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The Indian steel industry faces significant challenges as the ongoing conflict in West Asia drives up the prices of vital resources like limestone. Concurrently, a wave of inexpensive steel is poised to enter the market, posing a serious threat to local manufacturers. Steel companies are urgently appealing to the government for assistance in navigating this turbulent landscape. View More
New Delhi: India's domestic steel industry is bracing for double trouble as the West Asia conflict pushes up input costs while also raising the risk of cheaper imports being diverted here. Sector watchers estimate that about 1.5 million tonnes (mt) of steel, largely from China, Japan and ASEAN countries, is currently floating at sea and searching for alternate markets after imports into the Gulf region came to a halt. Steel producers expect input costs to rise by around 5% but are still weighing if it can be passed to customers given the looming threat of cheaper imports. Also Read: Industrial gas supply crunch hits operations at steel plants, says Jindal Stainless MD "Limestone availability is a major concern for the sector, which sources around 70-80% of its requirement from the conflict-hit region," representatives from a large integrated steel producer said. India imports more than 31 million tonnes (mt) of limestone annually, largely from Oman and the United Arab Emirates (UAE). Integrated steel producers require around 300 kilograms of limestone to produce one tonne of steel, industry officials said. Live Events Public sector steelmaker Steel Authority of India (SAIL) recently flagged the issue at a consultative meeting with multiple ministries. "Steel imports from West Asia have come to a standstill. Around 1.5 million tonnes of steel is already at sea and may be diverted to India," an industry representative said, noting that the region typically imports 12-13 mt of steel annually from China and about 2 mt from Japan and ASEAN countries. Tensions in West Asia escalated after a joint Israel-US air strike killed Iran's Supreme Leader Ayatollah Ali Khamenei, prompting retaliatory attacks by Iran that have brought ship movement in the Persian Gulf to a standstill. Industry players have urged the government to ease restrictions on domestic limestone sales. Also Read: 'Coal and LPG prices may be adversely affected': Chhattisgarh Mini Steel Plant Association "It is necessary to permit all captive and merchant cement-grade limestone producers to sell in the open market," a second steel industry representative said, adding that the geopolitical situation has also affected the refractory and downstream steel industries. In a representation to the government, steel producers said propane supplies from alternative sources such as Russia are urgently needed to ensure uninterrupted operations in steel mills and downstream industries. Officials said most steel plants currently have propane inventories that could last about a month, after which production may need to be moderated unless fresh supplies are secured. India currently has 218 mt of steelmaking capacity, with plans to expand it to 300 mt by 2030 and 500 mt by 2047. Crude steel production rose 11.2% year-on-year to 153.61 mt in April-February FY26. The country imports about 5-10% of its domestic demand and exports roughly a similar proportion of its annual output. .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;} .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)
Jindal Stainless is India's largest stainless steel manufacturing company with a 0.8 million tonnes per annum (MTPA) capacity in Hisar (Haryana) and a 2.2-MTPA facility in Jajpur (Odisha). View More
New Delhi: Supply crunch of industrial gases has adversely impacted several plants, Jindal Stainless MD Abhyuday Jindal said on Friday. He also sought clarity on the allocation percentage for industrial propane/LPG and natural gas, along with assurance of regular supplies, for the stainless steel industry. Jindal Stainless is India's largest stainless steel manufacturing company with a 0.8 million tonnes per annum (MTPA) capacity in Hisar (Haryana) and a 2.2-MTPA facility in Jajpur (Odisha). Speaking about the impact of the ongoing war in West Asia on his business operations, Jindal said that due to the heavy dependence of stainless steel manufacturing on industrial gases such as propane/LPG and natural gas, several processes across our plants have been adversely impacted. Unlike the conventional steel industry, which largely utilises blast furnace and coke oven gases as energy sources, the stainless steel industry follows the scrap-based production route where such gases are not generated internally, he explained. Live Events Given the constraints in fuel availability, plants are operating at a rationalised capacity. Additionally, disruptions in global shipping routes are resulting in vessel diversions, longer transit times, and cargo delays, which are also placing additional pressure on supply chains and margins, the MD said. "We appreciate that the government is fully seized of the matter and is actively prioritising fuel allocation for critical sectors," Jindal said, seeking clarity on the allocation percentage for industrial propane/LPG and natural gas, along with assurance of regular supplies, which will be important for the stainless steel industry to plan and optimise operations. "In the absence of such clarity, we foresee a cascading effect across the industry, the severity of which will depend on how quickly these issues are resolved," 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;} .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)
Besides shortage of gas, the sharp rupee depreciation against dollar has also pushed up the cost of coking coal imports amid rising shipping and insurance expenses View More
Jindal Stainless, India's largest producer, faces reduced operations. Fuel shortages stemming from Middle East conflict disrupt industrial gas supplies. This impacts stainless steel manufacturing processes. The company is exploring alternative fuel sources. Global shipping route disruptions also add pressure. Other Indian steel producers also warn of production cuts. View More
India's Jindal Stainless on Friday said that its plants were operating at a reduced capacity because of fuel shortages in the wake of disruptions from the Middle East war. "Due to the heavy dependence of stainless steel manufacturing on industrial gases such as propane/ LPG and natural gas, several processes across our plants have been adversely impacted," the company said in an exchange filing. Also Read: Britannia says operations unaffected despite gas supply fears India's crude oil, LPG, and liquefied natural gas (LNG) supplies have been disrupted due to shipping constraints after the U.S. and Israel's war with Iran halted traffic through the Strait of Hormuz, compelling India to scramble for alternatives such as buying more from Russia. Authorities have also diverted gas supplies from industry to prioritize household consumption. Live Events Also Read: India asks China for urea as war-induced gas crunch bites "Given the constraints in fuel availability, our plants are operating at a rationalised capacity," the company added. The company also flagged additional pressure on supply chains and margins from disruptions in global shipping routes that have caused vessel diversions, longer transit times and cargo delays. Jindal Stainless, the country's biggest stainless steel producer, had last week warned of possible shipment delays. Scores of small Indian steel producers have warned of cuts to production as the escalating Middle East war disrupts gas supplies to India, the world's biggest producer of the alloy after China, Reuters had reported earlier. .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;} .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)
With 95% of trade by volume moving by sea, domestic shipbuilding is crucial for energy security and trade leverage. Focusing on specialized vessels and repair services offers a unique path to leadership, revitalizing heavy engineering and creating high-value jobs. View More
For a country that contributes less than 1% to global shipbuilding output, aspiring to join the coveted league of the top five global shipbuilders within the next two decades may appear audacious. Yet for a nation frequently described as one of the brightest economic spots for its resilience amid a pandemic and repeated geopolitical disruptions, such ambition reflects foresight and a determination to create enduring value. India ’s aspirations of becoming a global superpower cannot be realized if it remains merely a maritime spectator. Shipbuilding is often called the “Mother of Heavy Engineering” because of its multiplier effect on industrial growth and manufacturing. More accurately, it can be described as the “Mother Industry of Global Influence.” Asian powerhouses such as China, South Korea, and Japan - which together account for over 90% of global commercial shipbuilding output - demonstrate how the industry can underpin trade supremacy and geopolitical influence. Consider South Korea. In the early 1970s, it made shipbuilding a cornerstone of national growth to mitigate vulnerabilities stemming from limited natural resources, capital, and technological depth. The result was scale in steel production, mastery in precision engineering, and the rise of globally competitive conglomerates that continue to enhance the country’s economic weight. Japan’s shipbuilding ascent was shaped by post - World War II reconstruction. The industry became central to rebuilding the nation’s economy, fostering excellence in precision engineering, quality control, and operational discipline. The ripple effects strengthened adjacent sectors such as automotive, electronics, and advanced machinery - capabilities that continue to define Japan’s industrial reputation. China’s rise in shipbuilding was deliberate and strategic. In just two decades, it transformed itself into the world’s largest shipbuilding nation, now contributing more than half of global output. This scale has enabled China to exert considerable influence over global supply chains and trade relationships. Live Events India’s trajectory has been different. While defence shipbuilding gained prominence, commercial shipbuilding remained largely stagnant until the mid-2010s. Successive global disruptions compelled policymakers to reassess the strategic gaps in India’s industrial framework. Over the past five years, however, clear government intent and accelerated policy formulation have revived commercial shipbuilding, positioning it to compete globally. This moment represents more than a sectoral recovery - it signals a strategic shift. In a world that reacts instantly to disruptions, maritime capability is no longer optional; it is foundational to economic and trade influence. The urgency becomes clearer when viewed through India’s trade lens. Nearly 95% of India’s merchandise trade by volume and 70% by value moves via sea. Without a robust domestic shipbuilding industry, India effectively imports ships to export its goods - subsidizing foreign shipyards, generating employment abroad, and enabling other nations to build engineering expertise. In doing so, it cedes not only economic opportunity but also soft power in shaping trade and geopolitical relationships. The vulnerability extends to energy security. More than 85% of India’s crude oil and a growing share of natural gas imports arrive by sea to meet the demands of 1.4 billion people. In periods of geopolitical strain, reliance on foreign-built vessels and external capacity becomes a strategic risk. The Journey Ahead: Navigating Challenges and Seizing Opportunity Several structural challenges have already been addressed through decisive policy action. The Shipbuilding Financial Assistance Policy , the ₹69,725 crore stimulus package, and the granting of infrastructure status to large vessels, have infused confidence in private players and reduced anxiety around the sector’s inherent cyclicality. Yet shipbuilding remains capital-intensive and vulnerable to downturns. Any discontinuity in fiscal support could stall capacity expansion and deter long-term capital expenditure. Policy stability is therefore as critical as policy intent. Interest rate parity with Asian peers is another essential requirement. Competitive financing determines global competitiveness. Without it, Indian shipyards struggle to match international pricing benchmarks, regardless of quality or capability. Equally important is building clear domestic order visibility. A predictable pipeline provides business certainty, encourages capacity expansion, and strengthens resilience during global slowdowns. In parallel, strengthening domestic capabilities in engines and critical components must move from aspiration to execution. Policy incentives that have successfully catalyzed other sectors should be extended expeditiously to shipbuilding. Anchoring Shipbuilding into India’s Future The opportunity ahead is significant. While India’s software engineering talent enjoys global recognition, its heavy engineering base has gradually weakened. Shipbuilding - a precision-driven, high-skill industry - offers a pathway to revitalize that capability and create high-value employment aligned with India’s demographic dividend. As Japan’s experience illustrates, a thriving shipbuilding sector uplifts adjacent industries. A maturing maritime ecosystem can catalyze offshore energy, renewables, port infrastructure, marine logistics, and advanced manufacturing. Heavy engineering depth strengthens economic sovereignty. India need not replicate the volume-driven models of its Asian counterparts. Instead, it can focus on specialized and future-ready segments: offshore and niche commercial vessels, ship repair and lifecycle services strategically located along major trade routes, and energy-efficient vessels that align with the global decarbonization agenda - an area where capacity is still evolving worldwide. Encouragingly, Indian shipyards are already earning international trust for complex vessel construction. The award of India’s first chemical tanker order from a prominent European shipowner signals the potential to carve out a differentiated “blue ocean” strategy in global shipbuilding. Conclusion For a nation poised to become the world’s third-largest economy by 2028 and determined to move up the value chain of global influence, the revival of commercial shipbuilding is both timely and strategic. This is not merely about industrial output; it is about economic leverage, energy security, technological depth, and geopolitical relevance. India now has the opportunity to craft its own playbook - one that moves from legacy to longevity, and from participation to leadership in global shipbuilding. The writer is Vivek Merchant, Director, Swan Defence and Heavy Industries Limited (SDHI). .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;} .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!
Leonardo said Thursday that it is on "a path of strong growth," as defense companies see opportunities in the wars in Iran and Ukraine. View More
In this articleRADA-ILBA.-GBHO-FRLDO-ITRHM-DEFollow your favorite stocksCREATE FREE ACCOUNT Workers assemble a Leonardo AW139 helicopter on the production floor at the Leonardo plant in Varese, Italy, on Thursday, March 20, 2025.Bloomberg | Bloomberg | Getty Images Italian defense firm Leonardo said it is "positioned on a path of strong growth" on Thursday, as European defense companies stand to gain business from the war in Iran, as they have been boosted by the war in Ukraine.Leonardo unveiled plans to double profits by 2030, the day after German peer arms maker Rheinmetall forecast its sales could grow as much as 45% this year, as both companies have record-high order backlogs.Leonardo CEO Roberto Cingolani told investors that war was "getting faster and more dangerous," and warned of the rise of hybrid threats that "increase uncertainty and operational complexity."Rheinmetall said that it was in a "prime position" to arm the U.S. amid the war in Iran, with CEO Armin Papperger telling investors that "over the next 10 years, there is a huge need" for its products. Rheinmetall shares fell 8% after the guidance, which was described as "realistic but soft" by a Jefferies analyst, who added investors had high expectations for a share price that has risen 1,700% since the start of 2022. The war in Iran, which has entered its 13th day, has renewed focus on defense companies, which are seeing increased demand regardless of their specific focus within the sector.Leonardo is positioning itself as a digital defense player, investing in defense electronics and interconnected platforms such as the "Michelangelo Dome," which can detect and neutralize air threats similar to Israel's Iron Dome. Rheinmetall is a leading supplier of land systems like tanks and ammunition. Sweden's Saab specializes in fighter jets, while Britain's Bae Systems, the largest of the European defense firms by sales and market cap, has a broad portfolio of military equipment from nuclear submarines to the Eurofighter Typhoon jet. Annual revenue for Rheinmetall, Leonardo, Bae Systems, France's Thales, Germany's Hensoldt, and Saab rose an average of 57% between 2021 and 2025.These companies also saw big increases in their order intake, an indication of future sales, over the same period.Rheinmetall and Saab have seen the most explosive growth of 323% and 284%, respectively, based on unaudited 2025 figures.On average, order intake grew 135%. Thales' order intake grew 27% between 2021 and 2025. Barclays analysts earlier this week upgraded their recommendation on Leonardo to Overweight from Neutral, saying that the U.S.-Iran conflict helps the narrative of a booming defense sector in the short-term, but Leonardo has greater earnings momentum relative to peers.Its diversified portfolio and low exposure to Ukraine also offer resilience to potential impact from a cease-fire, they added. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
Navi Mumbai is evolving beyond a Mumbai alternative, driven by strategic planning and infrastructure growth. Today Group, with over two decades of experience, is shaping this urban landscape by focusing on creating communities and understanding residents' lives. The developer's approach democratizes urban living, catering to diverse buyer profiles and emphasizing human-centric design. View More
Navi Mumbai has moved well beyond being seen as a practical alternative to Mumbai, designed to alleviate the strain on the older city. This satellite city is steadily coming into its own, shaped by strategic planning, expanding infrastructure, and a growing preference for planned urban development. In this environment, developers are no longer judged only by the structures they deliver, but by how closely they understand the lives those spaces are meant to serve. That is where Today Group places its story. The company states that over more than two decades, it has played a role in shaping Navi Mumbai’s skyline, with over 30 completed projects, four ongoing developments, and the confidence of more than 3,000 families. The group’s journey began with founder and managing director Bhadresh Shah, whose shift from a decade in furniture and steel manufacturing into real estate led to the establishment of Today Group in 2005. Today Group positions itself as the group presenting urban living as a larger ecosystem, not simply the delivery of an apartment. Its residential presence stretches across both emerging and established locations such as Airoli, Nerul, Juinagar, Kharghar, Upper Kharghar, and Panvel. The group follows the philosophy of ‘happiness first’, and places that thinking at the core before building a home. As a developer operating across both accessible and premium segments, the group espouses a strategy of democratisation of urban living across cross-sections of society. This also reflects the larger real estate shift in Navi Mumbai, with the city no longer being restricted to one single buyer profile. It now attracts first-time homeowners, upwardly mobile families, investors, professionals seeking better value, and buyers looking for a more comfortable lifestyle away from the pressure of old Mumbai. Today Group believes that any developer hoping to remain relevant in such a market has to understand this breadth and respond to it without making every project feel interchangeable. The company’s stated intent to work across both affordable and luxury living is a response to this larger shift The company frames its larger messaging as leaning towards the idea of creating communities rather than simply constructing buildings. Its overview speaks of long-term value, human-centric design, and spaces built on trust and belonging. Buyers increasingly look for social infrastructure, emotional confidence, and a stronger sense of how a project fits into everyday life. In that context, the group places its premium on customer-centric development, showcasing that planning decisions have genuinely been shaped by lived behaviour. Live Events ET Spotlight If Bhadresh Shah represents the entrepreneurial base of the company, Bhavesh Shah represents the discipline needed for scale. As Joint Managing Director and a gold medallist with an MBA in Finance from New York, Bhavesh has contributed significantly to financial planning, operations, banking relationships, and the group’s overall financial health. Sustainable growth depends on capital allocation, operational control, and the ability to sustain confidence among lenders, partners, and customers. By that measure, Today Group appears keen to position Bhavesh as the executive who turns momentum into stability. That discipline matters even more in the current market climate. Knight Frank’s H2 2025¹ report on Mumbai notes that the city’s residential market showed consolidation rather than slowdown, with demand remaining steady and buyer activity continuing to move towards peripheral locations offering better value. At the same time, Cushman & Wakefield’s 2025² report on Navi Mumbai points to modern infrastructure, cost-effective rentals, and stronger connectivity as key drivers of demand, particularly with the Mumbai Trans Harbour Link now operational and the Navi Mumbai International Airport adding fresh energy to the region’s growth story. Put simply, the market still has appetite, but it is rewarding clarity and substance over noise. Navi Mumbai’s edge, today, lies in the fact that its growth story is increasingly supported by actual infrastructure rather than just optimistic projections. The MMRDA states that the Mumbai Trans Harbour Link was conceived to improve connectivity between Mumbai and Navi Mumbai, ease congestion, and support development across the wider region. Cushman & Wakefield notes that the operational link has significantly improved access to South Mumbai. Meanwhile, Navi Mumbai International Airport began commercial flight operations in late December 2025, moved to 24-hour operations by the end of January 2026, and is targeting international operations in the first quarter of FY27. For developers in the region, this changes the tone of the conversation. Navi Mumbai is no longer simply “upcoming.” It is entering a more decisive and better-connected phase of urban relevance. That creates a significant opportunity for companies such as Today Group. The group’s portfolio already extends across residential and commercial development, with the website listing commercial avenues in locations such as Thane, Airoli, Nerul, and Juinagar. The next stage, then, is not only about increasing the number of projects. It is about building with a sharper understanding of how Navi Mumbai is evolving, where demand is moving, and what buyers will expect from both affordable and premium developments in the years ahead. To address this, Today Group is launching Today HomeXpo, where it will introduce 12 projects across seven locations. Homebuyers should stay tuned till March 14 to save up to Rs 15 lakhs. After proven credibility spanning more than two decades in the market, the challenge for Today Group is to show that it can help shape Navi Mumbai’s next chapter with the same consistency that helped it earn trust in the first place. If it succeeds, its story will not be only about growth. It will be about timing, discipline, and a clear understanding of what urban life in Navi Mumbai is becoming. .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;} .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)
President Donald Trump speaks to supporters during a rally at the US Steel-Irvin Works on May 30, 2025 in West Mifflin, Pennsylvania.Jeff Swensen | Getty Images The U.S. decision to launch a slew of new investigations into key trading partners has raised eyebrows among analysts, who question both the timing and objectives of the probes.The investigations, targeting China, Mexico, the EU and more than a dozen other economies, are being carried out under Section 301 of the Trade Act of 1974. Here's CNBC's brief guide to Section 301s â what they are, why the White House has resorted to using them, and what President Donald Trump's administration hopes to achieve. 'Section 301' Put simply, Section 301 of the Trade Act of 1974 enables the investigation of perceived unfair trading practices to determine whether "the acts, policies, or practices of a foreign country are unreasonable or discriminatory and burden or restrict U.S. commerce."The Office of the United States Trade Representative's (USTR) Jamieson Greer announced a series of new investigations on Wednesday targeting 16 trading partners, ranging from Singapore and Switzerland, to India and Norway. A full list is here.Section 301 investigations are not new, with several probes into Brazil and China ongoing. The first Trump administration investigated foreign trade practices under Section 301 six times, with two probes into China and the EU resulting in the imposition of tariffs. Former President Joe Biden's administration also carried out Section 301 probes. The latest investigations will examine whether these acts, policies, or practices burden or restrict U.S. commerce, and what action, if any, should be taken. If the probes find against the economies in question, the USTR has the authority to impose new tariffs or other import restrictions, which could emerge in the summer.The trade agency could also withdraw or suspend trade agreement concessions, or reach deals with the economies in question if they agree "to either cease the conduct in question or compensate the U.S.," USTR said.Retaliatory action should "affect goods or services of the foreign country in an amount that is equivalent in value to the burden or restriction being imposed by that country on" U.S. commerce, it added. Why has the U.S. launched new probes? The Section 301 probes follow the U.S. Supreme Court ruling that the Trump administration's "reciprocal" tariffs â imposed on a raft of trading partners in April 2025 under the International Emergency Economic Powers Act 1977 â were unlawful. That left the administration scrabbling for other ways to reimpose duties that were struck down. The White House initially responded to the Supreme Court's ruling by imposing a temporary 10% "universal" tariff (and threatening a higher 15% levy, which could be implemented soon) on all imported goods by using Section 122 of the Trade Act of 1974. These tariffs are only temporary, however, and Trump has made no secret of wanting to find a way to restore tariffs that were disallowed.The latest Section 301 investigations relate specifically to "structural excess capacity and production in manufacturing sectors", amid claims that rival economies are "dumping" excess production on U.S. markets and threatening domestic manufacturers. Workers listen as US Vice President JD Vance speaks, during a tour of Nucor Steel Berkeley in Huger, South Carolina, on May 1, 2025.Kevin Lamarque | AFP | Getty Images USTR noted Wednesday that such practices pose a "serious challenge" to Trump's reindustrialization efforts and make it harder "to re-shore critical supply chains and create good-paying jobs for American workers." The U.S. blames these dynamics for persistent trade deficits with trading partners, and for hampering growth."The United States will no longer sacrifice its industrial base to other countries that may be exporting their problems with excess capacity and production to us," Greer said Wednesday What happens next? Consultations will now take place with the economies whose trade practices are in the spotlight. The USTR will hold a public hearing covering each investigated economy starting on May 5. "After all of that, the USTR, we will have our findings and our analysis, and we will propose, if necessary, a responsive action," Greer said. "Responsive action can take a number of forms. It can be tariffs, it can be fees on services, it can be other things," he said.China and the EU are among the economies who have pushed back against the probes, warning that trade deals reached with Washington over the past year could be jeopardized. Greer is due to announce on Thursday another Section 301 probe investigating imported goods made using forced labor. What do experts say? Analysts say the timing of the latest trade probes is curious, given the White House's focus on the ongoing military operation against Iran. Using Section 301 is seen as an overt attempt to resurrect Trump's global tariffs strategy, which is currently subject to time restrictions, with temporary duties due to expire in July."The timing is curious. You would think that the U.S. administration has got its hands full right now, but apparently not, " John Woods, Asia chief investment officer at Lombard Odier, told CNBC on Thursday. watch nowVIDEO6:1806:18CIO: Section 301 probe badly-time for Asia, long-term impact limitedSquawk Box Asia Section 301 "will be essentially a proxy for the trade tariffs that hitherto were imposed but subsequently blocked by the Supreme Court," he said, adding that the U.S. would use the investigations as leverage for further negotiations over trade deals.Goldman Sachs' Tim Moe said it's no surprise that the Trump administration is resorting to using Section 122 and Section 301s to target trade partners after the Supreme Court decison."It should not be a total surprise that this has been announced. The timing, of course, is always unexpected, but I think it should not be a total surprise. That's number one. Number two is that Section 301 requires a process; there has to be an investigation, and there's got to be factual developments ... [so] this will take some time to to play out. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
The steelmaker won a state government auction for the Rengalaberha North-East Extension and Nuagan West iron ore block on Wednesday by offering a 111.15% premium over the base price, they said. View More
Mumbai: Jindal Steel has secured one more iron ore mine in Odisha with estimated reserves of nearly 38 million tonnes, people in the know told ET. The steelmaker won a state government auction for the Rengalaberha North-East Extension and Nuagan West iron ore block on Wednesday by offering a 111.15% premium over the base price, they said. "This mine has a mix of high-grade and low-grade iron ore, but nearly 29 million tonnes of this are high-grade fines and some lumps which have Fe (iron) content of around 60%," one of the people said. "Because the Fe content is high, we can use the iron ore directly in furnaces or for making sinter and pellets," the person said. Including the low-grade ore, the mine has an average Fe content of 57.87%. The company did not respond to a request for comment till press time Wednesday. On Tuesday, ET reported that the company won the Thakurani A1 iron ore block that has reserves of more than 50 million tonnes. In an exchange filing Wednesday, Jindal Steel confirmed that it won this block in Odisha's Keonjhar district. .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;} .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)