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
The Central government has proposed to keep investments in 11 state-owned steel companies at ₹10,325 crore in the Union Budget 2024-2025, at par with the investments proposed last year, according to budget documents. This compares to a revised estimate of ₹10,358 crore in 2023-2024.
Finance Minister Nirmala Sitharaman did not announce any outlay for the steel sector in her budget speech. The public sector undertakings will not receive any budgetary support, as witnessed in the past, according to the documents made public after her speech.
As per the interim budget presented before the parliament in February, mining company KIOCL Limited witnessed the highest increase in investment to ₹237 crore in FY25, from a revised estimate of ₹146.8 crore for 2023-24.
Investment by the Steel Authority of India has been raised to ₹6,300 crore for 2024-25, from the revised and budget estimates of Rs 6000 crore for the ongoing fiscal.
At NMDC, the proposed investments were raised 24% to ₹2,200 crore while MSTC Ltd investments were cut 90% to just ₹10 crore.
The steel sector cheered the Union Budget on January 1, on the allocation of ₹11.1 lakh crore as capital expenditure for the next fiscal. The industry expects a boost in steel consumption amid heavy infrastructure spending.
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