_Offer/public-issues.html Bigshare Services: https://ipo.bigshareonline.com/ipo_status.html KFin Technologies: https://ipostatus.kfintech.com/ ALSO READ: Copper prices may surge another 50%, predicts Deutsche Bank; supply to users could exhaust by 2028 Orient Cables (India) IPO Orient Cables' IPO is a Rs 552-crore book-built issue comprising a fresh issue of 1.18 crore shares aggregating to Rs 320 crore and an offer for sale of 85.29 lakh shares worth Rs 232 crore. KFin Technologies Ltd. is the registrar to the issue. The IPO received bids for 1,38,18,98,705 shares against 1,49,76,743 shares on offer, resulting in 92.97 times subscription, according to NSE data. Qualified Institutional Buyers (QIBs) subscribed 182.76 times their reserved quota, while Non-Institutional Investors (NIIs) subscribed 115.63 times their reserved portion. Retail Individual Investors (RIIs) subscribed 30.55 times. The price band was fixed at Rs 258 to Rs 272 per share, with a lot size of 55 shares. The grey market premium (GMP) stood at 28.31% over the upper price band, according to sources tracking the unofficial market. German Green Steel & Power IPO German Green Steel & Power's IPO is a Rs 303.90-crore book-built issue comprising a fresh issue of 2.09 crore shares aggregating to Rs 290 crore and an offer for sale of 10 lakh shares worth Rs 13.90 crore. Bigshare Services Pvt. Ltd. is the registrar to the issue. The IPO received bids for 46,54,94,191 shares against 1,60,62,879 shares on offer, resulting in 28.98 times subscription, according to NSE data. NIIs subscribed 54.03 times their reserved quota, while Retail Individual Investors (RIIs) subscribed 22.82 times their reserved portion. The QIB portion was subscribed 20.93 times. The price band was fixed at Rs 132 to Rs 139 per share, with a lot size of 107 shares. The GMP stood at 9% over the upper price band, according to sources tracking the unofficial market. Read more: Adroit Industries shares to list today; GMP signals 41% premium ahead of listin Acevector (Snapdeal) IPO Acevector's IPO, associated with Snapdeal, is a Rs 420-crore book-built issue comprising a fresh issue of 8.97 crore shares aggregating to Rs 287 crore and an offer for sale of 4.16 crore shares worth Rs 133 crore. MUFG Intime India Pvt. Ltd. is the registrar to the issue. The issue received bids for 36,61,43,076 shares against 7,42,29,166 shares on offer, translating into 4.93 times subscription, according to NSE data. NIIs subscribed 8.16 times their reserved quota, while RIIs subscribed 4.62 times. The QIB portion was subscribed 3.38 times. The IPO carried a price band of Rs 30 to Rs 32 per share, with a lot size of 468 shares. The GMP stood at 6% over the upper price band, according to sources tracking the unofficial market. Read more: SRIT India, Shah Investor’s Home IPO Day 3: Check subscription, latest GMP and other key details Runwal Enterprises IPO Runwal Enterprises' IPO is a Rs 500-crore book-built issue comprising an entirely fresh issue of 1.64 crore shares. MUFG Intime India Pvt. Ltd. is the registrar to the issue. The public issue received bids for 3,03,19,681 shares against 1,21,11,294 shares on offer, translating into 2.50 times subscription by the end of bidding, according to BSE data. NIIs subscribed 3.89 times their reserved quota, while QIBs also subscribed 3.89 times their reserved portion. The retail investor category was subscribed 1.12 times. The price band was fixed at Rs 290 to Rs 305 per share, with a lot size of 49 shares. The GMP stood at 1% over the upper price band, according to sources tracking the unofficial market. Disclosure: This article has been written by Kumar Gaurav, who is not a SEBI-registered Research Analyst or an Investment Adviser. Gaurav and their ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here .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 ETMarkets WhatsApp channel) (You can now subscribe to our ETMarkets WhatsApp channel)

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.