Govt Enforces ‘Melt and Pour’ Rule for All Steel in Public Projects Nippon Steel expected to finalize U.S. Steel acquisition at $55 per share NMDC Limited reports a 38% drop in Q4 FY24 consolidated net profit RINL to Raise $23 Million Through Land Sales Amid Crisis
Leading Indian steel makers, such as JSW Steel Ltd and Tata Steel Ltd, are poised to invest billions of dollars in record capacity expansions to capitalise on soaring domestic demand in one of the world's fastest expanding economies.
India is becoming a more appealing location for steel manufacturers due to its expanding economy and improved infrastructure. It is declining in the United States and Europe.
Analysts and corporate data revealed that major mills planned to raise capacity by at least 22 million metric tonnes (MMT) in the fiscal year commencing April 2024.
Jindal Steel and Power is expected to add 6 MMT to existing capacity of around 9.6 MMT and Tata Steel said it was adding 5 million tonnes (MT) to its capacity of 21 MT. JSW Steel, India’s largest steel maker, has said in results reports that it aims to increase its capacity to 38.5 MT by 2024/25, which is up from 27.5 MT domestic capacity now.
According to S&P Global Ratings, steel consumption will grow 8-10% in the 2024/2025 financial year. Between April 2023 and January 2024, steel consumption in India increased by 14.5% – to 112.5 MT, a six-year high.
In FY 2024-25, India plans to increase capital expenditures on infrastructure by 11.1% YoY to ₹11 trillion ($134 million). This decision will increase domestic steel demand, stimulating private investment and job creation.
In 2023, India increased steel production by 11.8% Year over year to 140.2 MT. World Steel ranks it second among the top ten steel-producing countries.
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