
Tata Steel receives 500 mn pounds grant from U.K. for Port Talbot
The proposed project would involve Tata Steel’s balance sheet being restructured with potential elimination of the current cash losses in the UK operations
The proposed project would involve Tata Steel’s balance sheet being restructured with potential elimination of the current cash losses in the UK operations
The Tata Group firm is in negotiations with the British government to raise capital to secure the future of Port Talbot steelworks in South Wales.
The UK subsidiary asked for a financial package of £1.5 billion, but the government offered £300 million and is in talks for increasing the aid.
Indian steel and aluminium exporters will see their market access restored by the U.S.
NMDC Steel was formed after the demerger of the Nagarnar steel manufacturing unit from state-owned NMDC, the country’s largest iron ore producer.
The steel major posted a consolidated net loss of ₹2,223.84 crore for Q3 FY23, against a profit of ₹9,572.67 crore in the same quarter last year.
Indian steel companies face a bumpy road ahead as the external environment becomes more challenging due to elevated inflation, energy prices and rising interest rates.
Shares of JSW Steel, Hindalco, Tata Steel, Jindal Steel & Power dropped up to 2% even after the government rolled back export duty on steel and iron ore products.
The EBITDA per tonne of steel companies declined primarily due to steep fall in steel prices
Escalating energy costs in the U.K. burden the steelmaker