Latest Sectors News
Jindal Steel International's proposed acquisition of Thyssenkrupp Steel is facing delays due to unresolved pension-related issues with German authorities. While talks remain active, further assurances from German stakeholders are needed to move forward with the deal, which includes plans for a green steel facility. View More
Steel plants face LPG shortages. The Steel Ministry has raised this issue with the Petroleum Ministry. The Iran war has reduced gas availability. The government is prioritizing cooking gas over industrial use. Steelmakers need alternative propane supplies from countries like Russia. This disruption could affect other essential inputs for steel production. View More
New Delhi: The steel ministry has communicated industry concerns about LPG supplies for domestic steel plants to the Ministry of Petroleum and Natural Gas, a senior official said. Steelmakers use LPG for heating steel slabs, blooms and billets to rolling temperatures. The Iran war has crippled availability of the gas, and the government has prioritised supplies to homes for cooking while cutting down allocation for industrial use. "Industry concerns have been forwarded to the oil ministry," the steel ministry official said. In a representation to the government earlier this month, domestic steel producers said propane (LPG) supplies from alternative sources such as Russia are urgently needed to ensure uninterrupted operations in steel mills and downstream industries. Industry representatives say these fuels offer higher calorific values, better temperature control and significantly lower emissions of carbon and sulphur compared to alternatives like light diesel oils (LDO) and low sulphur heavy stock (LSHS). Besides, it also serves as the input for manufacture of HNO3 (nitric acid), calcined lime and ammonia, all of which are required in the manufacturing of stainless steel. Live Events "The disruption is not limited to propane/LPG but there will be a cascading effect in terms of availability of other inputs as well," a sector watcher told ET. Steel industry is already facing problems with fuel suppliers expressing their inability to supply the required quantities, 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)
Dilip Oommen, CEO of AM/NS India, will retire at the end of June. Amit Harlalka, the current chief financial officer, will take over as CEO. Oommen will continue as a board member and vice-chairman of ArcelorMittal India. Harlalka joined AM/NS India in 2019. AM/NS India is a major flat steel producer in India. View More
Mumbai: AM/NS India chief executive Dilip Oommen will retire at the end of June this year and be replaced by Amit Harlalka, who is currently its chief financial officer, the joint venture between ArcelorMittal and Nippon Steel said Thursday. Oommen will remain a board member of the steelmaker and also be vice-chairman of ArcelorMittal India, it said. Oommen, currently 68 years old, has been with the company for 22 years, including when it was Essar Steel. ArcelorMittal and Nippon Steel acquired Essar Steel out of bankruptcy in 2019. “A highly experienced steel industry executive, he knew the operations inside-out, brought stability at a time of change, and played a critical role in helping establish trust as we built the ArcelorMittal Nippon Steel brand in India,” AM/NS India chairman Aditya Mittal said in a news release. Harlalka joined AM/NS India in 2019. He was with ArcelorMittal before that. Live Events AM/NS India is one of the largest producers of flat steel in India, and currently has a plant in Hazira with a capacity of 9 million tonnes. It is currently expanding capacity to 15 million tonnes and is set to start work on a greenfield plant at Anakapalli in Andhra Pradesh to add 8.2 million tonnes of capacity in the first phase. .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)
Saudi Arabia’s Finance Minister Al-Jadaan said that while oil has dominated media coverage, it is refined products – including fertilisers, steel and aluminum – that have been most affected due to the ongoing war. View More
Deal talks between Thyssenkrupp Steel Europe and Jindal Steel International may end. Disagreements over pension liabilities, future investments, and rising European energy costs are causing issues. The companies could halt negotiations soon. Thyssenkrupp aims to divest its business units. Jindal Steel International had previously made an offer for the steel unit. View More
New Delhi: Discussions of a possible sale of Thyssenkrupp's steel unit to Jindal Steel International could be called off due to differences over pension liabilities , investments and energy costs, four people familiar with the matter said.While talks over a sale of Thyssenkrupp Steel Europe (TKSE) are ongoing and could still result in an agreement, a deal is now seen as less likely after nearly six months of due diligence and discussions, the people said. The companies could decide to officially stop negotiations as soon as next month, one of the people said. Shares in Thyssenkrupp fell 4% following the Reuters report. Also Read: Jindal Stainless commissions 1.2 MTPA stainless steel melting shop project in Indonesia Thyssenkrupp has tried to sell TKSE several times in the past decades, pursuing everything from listings to spinoffs and joint ventures to outright sales of the cyclical high-cost business. Live Events Failure to sell TKSE would be a setback for Thyssenkrupp CEO Miguel Lopez's plan to turn the storied German engineering group into a holding by divesting stakes in all of its business divisions ranging from car parts to clean-tech. Among the factors complicating talks are 2.4 billion euros ($2.8 billion) of pension liabilities tied to TKSE - a hurdle in past sales efforts - as well as differing ideas over how much future investment is needed, the people said. In addition, there has been growing unease at Jindal Steel International over rising energy costs in Europe, the second source said. Energy costs in Europe were already higher than in the United States and Asia, and they have soared further as a result of the Iran war. Thyssenkrupp said on Wednesday confidential talks with Jindal Steel International and labour representatives continued, adding that matters of valuation, obligations and future investments would need to be agreed between the parties. Also Read: Steel ministry seeks intervention for mills facing LPG shortages, source says Jindal Steel International, the international steel arm of the Naveen Jindal Group, had no immediate comment. Earlier this month, Lopez said the group would continue with TKSE's restructuring "with or without Jindal," while Thyssenkrupp's deputy supervisory board chairman, Juergen Kerner, last week said talks had stalled. Lopez has also said that planned EU measures to protect the bloc's underperforming steel sector had boosted investor sentiment and strengthened Thyssenkrupp's position in negotiations. Jindal Steel International in September made an indicative offer for TKSE that includes the completion of a green steel production site in Duisburg and a more than 2-billion-euro ($2.31 billion) commitment to establish additional electric arc furnace capacity. .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)
ArcelorMittal Nippon Steel India announces CEO Dilip Oommen's retirement on June 30. Oommen will continue as a board member and Vice-Chairman of ArcelorMittal India Private Ltd. Amit Harlalka, the current CFO, will take over as the new CEO from July 1. Harlalka brings extensive finance experience from global ArcelorMittal operations. Aditya Mittal expressed confidence in Harlalka's leadership for future growth. View More
ArcelorMittal Nippon Steel (AM/NS) India on Thursday announced that CEO Dilip Oommen will retire on June 30 after 22 years with the company, including seven years as CEO. Oommen, 68, will remain involved as a board member of AM/NS India and take on the role of Vice-Chairman of ArcelorMittal India Private Ltd, the steel maker said in a statement. Amit Harlalka, the company's current CFO, has been appointed as the new CEO effective July 1. Harlalka joined AM/NS India in December 2019 as Deputy Director, Finance, became CFO in January 2023, and has previously held finance roles across ArcelorMittal operations in Mexico, Zenica, and Luxembourg. He is a chartered accountant and holds an MBA in finance from the Indian Institute of Management, Bangalore. Aditya Mittal, Chairman of AM/NS India and CEO of ArcelorMittal, praised Oommen for his leadership in establishing the ArcelorMittal Nippon Steel brand in India and expressed confidence in Harlalka's ability to steer the company's growth and safety initiatives. .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)
In an exciting development, JSW Motors is collaborating with Dassault SystAmes, a leading French firm, to innovate its new line of electric vehicles. By utilizing Dassault's cutting-edge digital platform, the partnership seeks to revolutionize product development and manufacturing processes, strengthening India’s automotive supply chain. Additionally, discussions with local suppliers are underway to support localization initiatives. View More
Mumbai: JSW Motors on Thursday said it will use French firm Dassault SystAmes ' platform as its core digital backbone for the upcoming New Energy Vehicles (NEVs) as part of a collaboration. The partnership is aimed at advancing the localization of the company's product development capabilities through the deployment of Dassault's 3DX platform, a statement said. In parallel, JSW Motors said it is implementing a manufacturing execution system on the same platform, enabling seamless digital continuity and end-to-end traceability. Also Read: AM/NS India lays foundation for ₹70,000 crore steel plant in Andhra "We are building a technology-led future mobility ecosystem which is engineered in India. We have partnered with Dassault SystAmes to embed its digital platform across the vehicle lifecycle, from design to manufacturing at JSW Motors," said Ranjan Nayak, CEO, JSW Motors. Live Events The company, he said, is also in "advanced discussions" with several additional domestic suppliers to further deepen localization and strengthen India's automotive supply chain, he added. "The Indian automotive industry is at a pivotal inflection point. Our 3DEXPERIENCE platform will empower JSW Motors to manage the growing complexity of software-defined vehicles while enabling end-to-end integration across their entire value chain, from design and engineering to manufacturing and lifecycle management," said Deepak NG, Managing Director, India, Dassault SystAmes. By building virtual twins of their products and processes, Dassault SystAmes will help drive greater innovation, efficiency, and agility, ensuring scalability and sustained competitiveness in a rapidly-evolving market, he added. The country’s most definitive MSME stage returns on March 24 in New Delhi. Register now for the ET MSME Awards 2025 .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 White House hosted its first humanoid robot guest, with first lady Melania Trump appearing alongside a robot from startup Figure AI. View More
In this articleBMW-DEFollow your favorite stocksCREATE FREE ACCOUNT First lady of Sierra Leone Fatima Jabbe-Bio, Polish first lady Marta Nawrocka, French first lady Brigitte Macron, and U.S. first lady Melania Trump look at a humanoid robot during the Fostering the Future Together Global Coalition Summit in the East Room of the White House in Washington, DC, on March 25, 2026. Oliver Contreras | Afp | Getty Images The White House hosted its "first humanoid robot guest" on Wednesday, with first lady Melania Trump appearing alongside a robot from robotics upstart Figure AI.The robot, identified as Figure 3, accompanied the first lady during the second day of the Fostering the Future Together Global Coalition Summit, a gathering focused on technology and children's education. The machine greeted attendees in multiple languages and described itself as "a humanoid built in the United States of America," according to widely circulated footage from the event. The display represented one of, if not the, highest-profile showcases of humanoid robotics in the U.S. to date and highlights how the tech is becoming a national priority amid global tech competition. Beijing has also promoted humanoid robots at highly publicized events this year.The first lady used the robot to promote her push for artificial intelligence in children's education, suggesting that the robots could one day act as interactive educators at home. However, Figure AI says its third-generation humanoids are also applicable for more general purposes, including commercial and household tasks. The White House spotlight is likely to boost the brand of Nvidia-backed Figure AI, a lesser-known robot company compared to larger humanoid players like Tesla's Optimus and Boston Dynamics, though some of its team comes from those competitors, as well as tech giants like Apple. A surging upstart Figure AI was founded in 2022 by Brett Adcock, a tech entrepreneur and billionaire who previously co-founded the publicly traded drone company Archer Aviation and a digital hiring marketplace Vettery. Powering its robots is the firm's in-house Helix AI system, a vision-language-action model that powers its robots and enables learning through observation and verbal commands.Amid growing investor excitement for physical AI, the firm raised more than $1 billion in its Series C funding round in September led by Parkway Venture Capital with participation from other notable investors such as Nvidia, Intel Capital, Qualcomm Ventures and Salesforce. That gave it a post-money valuation of $39 billion. The fundraising is expected to be put towards the firm's aim to deploy thousands of robots in homes and logistics over the coming years â a goal that has likely been made easier by a major endorsement from the White House. Figure AI has already begun work with its first commercial customer in BMW, deploying its robots for tasks like handling sheet metal parts in manufacturing facilities. Ongoing lawsuit It's possible that Melania's endorsement of Figure AI's robots as potential educators will trigger a reexamination of an ongoing lawsuit the company found itself in last year. In November, Figure AI was sued by its former head of product safety, who alleged he was fired after warning executives that the company's robots were powerful enough to fracture a human skull.Robert Gruendel filed the complaint in federal court in California, claiming wrongful termination after raising safety concerns with CEO Brett Adcock and chief engineer Kyle Edelberg in September 2025.The suit stated that Figure AI's next-generation robots moved at superhuman speed and generated force approximately twice the level necessary to fracture an adult human skull.Gruendel also alleged that one robot had carved a gash into a steel refrigerator door during a malfunction. Figure AI contends that Gruendel had been fired for poor performance, and described the allegations as "falsehoods." Figure AI countersued in January, saying Gruendel failed in his role to help the company build a safe robot.The lawsuit drew attention to broader questions about safety standards in humanoid robotics development and remains pending. A tech figure across national priorities Interestingly, the White House event on Wednesday wasn't the first time that a company connected to Adcock received some major shine from the Trump administration. Shares of the drone company he co-founded, Archer Aviation, surged in June last year after U.S. President Donald Trump signed an Executive Order directing the establishment of a program to promote the safe integration of electric air taxis in U.S. cities.Archer is participating in the initiative and is working on projects involving aircraft demonstrations. Following the June 2025 executive order, Archer raised $850 million in a registered direct stock offering. Adcock co-founded Archer Aviation in 2018 with Adam Goldstein and initially served as co-CEO. However, Adcock stepped down in April 2022, and then resigned from the company's board of directors shortly afterward. He remains a shareholder, according to investment research platform Business Quant, but he has no active executive, board, or advisory position at the company. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
“We have ?taken up with the Ministry of Petroleum and Natural Gas to see within the existing conditions ?what best can be done,” sources aware of the discussions said View More
India's steel ministry is asking the oil ministry for help. Steel plants face liquefied petroleum gas shortages. Shipments from the Middle East are disrupted. This crisis threatens production halts. It could impact jobs and future investments. India has prioritized natural gas for essential sectors. Discussions are ongoing to find solutions. View More
Steel ministry has sought assistance from the oil ministry to ensure that steel plants are not affected by liquefied petroleum gas shortages, a source with direct knowledge of the matter told Reuters on Thursday. India, the world's second-biggest crude steel producer, is in the midst of its worst LPG supply crisis in decades as shipments from key producers in the Middle East have been disrupted because of the Iran war. "We have taken up with the Ministry of Petroleum and Natural Gas to see within the existing conditions what best can be done," the source said, "We are still under discussion." Also Read: Jindal Stainless commissions 1.2 MTPA stainless steel melting shop project in Indonesia India's small steel producers have warned of production halts due to gas shortages, Reuters reported earlier. Live Events "If this LPG situation continues, it will not only impact margins but also affect jobs, future investments in value-added steel, and the confidence to commit to long-term contracts, both in India and overseas," said Vedant Goel, a director at Pune-based Enlight Metals. India has invoked emergency measures, prioritising natural gas for essential sectors after LNG shipments through the Strait of Hormuz were disrupted by the ongoing conflict in the Middle East, constraining domestic supply. .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)