Latest Sectors News
Proterial, a Japanese supplier of advanced materials, is exploring India as a site to manufacture rare?earth magnets and cutting?edge EV magnets. With government incentives underpinning investment, the move could strengthen local production and supply?chain resilience. India is part of Proterial’s broader market assessment as it maps out a major manufacturing expansion. View More
Kolkata: Japanese metal maker Proterial is evaluating plans to manufacture its key products in India, including rare earth magnets and its newly developed electric vehicle magnets that do not require heavy rare earth elements, its global president and chief executive officer Sean M Stack said. In an interview with ET during his India visit on Friday, Stack said the company sees significant potential to localise production of several high-end materials in the country. These include superalloys used in aerospace, advanced tooling and moulding materials, components for power electronics, high-speed rail cables currently supplied in Japan and China, and a range of automotive components. "A number of our manufacturing plans, including magnets, are currently under evaluation in India and a few other markets as we assess where to deploy capital," Stack said. "We believe this is the right time to localise, given the transition and acceleration underway in the Indian economy. Incentive schemes at both the central and state levels give us confidence to invest and generate sustainable returns." Proterial has recently expanded its portfolio of heavy rare earth-free magnet technologies, aimed at enabling more sustainable and scalable production. Stack said local manufacturing of these magnets is under evaluation in India, particularly as the country lacks significant deposits of heavy rare earth elements. The company is currently supplying the product to an Indian customer from Japan. "Magnets have become a geopolitical issue, with companies and governments increasingly focused on economic, supply and national security," Stack said. "The Indian government has outlined clear parameters for building a domestic ecosystem. We already have customers here and are assessing the market opportunity and competitive landscape." Live Events Stack said the company is assessing India alongside a few other markets for these manufacturing investments, and no final decision has been taken. "There is a strong push from multiple governments to build supply-chain resilience. However, unless a company has the technology to develop magnets without heavy rare earth elements, it cannot meaningfully decouple from China-linked supply chain risks," he said. Meanwhile, Proterial India, formerly Hitachi Metals India, is setting up the country's first domestic amorphous electrical steel manufacturing facility in Andhra Pradesh . At present, a significant portion of electrical steel used in transformers is imported. .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)
Spread across 115 acres in Kalinganagar, the newly-acquired facility consists of four furnaces capable of producing 100,000 tonnes per annum (tpa) annually which will further increase to 150,000 tpa when thepartially built fifth furnace is commissioned in approximately one year, IMFA said in a statement. View More
New Delhi: Indian Metals & Ferro Alloys has completed the acquisition of a ferrochrome plant in Odisha from Tata Steel at a transaction cost of Rs 707.26 crore. Spread across 115 acres in Kalinganagar, the newly-acquired facility consists of four furnaces capable of producing 100,000 tonnes per annum (tpa) annually which will further increase to 150,000 tpa when thepartially built fifth furnace is commissioned in approximately one year, IMFA said in a statement. "The transaction is valued at Rs 707.26 crore comprising base consideration of Rs 610 crore along with GST and net working capital, and has been funded entirely from internal accruals," the company said. Bhubaneswar-headquartered Indian Metals & Ferro Alloys Ltd (IMFA) is India'slargest fully integrated producer of value-added ferro chrome. .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)
The system captures and stores high-temperature waste heat from the sintering process to efficiently warm process water View More
The industry readiness assessment, developed by CII’s Green Business Centre with support from Climate Catalyst, says a higher 37% mandate could create demand for up to 24mt of green steel by 2029-30. View More
The MNRE's new strategy aims to boost domestic production of wafers, ingots, and polysilicon, addressing gaps in previous incentive schemes. This move is crucial for India's ambitious green energy targets. View More
Schemes announced by the government, especially the Market Access Scheme is estimated to be a big enabler of Indian exports, says EEPC India Chairman. View More
New Delhi: Driven primarily by copper, iron & steel, and motor vehicles, India's engineering goods exports recorded a 10.4% year-on-year rise in January 2026 to US$10.40 billion even as shipments to the US recorded a decline during this period. Engineering goods exports to the US, India's top market, fell 6.8% year-on-year to US$1.51 billion in January 2026, as against US$1.62 billion in January 2025. Cumulatively, engineering goods exports from India grew by 4.52% year-on-year to US$101.13 billion during the April-January period of 2025-26, crossing the US$100 billion mark for the first time in the current fiscal. Commenting on January engineering export data, Pankaj Chadha, Chairman EEPC India, said, in a statement, "Favourable base was one of the major reasons behind the double-digit growth in January this year. Notably, Indian engineering exports also bounced back in most of the regions. This is very positive news, especially at a time when global trade is going through realignments pushed by changing geopolitics." He hoped that Indian engineering exports would continue to grow in the coming months and surpass US$120 billion in FY26. Live Events "The recent schemes announced by the government, especially the Market Access Scheme, are estimated to be a big enabler of Indian exports. This is crucial at a time when more Indian exporters are eager to participate in global exhibitions and exhibit their products to global markets," Chadha added. EEPC India has urged the government to reconsider its decision to reduce RoDTEP benefits by half, considering the ongoing challenges and uncertainties prevailing on the external front. As per the quick estimates, the share of engineering goods in total merchandise exports was recorded at an impressive 28.5% in January 2026. The share was recorded at 27% on a cumulative basis during the April-January period of 2025-26. Among the top 25 key markets for Indian engineering goods, shipments to as many as 19 countries recorded positive growth during Jan.,2026, while in the case of six countries, the growth was negative. Despite a decline in shipments to the US in January this year, it remained India's top market for engineering goods. Engineering goods exports to some of the major markets, such as the UAE, Saudi Arabia, Germany, the UK, Singapore, and China, registered impressive growth during this period. Engineering goods exports to the UAE went up 42.4% in January 2026 to US$871.48 million. In the case of Saudi Arabia, exports were up 33.3% at US$518.58 million. While engineering exports to Germany rose 23% year-on-year to US$443.49 million in January 2026, the UK saw 17.6% increase to US$408.91 million during this period. Engineering goods exports to China grew 26.7% to US$304.85 million. Apart from the US, the key countries that witnessed lower engineering goods shipments from India during the month of January this year included Mexico, France, Bangladesh, Turkey, and Thailand. Among the engineering panels that recorded impressive exports in January this year were copper, iron & steel, motor vehicles and ships, boats, and floating products and parts. Exports of copper and products jumped 52% year-on-year to US$346.9 million in January 2026. Iron & steel exports recorded 22% year-on-year growth to US$912 million during this period. Motor vehicle/cars exports rose 28% to US$876.9 million in January 2026, as against US$687 mil lion in January 2025. In January 2026, 28 of 34 engineering panels showed positive year-on-year growth. The six panels that witnessed a year-on-year decline in shipments during this period included nickel and its products, aircraft, spacecraft and parts, hand tools and cutting tools, and prime mica and products. Region-wise, North America and the European Union (EU) remained the top two exporting regions for Indian engineering goods in January this year. Also, export growth was recorded across all regions in January 2026, except North America, Sub-Saharan Africa (SSA), Latin America, and the CIS (Commonwealth of Independent States). In cumulative terms, the increase was noted in all regions barring WANA (West Asia-North Africa), Other Europe, and CIS. .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!
Mehra played a pivotal role in shaping the Essar Group’s steel and metals strategy, including the expansion of steelmaking capacity at Hazira View More
The brokerage remains overweight on banks, diversified financials, healthcare, consumer, auto and capital goods/defence, citing sustained infrastructure spending and asset creation View More
This trade policy creates complex challenges for businesses navigating global supply chains and changing regulations. View More
Word that the steel mill in Granite City, Illinois, was restarting a blast furnace resonated as a sign of America's industrial revival. The Trump administration had placed stiff tariffs on steel and aluminum. This was supposed to choke imports and force production back to U.S. factories. And here, at a hulking complex on the Illinois side of the Mississippi River, was ostensible evidence that the strategy was working. U.S. Steel, the owner of the mill, would hire some 400 additional union workers. "These tariffs have helped," said Braden Morris, who was laid off from his job at the mill in late 2023 and had just been recalled. "It's proof that we're coming back." Yet 500 miles to the north, in the deep freeze of St. Paul, Minnesota, those same tariffs spelled something different for Eric Hawkins. His family-owned company, Park Tool , manufactures gadgets used to repair bicycles and exports them around the world. The tariffs have increased the cost of the steel and aluminum he uses to make his products. That has forced him to lift his prices by 10%, flattening sales growth. "Every one of our suppliers has raised prices over the past year," Hawkins complained. "Trump thinks it's so easy to say, 'We're going to make the costs so high that you have to bring the jobs back.' But I'm saddled with a much higher materials cost." Live Events And that was before the latest upheaval in U.S. trade policy: the Supreme Court 's ruling Friday that President Donald Trump's so-called reciprocal tariffs -- those levied against scores of countries at once -- had exceeded his authority. That decision confronted U.S. business with an overwhelming assortment of variables and prompted Trump to immediately resort to a new 15% global tariff using a different legal mechanism. It also made the steel tariffs, which were not implicated in the court case, a more prominent fixture of trade policy. "The Supreme Court ruling, bad law though it was, significantly strengthens every other statutory authority that President Trump has on tariffs," said Peter Navarro, Trump's senior counselor for trade and manufacturing, in an email response to questions. He cited the section of the law used as the basis for imposing levies on steel. "The steel tariffs are rock solid and a linchpin of an industry essential to our national security." Trump has cast the protection of the U.S. steel industry as the centerpiece of his mission to rejuvenate domestic factory production. But the troubles of Park Tool highlight how tariffs have so far hindered that cause, jeopardizing jobs that are already here. Protectionism has increased the price of steel available in the United States while spurring only a modest increase in domestic production. That has left companies like Park Tool reliant on global supply chains they have built up over decades. Thousands of specialty components needed to make their products are now more expensive. Manufacturers are also contending with a foreign backlash to the Trump administration's wider trade war, undermining the appeal of the Made in America brand. Not least, they are grappling with paperwork nightmares as they navigate constantly changing tariff rates and customs procedures. The Trump administration asserts that disruption is the unavoidable cost of reinvigorating steel towns like Granite City. But that characterization collides with the arithmetic of U.S. manufacturing. For every person employed at a domestic steel mill, 80 work at factories that buy steel, according to a paper by economists Kadee Russ and Lydia Cox. Tariffs during Trump's first term produced an additional 1,000 jobs at steel mills while eliminating 75,000 positions throughout manufacturing, the two economists calculated in another paper. Steel industry officials argue that such formulations leave out vital context. "If you don't have steel production in your country, then you're at the mercy of steel producers in other countries," said Kevin Dempsey, president of the American Iron and Steel Institute , a trade association in Washington. He cast Trump's tariffs as an overdue correction to surges of steel flowing into the United States, much of it unfairly cheap by dint of subsidies. In 2016, the year before Trump's first term, about 71% of America's steel capacity was in use, according to industry data. By 2019, with steel tariffs in place, that figure had risen to 80% and has remained above 75% ever since. Over the same time, imports as a share of total steel used in the United States dropped to 19% from 27%. Yet even as U.S. imports of steel have been reduced, the total production has stayed flat in the United States. From 2019 to 2025, domestic production of steel dipped from 97 million tons per year to 90 million tons, though last year saw a slight increase compared with the previous year, according to data compiled by the American Iron and Steel Institute. Experts assert that tariffs have allowed the industry to skimp on investment while benefiting from higher domestic prices. Steel sold in the United States is currently about 30% more expensive than in Europe and almost double the price in China, noted Kyle Handley, an economist at the University of California, San Diego. Granite City is a testament to the forces of downward mobility that have in recent decades afflicted America's industrial communities. Brick buildings sit forlorn, their masonry crumbling. Dollar stores and payday lenders fill out retail spaces. At the downtown headquarters of United Steelworkers Local 1899, footsteps echo through empty hallways. Three years ago, before the layoffs, the union branch represented 1,400 local workers. In December, just before the furnace restart was announced, that number was down to 764. Now some of the people sent home two years ago are being recalled. "Those tariffs have been part of putting steel where it is by creating demand for American steel," said the local president, Craig McKey. Eric Addison, 34, had just returned to the mill. He grew up in Granite City and had long aspired to a job as a steelworker. "This place was the talk of the town," he said. "You'd ask anyone who had a nice house or a car, and they'd say, 'Yeah, we work at the steel mill.'" Just before he was laid off, he had been promoted to the job of ladleman, operating the controls of the equipment that regulates the flow of molten steel. He was making more than $29 an hour. "It was the best money I'd ever made," Addison said. After the layoff in October 2023, he took a job at a barge company that ships animal feed down the Mississippi. It paid less than $22 an hour. He stopped going out to eat. He eliminated bowling night. "Basically, I just went to work and came home," he said. Then, in December, he saw a post on Facebook announcing that the blast furnace was coming back online. Almost immediately, the company called and asked him to come back. He would start at $31.20 an hour. "I was pretty excited," he said. Many local mill workers credited the change of leadership in Washington. "In this town, we were always told that we make the best steel, but getting cheap steel coming in was hurting us," said Martin Cooper, a 57-year-old father of four who was recently recalled. "People say that Trump came back and the steel mill opened back up." But the same conditions that have stoked confidence in Granite City are sowing worries across the U.S. factory floor. Hawkins, 63, the CEO of Park Tool, has come to expect rising fortunes. Over the last quarter-century, he took the bike shop started by his father and a partner and turned it into one of the world's largest makers of bicycle tools. The company exports more than half its production to some 70 countries, including China. But these days, he and his team of 70 people are grappling with the effects of Trump's trade war. Time they would rather spend designing new products is consumed by studying tariff schedules and preparing customs paperwork. "It's just a lot of hassle," Hawkins said. "We should be in a growth pattern. We're not." Old Schwinn bicycles fill racks near the factory entrance, displaying the roots of the business. But the present is underscored by the studio where the company records bicycle repair videos that it posts on YouTube to get the word out about its products. As Hawkins wandered his plant on a recent morning, he stopped at a workbench where a worker wielded a hand-held drill to attach parts to a so-called torque limiter -- a wrench designed to prevent a person from applying damaging amounts of force. One part, a blue-tinted hunk of metal shaped like a handle, had been cast at a plant in Iowa. Another had been produced through injection molding in the Twin Cities. These were the elements of a factory that has managed to remain in the United States despite the perpetual tug of cheaper labor in Asia. Yet lately, Hawkins has found himself navigating new challenges. A distributor in Germany recently told him that many of his European customers, angry over the Trump administration's attempts to take control of Greenland while weakening its support for Ukraine, are refusing to buy American products. The distributor has shifted some of its orders to a factory in Slovenia. Hawkins is tormented by talk of tariffs boosting U.S. manufacturing. His own operation has developed a supply chain that taps domestic sources for most of his parts and materials. But some 3,500 components come from Asia, most of them from Taiwan. No one can re-create that easily. He pointed at a stack of aluminum parts that sat waiting to be attached to rods to form a bicycle repair stand. The piece that held the bike frame was made in Taiwan. Making the mold there costs about $15,000, compared with $80,000 or $90,000 in the United States, he said. "There's so many moving parts here that all have to work together," he said. "We've invested 60 years in figuring all this out, and it works. I'm not going to just dump that." And as Hawkins tried to make sense of the implications of the Supreme Court decision, he anticipated still more tariffs in response. "Who knows?" he said. "Everything could change tomorrow, right?" .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!