Latest Sectors News

South Africa's Industrial Development Corporation has agreed to acquire ArcelorMittal SA's local unit for about $610 million. This anticipated deal marks a significant intervention by the government in the industrial sector. The transaction aims to complete by the end of this year, pending a shareholder vote. Shares in ArcelorMittal SA saw a substantial increase following this announcement. View More

South Africa 's biggest development-finance institution-Industrial Development Corporation (IDC)-reached an initial agreement with ArcelorMittal SA known as AMSA locally) to take over the steel giant's South African unit in a deal worth about $610 million, sources said. The transaction would mark one of the South African government 's biggest industrial interventions in years and effectively place a key industrial asset under the control of the state-owned IDC. The aim is to conclude the deal, which will be subject to a shareholder vote, by the end of the year. Shares in AMSA surged as much as 21%, the most since September last year, in Johannesburg trading . The takeover of South Africa's largest steelmaker will bring to an end negotiations that began in November 2023, when AMSA announced it planned to shut two steel mills that produce grades that are crucial to the country's key automotive and mining industries . .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)

India's core sector growth surged to 7.9 percent in September 2026, showcasing robust advancements across major industries. Leading the charge, iron ore production skyrocketed 18.4 percent, complemented by significant gains in electricity and coal sectors. Although there were setbacks in fertiliser and natural gas output, both refinery products and cement reported impressive growth. For the April to September 2026 period, the cumulative growth rate was an encouraging 5. View More

The structural earnings outlook for JSW Steel remains positive given it's focus on cost optimization, captive raw material integration, and scale expansion, says Shrikant Chouhan of Kotak Neo. View More

Welspun Corp is focusing on the US market by investing $300-350 million in two manufacturing plants. The company aims to benefit from increased oil and gas pipeline demand due to rising energy costs. One of its US plants has already been commissioned, while the second will be operational by year-end. Welspun also plans to expand its presence in Saudi Arabia and has future projects in Jordan. View More

Mumbai: Welspun Corp , a flagship line pipe manufacturer in the $10-billion Welspun Group , is focusing on the US where it has invested $300-350 million in two plants to capitalise on the rising demand for oil and gas pipelines in the region amid soaring energy expenses. The company, which already has a significant presence in India and Saudi Arabia, expects its US manufacturing operations to benefit from increased drilling activity, higher global oil and gas consumption and investments in pipeline infrastructure, managing director and chief executive officer Vipul Mathur told ET. Also Read: Welspun Corp arm wins Rs 4,000 crore order for supply of pipes; shares jump 4% The US is stepping up both refining and drilling capacity amid a surge in energy costs , with crude oil prices climbing nearly 70% in a year after the Iran war began in February. "We saw that the global supply chain was getting disrupted, and we felt it would be a good idea to invest in the US and be ready when the opportunity arises," Mathur said. Welspun's order book in the US provides visibility for nearly three years, Mathur said, strengthening confidence in a business which usually operates with a visibility of 4-6 quarters. As one of the largest in the world, Welspun Corp has a global pipe manufacturing capacity of around 3.5-4 million for line pipes and ductile iron pipes. Of this, 2 million tonnes of capacity is in India, and around 1 million tonnes in the US and Saudi Arabia each. Of its two plants in the US, one has been commissioned, while the other will be commissioned by the end of this year. Live Events The company estimates a 30-35% market share in the US oil and gas pipe market, with increased drilling, higher energy consumption, and supply disruptions involving several traditional oil and gas suppliers expected to boost demand. The US administration's emphasis on domestic oil and gas production, alongside efforts to facilitate infrastructure development and provide faster right-of-way approvals, has further supported the outlook, he said. In another key market, Saudi Arabia, Welspun has invested around $100-150 million on an oil and gas pipe manufacturing facility. Welspun has a presence in the region through East Pipes, which was formerly known as Welspun Middle East. ET BureauKeep drilling Mathur expects Saudi Arabia's infra spending under Vision 2030 to generate substantial demand for pipes, particularly as the country looks to diversify its oil evacuation routes and strengthen energy infrastructure. The company is exploring opportunities arising from reconstruction activity in West Asia and has announced plans to establish an entity in Jordan, with a proposed manufacturing facility to cater to regional demand. In bid to expand into other revenue sources, Welspun Corp intends to focus on specialised, value-added pipes rather than standard pipes. "We don't want to be a commodity player. We are interested in niche, value-added segment," Mathur said. Also Read: Welspun Corp bags biggest-ever ₹17,200 crore US pipe order, shares soar Over the last year, shares of Welspun Corp have risen from a low of ₹710 to an all-time high of ₹2,900, an over four-fold jump in the stock price. Its consolidated profit for the June quarter surged three-fold year-on-year to ₹1,048 crore. The company has guided for a revenue of ₹20,000 crore and Ebitda (earnings before interest, tax, depreciation and amortization) of ₹2,850 crore in the current fiscal. This compares to a revenue of ₹16,770 crore and Ebitda of ₹2,371 crore in FY26. .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)

State-run NMDC has paused its planned entry into nickel, citing oversupply concerns in Indonesia, which accounts for more than 60% of global production. The decision comes as the global market is expected to remain in surplus through 2026. NMDC had also explored Russian nickel assets and supply arrangements with Nornickel. View More

State-run miner NMDC has put its planned foray into nickel on hold partly because of global oversupply concerns in Indonesia, a country that accounts for more than 60% of global output of the metal, two company officials with direct knowledge of the matter told Reuters. Reuters had earlier reported that India's state-owned Steel Authority of India (SAIL) and NMDC were looking at boosting nickel supplies from Russia and acquiring coking coal assets . India classified nickel as a critical mineral in 2023 and primarily relies on imports to meet demand. It is also in the process of finalising a policy to roll out incentives to process the metal, which is used ​by both stainless steel makers and electric vehicle battery manufacturers. "Presently, we have kept the nickel portfolio on hold given that Indonesia is oversupplied," the first NMDC official said. The global nickel market is set to end 2026 in a slight surplus, the International Nickel Study Group said last week, reversing a forecast for a deficit made six months ago, with the oversupply seen widening next year. Live Events Indonesia, the world's largest nickel producer, has this year cut mining quotas, stepped up environmental controls and adjusted ore pricing to rein in its runaway nickel sector. RUSSIAN ASSETS NMDC failed to secure a meeting with Russia's Nornickel, despite repeated invitations, the first official said. Although the person said NMDC was interested in acquiring Russian nickel assets as well as securing supply, they did not indicate for what reason they wanted to meet with Nornickel. Nornickel declined to comment. NMDC did not respond to a request for comment. The sources declined to be identified as plans were private. India currently imports nickel from China, Japan, Norway and the United States, among other countries, and only very small quantities from Russia. Nornickel, the world’s ​largest producer of palladium and a major supplier of nickel and ​copper, has ⁠not been directly targeted by Western sanctions linked to Russia's war in Ukraine but has faced voluntary restrictions from partners, as well as logistical and payment difficulties. NMDC said last year it was exploring acquisition opportunities for critical minerals in Africa, Australia and South America, as part of its global mineral diversification strategy. NMDC has been evaluating overseas coking coal assets for some time. Last year, its chairman said the miner was exploring opportunities in Australia and Indonesia. .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)

Court has quashed a ?696.32 crore demand against JSW Steel over mineral dispatch shortfalls at its Jajang iron ore block. It also set aside a separate ?1,473 cr demand for FY25 View More

. This proactive approach is designed to enhance operational efficiency and ensure adherence to international quality benchmarks. Exporters currently struggle with exorbitant testing costs and shipment delays stemming from dependence on external facilities. View More

NEW DELHI: Apex exporters body FIEO on Sunday urged the government to support exporters in setting up in-house product testing facilities at factories, subject to regulatory approval, saying the move would help speed up certification and ensure timely shipments. Federation of Indian Export Organisations (FIEO) President S C Ralhan said that allowing exporters to test products within their own premises, under an approved framework, would reduce dependence on common testing facilities and help companies meet delivery schedules in overseas markets. "It is important for us given the number of free trade agreements (FTAs) being implemented by India," he told PTI. He noted that sending products to common testing centres often leads to delays, particularly when a facility has to handle products from several companies. "Delays can affect export consignments and make it difficult for businesses to meet deadlines set by international buyers," Ralhan said adding the use of shared facilities may also raise concerns over the confidentiality of product designs and manufacturing processes, as companies could be reluctant to expose sensitive products or technical details to outside facilities. Live Events He added that testing charges at outside centres are more, which add to the product's competitiveness. "The charges range from Rs 10-12 lakh per year," Ralhan said. He also said that the government-approved in-house laboratories could address these concerns while ensuring that products meet the quality and safety standards required by importing countries. Citing a global example, the President said that US companies have access to in-house testing facilities . Ralhan, while highlighting challenges faced by domestic exporters, cited high testing charges, freight rates, rising input costs such as of steel and brass, shipping disruptions and container shortages. Product testing is crucial for Indian exporters to ensure that goods meet the quality, safety and technical standards prescribed by importing countries. Timely testing and certification help exporters avoid shipment delays, rejection of consignments and additional compliance costs, while improving their credibility among overseas buyers. He further said that under the Export Promotion Mission, FIEO has proposed setting up two warehouses in the US, one for food products and the other for multiple product categories. Cumulatively, during April-September this fiscal, exports jumped 18.51 per cent to USD 259.89 billion, and imports climbed 16.31 per cent to USD 437.53 billion. The deficit during the first half of 2026-27 widened to USD 177.64 billion as compared to USD 156.88 billion during April-September 2025-26. .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!

Bhilai Steel Plant, a unit of SAIL, has dismissed privatization rumors as false and misleading. The Ministry of Steel and PIB Fact Check confirmed that these reports are untrue. Allegations were made by Congress leader Bhupesh Baghel regarding a potential Adani Group visit to the plant. Concerns among employees and local residents over job security and plant future were raised. View More

Durg: Bhilai Steel Plant (BSP), a Chhattisgarh-based unit of state-run Steel Authority of India Limited ( SAIL ), on Sunday dismissed reports about its proposed sale as "false and misleading", the assertion coming amid allegations from the Congress that the Adani Group was planning to visit the facility. The BSP is located in Bhilai city in Durg district. Also Read: JSW Steel gets relief as Odisha HC quashes Rs 696 crore demand; sets aside Rs 1,473 crore notice In a statement, the BSP said the Ministry of Steel has refuted the claims through its official social media handle, while the Press Information Bureau (PIB) Fact Check had also confirmed that the reports are false. The plant appealed to its employees, stakeholders and the people of Chhattisgarh not to believe or circulate unverified information and urged them to rely on official and authenticated sources. Live Events "BSP is not merely an industrial establishment; it is an integral part of Chhattisgarh's identity, pride and industrial legacy. Since its inception, the plant has played a pivotal role in the state's industrial development by generating employment, supporting ancillary industries and contributing to the livelihoods of thousands of families," it said. Also Read: Agitators shut all gates of Bokaro Steel Plant; production impacted Its legacy and contribution have made it a source of pride for the people of Chhattisgarh, the statement asserted. As a major unit of SAIL, the Bhilai Steel Plant continues to contribute to the growth of the country's steel sector and strengthen India's industrial capabilities, the statement said. The BSP urged the people to refrain from spreading misinformation that could create unnecessary confusion among employees, their families and the people of Chhattisgarh. The clarification came after former Chhattisgarh chief minister and senior Congress leader Bhupesh Baghel alleged that Adani was likely to visit the plant. In a post on X on October 14, Baghel said, "It has come to light that Adani is set to visit the Bhilai Steel Plant - our BSP. Do you understand the implications of Adani's visit to the BSP? It means that Narendra Modi who is spearheading a campaign to sell off the nation, has now set his sights on our BSP. And his favored buyer is coming to conduct an inspection". "Modi ji should realize that the BSP is the soul of Chhattisgarh. And we, the people of Chhattisgarh, will not allow it to be sold under any circumstances. Not under any circumstances," Baghel added. Chhattisgarh BJP leaders should also understand that BSP is not for sale, Baghel had said. Meanwhile, Congress's Bhilai unit president Mukesh Chandrakar, in a statement on Sunday, said reports about the plant's possible privatisation and the Adani Group's alleged visit had triggered anger in the industrial town. The reports had created apprehensions among employees, local shopkeepers and residents over job security , minimum wages for workers and the future of the plant's township, he claimed. .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)

In an exchange filing on Sunday, the company said the court concluded hearings and delivered its judgments on October 16, 2026. View More

The Odisha High Court has quashed a Rs 696.32 crore demand against JSW Steel over mineral dispatch shortfalls at its Jajang iron ore block in FY21. It also set aside a separate Rs 1,472.69 crore demand for FY25, directing authorities to reconsider the matter in line with an earlier judgment. View More

The Odisha High Court has quashed a Rs 696.32 crore demand against JSW Steel over a shortfall in mineral dispatch from its Jajang iron ore block in FY21 and set aside a separate Rs 1,472.69 crore demand for FY25, referring the latter to the concerned authority for fresh consideration, the company said in a regulatory filing on Sunday. The judgments were pronounced on October 16, 2026, in response to separate petitions filed by JSW Steel challenging demands raised by mining authorities in Joda, Odisha. Also read: CCI approves JSW internal restructuring, three more deals The company said the court disposed of the FY21 case in accordance with its April 20, 2026, judgment in another petition and related matters. Based on the conclusions and directions in that judgment, JSW Steel believes the demand letter dated September 6, 2021, and a corrigendum issued the following day stand quashed. FY25 demand referred for fresh consideration In the second case, the High Court set aside a demand letter dated August 21, 2025, issued by the Deputy Director of Mines, Joda, and remitted the matter to the concerned authority to decide afresh. Live Events The company said the authority must reconsider the matter in light of the legal position set out in the court's April 20 judgment. The Rs 1,472.69 crore demand related to an assessment of shortfalls in mineral dispatch from the Jajang iron ore block during the fifth year of the Mine Development and Production Agreement, covering June 27, 2024, to June 26, 2025. The demand was raised under Rule 12-A of the Minerals (Other than Atomic and Hydro Carbons Energy Minerals) Concession Rules, 2016. Also read: JSW Steel doubles down on India growth with massive capex plan Earlier demand related to FY21 The Rs 696.32 crore demand concerned the first year of the agreement, from June 27, 2020, to June 26, 2021. The Joint Director of Mines, Joda, issued the demand in September 2021 over an assessed shortfall in mineral dispatch. JSW Steel approached the High Court in both cases seeking, among other reliefs, the quashing of the respective demand letters. The company said the disclosure was delayed because it needed time to review the judgments. .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)