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Steel demand in India is expected to decline 14-17 per cent this fiscal, as the construction activities likely to get further impacted due to the second phase of lockdown, rating agency <keyword id="9063609" type="PERSON" weightage="20" keywordseo="crisil-said-according">Crisil said.According</keyword> to the agency, the lockdown wfill not just affect construction activities, but also automobile production, which will thereby impact steel demand. Given the uncertainty in the current environment, <keyword id="6359483" type="DOMAIN" weightage="20" keywordseo="Crisil">Crisil</keyword> expects the steel demand to contract by 14-17 per cent for the fiscal considering that the nationwide lockdown is likely to continue through Q1 with some after effects in Q2. "The demand is expected to contract by 14-17 per cent assuming that the construction and production activities will begin at the end of the first quarter," the agency said. However, maintaining a pessimistic approach, assuming that partial lockdown continues through Q2 and construction activities and automobile production begin from Q2 FY21, demand contraction will increase to 22-25 per cent. "On a quarterly basis, steel demand would be a washout in the first quarter of this fiscal, given the pan-India lockdown that would hurt construction. All automobile plants have also been shut, which will further weaken demand prospects," the agency said. Also, since there is also no respite from the capital goods industry in the current scenario, demand will pick up only from the second half of this fiscal, it noted. Crisil further stated that a full-fledged recovery will take longer because of weak demand from infrastructure on account of lower capex by government, as funds are diversion towards health and public welfare. "Building and construction would contract this fiscal on account of weak demand from real estate and private individual home builders. Also, supply constraints for the automobile sector as well as muted demand with estimated gradual recovery only in the second half would lead to sluggish wholesale offtake," the agency said. However, it may be noted that on April 15 the government issued guidelines allowing construction activities in non-COVID-19 hotspots and has identified 170 districts as hotspots, while 207 districts as non-hotspots. Crisil further maintained that weakening capacity utilisation amid the virus outbreak would also weigh on industry capex, thereby dampening demand from the capital goods segment. "While demand would contract in the second quarter as well, pent-up demand release, especially in construction and infrastructure, would aid growth in the second half. No capacity additions are expected during the year since steel players have postponed capex plans," Crisil said. According to the agency, contracting demand growth will push the sector's utilisation level down further to 67-70 per cent (to be lower for electric arc furnace/induction furnace players), adding to the pain from the weakening to 76 per cent seen in fiscal 2020. Prior to the outbreak, 10 million tonne of steel capacity was expected to come on board in the second half of this fiscal. On steel prices, Crisil noted that global prices will continue to weaken amid slack demand. "While <keyword id="1334" type="LOCATION" weightage="20" keywordseo="China">China</keyword>'s activity picked up in March from its Covid-induced slump in February, steel demand in the first quarter of calendar year 2020 is estimated to have declined 30-40 per cent on-year. This has led to high inventory levels of 100 million tonne. While activities have begun to resume in China, we believe the demand would remain muted in the first half. "Property sales are also expected to drop significantly in 2020, thus crimping steel demand in China by 10-15 per cent for the year," it said. Moreover, the export market for China steel is almost non-existent as other economies grapple with Covid, leading to a four per cent year-on-year fall in prices to USD 486 per tonne for the first quarter of the year. "China steel prices are expected to correct further owing to weak demand, with the resultant fall in prices taking steel to USD 440-470 per tonne for 2020. This comes on 13 per cent decline in steel prices in China in 2019," it added. Crisil also expects EBITDA margin for the sector to contract by 100-150 basis points this fiscal. "Lower coking coal prices should limit margin erosion since prices would likely ease to USD 140-150 per tonne in 2020 from USD 177 per tonne in 2019. We expect iron ore prices to remain range-bound with an upward bias since tepid demand will offset the price rise owing to high bid premiums in Odisha auctions," it said. SEE ALSO: <a href="https://www.businessinsider.in/topic/coronavirus">Coronavirus News and Updates</a> <a href="https://www.businessinsider.in/policy/economy/news/india-unemployment-job-losses-at-many-companies/articleshow/75130701.cms">India’s looming jobs crisis is starting to unravel within the first 21 days of coronavirus lockdown</a>

Steel demand likely to slip by 14-17%  in FY21, says Crisil

Paris, <keyword id="20030395" type="General" weightage="20" keywordseo="ArcelorMittal" source="keywords" meta.keywordsubtype="org" meta.entityname="ArcelorMittal" meta.hostid="261" meta.entityid="ArcelorMittal">ArcelorMittal</keyword>, the steel major owned by Indian entrepreneur <keyword id="20195734" type="General" weightage="20" keywordseo="Lakshmi-Mittal" source="keywords">Lakshmi Mittal</keyword>, is showcasing the various facets of its <keyword id="22405378" type="General" weightage="20" keywordseo="low-carbon-steel" source="keywords">low-carbon steel</keyword> partnership with the Olympics and Paralympics, kicking off in Paris later this month. The Luxembourg-headquartered company revealed this week that its recycled and renewably-produced <keyword id="22405379" type="General" weightage="20" keywordseo="XCarb" source="keywords">XCarb</keyword> is behind the Torches that have been touring the world, the <keyword id="21892224" type="General" weightage="20" keywordseo="Olympic-Rings" source="keywords">Olympic Rings</keyword> that now adorn the French capital's iconic Eiffel Tower landmark and the Agitos symbol of the Paralympics atop the city's Arc de Triomphe. The <keyword id="20260077" type="General" weightage="100" keywordseo="Paris-Olympics-2024" source="keywords" meta.keywordsubtype="org" meta.entityname="Paris Olympics 2024" meta.hostid="261" meta.entityid="Paris Olympics 2024">Paris Olympics 2024</keyword> is also setting a new milestone by reusing the Torches for the first time, with a significantly reduced carbon footprint with the production of just 2,000 required as opposed to 12,000 in the past. "We think the Games are about sport, but they transcend sport," Ian Louden, the Head of Brand for ArcelorMittal, told reporters in Paris. "They go over and above sport itself, trying at least to bring together the world on a platform of equality and peace and shared belief. For example, for the very first time in Paris 2024, there are equal numbers of male and female athletes. As a leading global industrial company, we think this is exactly the kind of event in society that we should support," he said. The company previously tied up with the London 2012 Olympic Games, resulting in the ArcelorMittal Orbit designed by celebrated British Indian artist Anish Kapoor. The Paris Games, opening on July 26 and running until August 11, involves the firm providing the steel and manufacturing knowhow for the Torch, designed by French artist Mathieu Lehanneur, and what is collectively referred to as the "Spectaculars" - the Olympic Rings and the Agitos - a project masterminded by engineer Professor Pierre Engel. "This is the work of a big team, from the production of the steel in Chateauneuf in Burgundy to the lifting of the rings involving about 200 people," said Professor Engel. "We had to face several challenges and the first one was to decide the position, then imagine innovative lighting and, of course, the safety of a project involving such iconic landmarks of Paris," he said. Engel and his team worked at pace over the course of 18 months with a retired Army man in charge of keeping the timelines to military precision. "We could not risk any drifting timelines associated with the construction industry with this project, with the date of the Games a definitive finishing line," noted Engel. Measuring 29 metres wide by 15 metres high, and positioned approximately 84 metres off the ground, in between the first and second floors of the Eiffel Tower, the Rings appear in their coloured form of red, blue, green, yellow and black - depicting the five continents of the world. At night, they are lit up in white "because you cannot light black", explains Engel. The Agitos, meanwhile, depicted in red, blue and green, are lit up in colour 24/7. "Being an official partner of the Paris 2024 Olympic and Paralympic Games and supplier of the Torch gives ArcelorMittal an incredible opportunity to showcase the beauty, flexibility and potential of steel," said CEO Aditya Mittal. The company's XCarb products are made via the electric arc furnace route, using high levels of scrap steel and 100 per cent renewable energy. This means the carbon footprint of such products can be as low as approximately 300kg of CO2 per tonne of finished steel. The 2024 Olympic project was executed entirely in France and involved giving new life to scrap steel from end-of-life cars and washing machines. The "Spectaculars" are expected to carry on their life well beyond the Olympic Games, with the city's Mayor wanting to keep them atop the landmarks at least till the end of the year and a second life expected for the next set of Games in France. Meanwhile, Paris is busy getting spruced up for a grand opening ceremony on July 26, when the Torch will make its way down the River Seine to the Olympic Cauldron at a closely guarded secret location in the French capital. "This global event, the most famous and engaging sports event in the world, resonates with the values that drive our group and all our employees around the world: the desire to constantly raise the bar; inclusion and diversity; and the quest for net zero, illustrated by the Paris 2024 ambition to limit its CO2 footprint," added ArcelorMittal Chairman Lakshmi Mittal.

ArcelorMittal showcases low-carbon steel tie-up with Paris Olympics 2024

<ul class="summary-list"><li>US Steel's plant in Gary, Indiana, aims to deploy carbon capture to reduce its carbon footprint by 2026.</li><li>The technology will capture 0.5% of the steel mill's carbon dioxide emissions.</li></ul>A more-than-century-old steel mill in Gary, Indiana, plans to be a testing ground for a controversial <a target="_blank" href="https://www.businessinsider.com/modularity-reshaping-climate-tech-and-infrastructure-startups-2024-2">climate technology</a>.<a target="_blank" href="https://www.businessinsider.com/us-first-commercial-carbon-capture-facility-opens-2023-11">Carbon capture</a> is coming to US Steel's GaryWorks plant on the south shore of Lake Michigan, which churns out the steel that shapes modern life, from buildings and bridges to cars and wind turbines.All that production comes with an environmental cost. GaryWorks is Indiana's <a target="_blank" href="https://www.epa.gov/ghgreporting/ghgrp-state-and-tribal-fact-sheet">largest polluter of carbon dioxide</a>, federal data shows. US Steel said it can cut those emissions by about 0.5% a year by 2026 using technology from the company CarbonFree. If completed, the project would be the first commercial carbon capture at a steel plant."It's progress, not perfection," Erika Chan, US Steel's head of sustainability, told Business Insider. "We're excited about the possibilities and potential."That potential is up for debate. Many climate advocates and some researchers warn that carbon capture is an unproven distraction from other solutions that could rid steelmaking of a lot more fossil fuels and unhealthy pollutants. But those solutions are also in the early stages of development, and backers of carbon capture say curbing some emissions now is better than none at all.There's a lot at stake in the race to clean up steelmaking. Globally, the industry accounts for 8% of emissions. It's also one <a target="_blank" href="https://www.businessinsider.com/decarbonize-steel-green-uk-scientists-how-to-cut-pollution-steel-2023-2">of the hardest to make green</a> because it requires a lot of power, heat, and coal and iron ore in most cases. Governments and companies are now pouring billions of dollars into projects trying to solve the problem.For its part, CarbonFree will spend about $150 million to build out its technology at GaryWorks, according to CEO Martin Keighley. He said his company can earn "strong returns" by selling calcium carbonate, a substance made from the captured carbon and other chemicals, to manufacturers of paint, paper, plastic, and pharmaceuticals. Once operational, CarbonFree can also claim about $3 million a year in federal tax breaks.<div type="image" title="A 3D rendering of CarbonFree's carbon capture technology at US Steel's plant in Gary, Indiana." height="2160" width="3840" msid="109035511" hostid="261" sizebytes="165578"></div>Keighley said an outside firm is vetting the carbon capture project at GaryWorks to verify that it will reduce emissions, even though a small amount of gas will be used to power the system.The company — which <a target="_blank" href="https://www.bp.com/en_us/united-states/home/news/press-releases/carbonfree-and-bp-collaborate-to-help-bring-carbon-capture-and-utilization-technology-to-industrial-sites-around-the-world.html">counts BP among its investors</a> — won't sell the captured carbon from GaryWorks for use in oil and gas production, Keighley added.Most of the carbon captured at industrial sites today is piped to oil fields and injected back underground to squeeze out more oil, <a target="_blank" href="https://www.epa.gov/ghgreporting/supply-underground-injection-and-geologic-sequestration-carbon-dioxide">according to the EPA</a>. This fuels climate advocates' complaints that the technology will extend the life of the industry most responsible for the climate crisis.<h2>'Small drop in a very big bucket'</h2>Ben Inskeep, the program director of Citizens Action Coalition of Indiana, told BI that even if emissions reductions are realized at GaryWorks, it will be "a small drop in a very big bucket.""It's not a viable pathway to decarbonize GaryWorks," Inskeep said of carbon capture. "A lot of really terrible pollution will continue and this carbon capture project won't address the magnitude of the problem."Aside from being the top carbon dioxide emitter in Indiana, GaryWorks is also a top producer of other harmful air pollutants like carbon monoxide and particulate matter. The mill is <a target="_blank" href="https://globalenergymonitor.org/projects/global-blast-furnace-tracker/summary-tables/">among just 10 in the country</a> still using blast furnaces — the dirtiest way to make steel because they burn coal and iron ore. The residents of Gary, who are majority Black, <a target="_blank" href="https://grist.org/regulation/epa-crackdown-steel-mill-pollution-gary-indiana-lawsuits/">are suffering from the health effects</a>, Inskeep said."We've been advocating for truly sustainable steel that moves away from the blast furnaces," Inskeep said.Most American steelmakers have switched to cleaner electric-arc furnaces, which melt down scrap metal into new steel. There's also emerging technology that could avoid coal and natural gas altogether by using green hydrogen and renewable electricity — <a target="_blank" href="https://www.businessinsider.com/decarbonize-steel-green-uk-scientists-how-to-cut-pollution-steel-2023-2">though it hasn't reached commercial scale</a>.Chan said both of those strategies are included in US Steel's goal to have net-zero emissions by 2050. She noted that US Steel acquired and expanded <a target="_blank" href="https://www.localmemphis.com/article/money/us-steel-mill-east-arkansas-economic-impact/522-7eb9a294-1a0f-4b38-8e04-5b984acd4af1">a site in East Arkansas</a> with electric-arc furnaces that have 70% to 80% lower emissions than blast furnaces.Those projects require a lot of capital, Chan said. CarbonFree's technology doesn't require US Steel to make new investments.Another American steelmaker, Cleveland Cliffs, in March announced it planned to spend about $1.4 billion in Ohio and Pennsylvania to replace a blast furnace with a "hydrogen-ready" plant and electrify other furnaces. The plan is <a target="_blank" href="https://www.clevelandcliffs.com/news/news-releases/detail/629/cleveland-cliffs-selected-to-receive-575-million-in-us">contingent on a potentially half-billion-dollar grant</a> from the Department of Energy.Inskeep said he'd like to see US Steel follow a similar path."These are companies making billions of dollars in profits a year," Inskeep said. "US Steel is in the process of being acquired, potentially. It's very capable of making very large investments."Chan said she couldn't comment on negotiations with Nippon Steel, a Japanese rivaltrying to take over the company. However, both are aligned on making climate action a priority, she added. The deal is under review by national security regulators, although President Joe Biden and The United Steelworkers union have opposed it.Meanwhile, CarbonFree aims to start running its carbon capture system at GaryWorks in 2026 and hopes to expand it over the 20-year agreement."I believe strongly that in the next 20 to 30 years, we will still be releasing Co2 from industrial steel, cement, refineries, and plastic making," Keighley said. "Let's stop those emissions now and do something useful with them."

North America's largest steel mill has a plan to reduce emissions and it's a perfect example of why carbon capture is so controversial 

New Delhi, <keyword id="19950204" type="General" weightage="20" keywordseo="tata-steel" source="keywords">Tata Steel</keyword> on Wednesday posted a consolidated net profit of Rs 522.14 crore in the December quarter as strong domestic demand offset weakness in Europe. The company had posted a net loss of Rs 2,501.95 crore in the year-ago period, the company said in a regulatory filing. The company's consolidated income dropped to Rs 55,539.77 crore from Rs 57,354.16 crore in the year-ago quarter, it said. Tata Steel had reported a consolidated net loss of Rs 6,511.16 crore in the September quarter. "The global operating environment has been complex, with economic slowdown in China and geopolitics weighing on commodity prices in general," Tata Steel Chief Executive Officer and Managing Director <keyword id="20256933" type="General" weightage="20" keywordseo="t-v-narendran" source="keywords">T V Narendran</keyword> said. "During the quarter, China has exported 7-8 million tonnes of steel every month -- the highest since 2015, and this has adversely impacted global steel prices as well as profitability. "Despite this context, Tata Steel India has delivered better margins aided by higher deliveries as well as realisations on a quarter-on-quarter basis," <keyword id="20026804" type="General" weightage="20" keywordseo="narendran" source="keywords">Narendran</keyword> said. The phased commissioning of the company's 5 Million Tonnes Per Annum (MTPA) capacity expansion at Kalinganagar plant is underway, he said. "Moving to Europe, our deliveries in the Netherlands were up, while the UK moved lower quarter-on-quarter due to subdued demand as well as operational issues, given the ageing assets. We will commence statutory consultations with the unions in the UK as a step towards our transition to an EAF-based sustainable business," he said. The company said its net debt stood at Rs 77,405 crore. The group's liquidity remains strong at Rs 23,349 crore, including cash and cash equivalents of Rs 10,825 crore, it said. According to Tata Steel's Executive Director and Chief Financial Officer <keyword id="20321272" type="General" weightage="20" keywordseo="koushik-chatterjee" source="keywords">Koushik Chatterjee</keyword>, the company's UK business continues to face production shortfalls arising from the end-of-life condition of several heavy-end assets. On Tata Steel's recent announcement to close its two blast furnaces in Britain by the end of the year, Chatterjee said the company's analysis shows that partial continuity of blast furnaces until completion of transition to the electric arc furnace is not affordable and engineering studies have found that building the EAF in an already operating steel melt shop is not feasible. Tata Steel, he said, is aware of the impact of its proposal to wind down the heavy end in Port Talbot on individuals and the local community associated with its steel works, the company will meaningfully consult its employees and work to provide them with a fair, dignified and considerate outcome. Tata Steel group is among the top global steel companies with an annual crude steel capacity of 35 MTPA. It is a geographically diversified steel producers, with operations and commercial presence across the world.

Tata Steel back in black, posts ₹522 crore profit in Q3

<ul><li>Chaman Metallics is the first Small and medium enterprises (SME) IPO of the year and received an overwhelming response from investors.</li><li>The IPO will be listed on exchanges on January 16.</li><li>Shares of the company will be listed on the SME NSE platform. </li></ul>The IPO of Chaman Metallics was subscribed 197 times by investors, on Friday which is the last day of the offer. Chaman Metallics is the first Small and medium enterprises (SME) IPO of the year, and has received an overwhelming response from investors. The IPO received bids of ₹4,777 crore as against issue size of ₹24.2 crore. The issue price of the IPO is at ₹38 per share. The IPO will be listed on exchanges on January 16 on the NSE SME platform. NSE SME is the National Stock Exchange platform for small and medium enterprises. The companies can migrate to the mainboard of exchange after fulfilling certain conditions. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Category of investors </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Subscription status </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Qualified institutional buyers </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> 1.0 times </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Non institutional investors </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">255.81 times </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Retail </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">195.85 times </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Overall </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">197.31 times </td></tr></tbody></table>Mainboard IPO Sah Polymers which opened for investors this week along with Chaman Metallics, was subscribed by 17.46 times as on its last day. Chaman Metallics is primarily engaged in the business of manufacturing and selling of direct reduced iron (i.e. sponge iron). Sponge iron is mainly used as a raw material for making steel in electric arc furnaces and induction furnaces. It operates a manufacturing facility located in Chandrapur, Maharashtra with an installed production capacity of 72,000 metric tonnes. The company sells its products primarily in Maharashtra, Odisha and Chhattisgarh. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/foreign-institutional-investors-sell-shares-nearly-5000-crore-in-first-four-trading-days-of-2023/articleshow/96790974.cms">Foreign institutional investors sell nearly ₹5,000 crore worth equities in first four days of 2023</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/an-aai-and-two-college-dropouts-home-snacks-biz-sends-shark-tank-judges-into-a-bidding-war/articleshow/96784920.cms">An aai and two college dropouts’ home snacks biz sends Shark Tank judges into a bidding war</a>

Chaman Metallics, first SME IPO of 2023, subscribed 197x

<ul><li>The business of making graphite electrodes has heavy entry barriers, as the technology involved is a closely guarded secret. </li><li>Weak global offtake kept HEG's capacity utilisation at 75% in FY23, and Jefferies expects it to fall further. </li><li>The stock has rallied 29% in the past month and 54% in the past six months. </li></ul>It can pay to be among one of the few companies worldwide that helps the <keyword id="34559" type="General" weightage="20" keywordseo="steel-industry" source="Orion">steel industry</keyword> go green. Noida-based <keyword id="130695" type="General" weightage="20" keywordseo="heg-limited" source="Orion">HEG Limited</keyword> manufactures graphite electrodes – they are used to manufacture steel via the electric arc furnace route, which can use high amounts of recycled steel, resulting in energy and raw material savings. As the pressure to decarbonise builds globally, the steel industry – which accounts for 7% of world’s carbon dioxide (CO2) emissions – is on a greener path. As a player in this niche business, the small-cap stock HEG is topping the mutual fund buying charts. In the last one year, it has given 73% returns on the bourses. However, going ahead, analyst views are divided on its growth prospects. Better than China What works in HEG’s favour is that it’s in a niche business with heavy entry barriers thanks to the technology involved, which is a closely guarded secret. So far, only seven companies in the world manufacture these electrodes, and in terms of capacity, HEG ranks number three in the world behind Japan’s Showa Denko and US’ GrafTech, as per InCred Equities. Moreover, it’s one of the few businesses where Indian companies like HEG and Graphite India can compete with China, and win. “Chinese players have been trying to replicate on the quality front, but to no avail. They still lag significantly behind global players, as a result of which companies like HEG can command a premium over their Chinese counterparts,” said a research report by InCred Equities. HEG is also moving fast to achieve dominance in this sector by expanding capacity. Its new plant is set to commission by June this year, and of the total capex of ₹1,200 crore, ₹1,000 crore has been spent, as per an update by Jefferies. Going ahead, this might give it an edge as none of its global peers have added any capacity in the last ten years. Where is the demand? Even with all the growth levers in place and the high confidence reposed in the company by investors, many analysts believe that the promise it holds is yet to play out fully. The company gets around 30% of its business from India, and the rest from overseas. The global economic and geopolitical situation has translated to some immediate worry for the sector as a whole as in the financial year gone by (FY23), the global steel production dipped by 4-5%. “Weak global offtake impacted HEG's capacity utilisation to 75% in FY23. Electrode pricing has also declined by around 3% quarter-on-quarter in Q4. Industry channel inventory is estimated to be higher than normal currently,” says Jefferies. The orderbook for the product in the US – one of its biggest clients – has remained constant for the last one year. However, the worry comes from closer quarters. China, which produces half of the world’s steel, is also seeing muted demand hurt by a bleak outlook from its real estate sector. Brokerage outlook The HEG stock has rallied 29% in the past month and if one zooms out a bit further, it has shot up 54% in the past six, which is when its bounce back started. Jefferies foresees demand headwinds will continue in this financial year which in turn could see HEG’s capacity utilisation decline further to 65%. So, even though it believes that decarbonisation remains a medium-term structural tailwind, the brokerage has cut its earnings estimates for the foreseeable future (FY23-26), and revised its target price downwards to ₹1,460. The company’s stock closed comfortably above the ₹1,600 mark on Monday, June 19. InCred Equities, which recently initiated coverage with an add rating, sees a huge upside from the current stock price and has set a target price of ₹2,462. “The industry is cyclical in nature, and it’s important to start at the beginning of an upcycle. We expect the graphite electrode cycle to play out in the next 12-18 months. However, in the medium term, muted Chinese demand will lead to some headwinds,” it adds. HEG, unlike its peer Graphite India, has one more growth lever ahead – as it’s venturing into making graphite anode for Lithium-ion cells. Its graphite anode plant for these batteries is expected to be commercialised by FY25. While it can act as a growth trigger, there is a downside risk as well. “It could be ultimately replaced by silicon anode, which doesn’t use graphite at all and hence, could prove to be a significant business risk,” says InCred Equities.

This small cap stock eyes global leadership in a niche space but faces macro headwinds

<ul><li>Four initial public offerings (IPOs), namely, Sah Polymers, Rex Sealing and Packing Industries, SVS Ventures and Chaman Metallics are open for subscription this week.</li><li>The four IPOs are expected to collectively raise almost ₹110 crore.</li><li>Sah Polymers, a polymer manufacturer and packaging solutions provider, will be launched on the main board of the BSE and NSE.</li><li>Rex Sealing and Packing Industries, real estate developer SVS Ventures and steel producer Chaman Metallics will be listed on the small and medium enterprise (SME) indices.</li></ul> The first week of 2023 has kicked off with four initial public offerings (IPOs) that will either launch or are already open for subscriptions, carrying forward the momentum of the year before – when 38<a href="https://www.businessinsider.in/stock-market/news/best-and-worst-performing-ipos-of-2022-in-india/articleshow/96160391.cms"> companies launched their issues</a> despite volatile market conditions. While three IPOs – that of Sah Polymers, Rex Sealing and Packing Industries, and SVS Ventures – are currently open for investor subscription, that of Chaman Metallics will open on January 4. These four IPOs are expected to collectively raise almost ₹110 crore. Sah Polymers, a polymer manufacturer and packaging solutions provider, will list on the mainboard of the BSE and NSE. However, Rex Sealing, real estate developer SVS Ventures and steel producer Chaman Metallics will be listed on the small and medium enterprise (SME) indices. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Open date </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Close date </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IPO size </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Sah Polymers </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Dec 30, 2022 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Jan 4, 2023 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹66.3 crore </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Rex Sealing and Packing Industries </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Dec 30, 2022 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Jan 4, 2023 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹8.09 crore </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">SVS Ventures </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Dec 30, 2022 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Jan 4, 2023 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹11.24 crore </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Chaman Metallics </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Jan 4, 2023 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Jan 6, 2023 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹24.21 crore </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> <keyword id="13674457" type="General" weightage="20" keywordseo="Sah-Polymers-IPO" source="Orion">Sah Polymers IPO</keyword> to raise ₹66.3 crore Udaipur-based Sah Polymers opened its initial public offering (IPO) on December 30 and will close on January 4, 2023. The price band of the IPO is set at ₹61-65 per share. The company’s ₹66 crore IPO is a complete fresh issue of 10.2 million shares, with no offer for sale (OFS) component. The shares of the company are currently commanding a grey market premium (GMP) of ₹9 per share. <a href="https://www.businessinsider.in/stock-market/news/grey-market-premium-what-is-it-and-where-is-it-coming-from/articleshow/95454371.cms">GMP is the premium at which IPO shares are traded </a>in an unofficial market before they are listed on the stock exchanges. The company is primarily engaged in manufacturing and selling of polypropylene (PP) and high density polyethylene (HDPE) bulk bags (or FIBC bags), woven sacks, and HDPE/PP woven fabrics. Sah Polymers intends to use part of its net proceeds from the IPO to establish a new facility with an additional installed capacity of 3.96 billion tonnes per annum to manufacture different variants of FIBC products. Once set up, it will double the company’s total production capacity to 7.92 billion tonnes per annum. The company also intends to use a part of the proceeds to repay debt, fund working capital requirements and for other general corporate purposes. Rex Sealing IPO to be listed on SME exchange Rex Sealing opened its IPO last week and will close on January 4. The price of the IPO is set at ₹135 per share. The company plans to raise ₹8.09 crore through a fresh issue worth ₹4.05 crore, and an offer for sale by promoters and shareholders worth ₹4.04 crore. The IPO will be listed on the BSE SME exchange. The company intends to use proceeds from the fresh issue to fund working capital requirements and for general corporate purposes. The shares of the company are currently indicating a grey market discount of ₹5 per share. The company is a manufacturer and exporter of sealing packing and insulation products including jointing sheets, fabric expansion joints, and ceramic fibre products. Rex Sealing and Packing Industries is in the process of setting up an additional manufacturing facility at Ambernath, measuring 4,000 square metres for expansion of business and manufacture of all types of asbestos-free gasket sheets for automotive, steel and other processing units. SVS Ventures IPO to raise ₹11.24 crore The real estate developer also opened its IPO last week and will close on January 4. The price of the issue is set at ₹20 per share. The company plans to raise ₹11.24 crore through a complete fresh issue of shares. The IPO will be listed on the BSE SME exchange. The company intends to use proceeds from the fresh issue to fund working capital requirements and for general corporate purposes. The shares of the company are currently indicating a grey market discount of ₹5 per share. The company is in the business of construction and real estate development, focusing primarily on residential and commercial projects in and around Ahmedabad, Gujarat. The company’s business operations include development of real estate projects in the residential segment comprising apartment type complexes, villas, largely catering to the middle income and high income group. Its projects are marketed and sold under the brand name of "SVS Ventures (formerly known as Vijay &amp; co.) <keyword id="15944882" type="General" weightage="20" keywordseo="Chaman-Metallics-IPO" source="Orion">Chaman Metallics IPO</keyword> to open on January 4 Steel producer Chaman Metallics’ IPO will open on January 4 and close on January 6. The price of the issue is set at ₹38 per share. The company plans to raise ₹24.21 crore through a complete fresh issue of shares. The IPO will be listed on the NSE SME exchange. The company intends to use proceeds from the fresh issue to meet working capital requirements and for general corporate purposes. The shares of the company are currently commanding a grey market premium of ₹23 per share. Chaman Metallics is primarily engaged in the business of manufacturing and selling of direct reduced iron (i.e. sponge iron). Sponge iron is mainly used as a raw material for making steel in electric arc furnaces and induction furnaces. It operates a manufacturing facility located in Chandrapur, Maharashtra with an installed sponge iron production capacity of 72,000 metric tonnes. The company sells its products primarily in the states of Maharashtra, Odisha and Chhattisgarh. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/incred-capital-acquires-alternate-asset-advisory-firm-orowealth/articleshow/96678261.cms">InCred Capital acquires alternate asset advisory firm Orowealth</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/stock-picks-for-2023-lt-sbi-axis-bank-among-top-brokerage-picks-for-the-new-year/articleshow/96667625.cms">Stock picks for 2023: L&amp;T, SBI, Axis Bank among top brokerage picks for the new year</a>

From Sah Polymers to Chaman Metallics – Four IPOs that plan to raise almost ₹110 crore this week

New Delhi, Dec 23 () The government on Monday asked domestic steel players to develop new steel technologies and making the sector more competitive, according to an official statement.
At present in India, steel is made using blast oxygen furnace (BOF) route and electric arc furnace (EAF) route, while in some countries players are making steel from gas-based plants.
"Union Steel Minister Dharmendra Pradhan has urged the (local steel) industry to focus on development of new technologies and work towards export-oriented indigenous technologies to ensure more value addition and making Indian steel sector more competitive," the steel ministry said in a statement.
Steel industry needs more affordable energy. The government is exploring new sources of energy, he said, adding India is moving towards a gas based economy.
A large network pipeline being laid down under Pradhan Mantri Urja Ganga Yojana which will touch almost all the steel clusters.
"We have 600 Million MT biomass in the country. Through use of technology, uptake guarantee we are planning to facilitate setting up of 5,000 plants for bio energy generation," the statement quoted Pradhan as saying.
India still imports high quality steel, while directing the players to create an ecosystem to develop more high quality steel in the country and move towards the goal of becoming a net exporter of steel.
As per estimates India imports 7-8 MT of steel every year. ABI BAL

Pradhan asks steel companies to develop new technologies

New Delhi, Feb 18 () Billionaire Sanjeev Gupta-led GFG Alliance on Tuesday announced the acquisition of Adhunik Metaliks and its arm Zion Steel for about Rs 425 crore, marking its entry into the Indian steel market. London-based GFG Alliance is a global group of energy, mining, metals, engineering and financial services businesses, which was eyeing Indian market for long and has become the second global company to enter the local steel market in past two months. In December 2019, L N Mittal's ArcelorMittal completed the acquisition of Essar Steel to enter the Indian market. GFG Alliance on Tuesday completed the strategic acquisition of Adhunik Metaliks Ltd (Adhunik) and Zion Steel Ltd (Zion) in a Rs 4.25 billion or USD 60 million cash deal. The transaction marks the Alliance's entry into India, one of the world's fastest growing steel markets, the London-based group said in a statement.The immediate focus, it said, will be on reviving and restoring the facilities and operations of the two companies, and once stabilised the business will begin its integration into the Liberty Steel Group, a part of GFG Alliance.Commenting on the acquisition, India-born British businessman and Executive Chairman of GFG Alliance Sanjeev Gupta said: "Today marks an important milestone in our global steel strategy with the purchase of Adhunik Metaliks and our entry into India. India is one of the fastest growing and most vibrant steel markets in the world." Adhunik has an integrated steel plant located at Chadrihariharpur near Rourkela in Odisha. The plant has both blast furnace and Electric Arc Furnace steel making capability with 0.5 million tonne per annum (MTPA) capacity, and a 34 MW captive power plant.Adhunik along with Zion Steel's steel rolling facility has a combined capacity of 400,000 tonnes per annum. The sites produce products for automotive, energy, engineering and oil and gas sectors. ABI MRMR

London-based GFG Alliance acquires Adhunik Metaliks, its arm to mark India entry

New Delhi, Apr 30 () Domestic steel makers are likely to face muted demand and oversupply which would lead to suppressed steel prices post-lockdown, according to a report by India Ratings (Ind-Ra). Besides, they are also expected to face issues with availability of workforce and logistics movement, the report released on Thursday said. "Muted demand and oversupply is likely to create a loop leading to suppressed prices until either there is a substantial uplift in demand or a substantial volume goes out of the market," it said. Ind-Ra said the nationwide lockdown has aggravated the challenges for the steel sector. "With the relaxation in lockdown in many districts across India starting May 4, 2020, Indian steel players will look to gradually increase capacity utilisations. The key challenges in the near term are manpower availability and ensuring finished inventory to normal levels," the report said. "While steel and its raw material commodities have been classified as essential goods, the logistical constraints may remain due to non-availability of fleet and longer trip time," it added. The agency said it had already revised the sector outlook to negative from stable for financial year 2020-21 in February 2020. Domestic steel demand in FY21 is likely to drop by around 12-15 per cent year-on-year with end-use industries being closed down and limited demand growth expected over the near term. Demand from infrastructure, construction and real estate sectors is likely to be subdued in 1HFY21 (first half of FY21) with the lockdown in 1QFY21 (April-June FY21) and the monsoon season over 2QFY21 (July-September FY21), it said. Furthermore, the demand from automobile, white goods and capital goods sectors is likely to reduce with consumers deferring discretionary spends in the near term. As such, government spending on infrastructure is likely to be the key driver for a gradual recovery over 2HFY21. The agency further said that it expects an inventory build-up primarily of intermediate/semi steel products with downstream facilities of most players being closed during the lockdown. Large producers have also kept their blast furnaces operational at lower capacity of 35-50 per cent due to the high cost of restarting the furnace in case it was to be shut. However, small and mid-scale producers with induction/electric arc furnaces remained completely shut during the lockdown. "The built-up inventory shall put pressure on steel prices post lockdown and the agency expects a correction of INR 3,000/MT in average realisations over FY21 on a y-o-y basis. "As of end-March 2020, hot rolled coil prices (Delhi 2.5-8mm, IS2062) were 3 per cent lower while rebar prices were 9 per cent lower than those at end-January 2020 when there were limited concerns over the spread of COVID-19 in India," it said. Ind-Ra said the sector will need government support in terms of keeping a close watch on imports from countries with which India has signed free trade agreements (FTA). ABI RVK

Weak demand, oversupply to hurt steel makers post-lockdown: Ind-Ra

For years the phrase "underground living" was reserved for cramped war bunkers and dingy basements, but a new crop of dwellings-either partially or fully submerged into the ground-have evolved into modern art forms, boasting dynamic shapes and cutting-edge energy efficiency.
<a href="http://www.villavals.ch/" target="_blank">Villa Vals</a> in Vals, Switzerland
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When builders were given the surprise approval to break ground so close to the famous thermal baths of Vals, they decided to conceal the villa inside an alpine slope. The formal entrance of the home is through a barn and an underground tunnel on the other side of the hill. Interested in staying here? Visitors can view pricing and availability at the website.
Arc House in East Hampton, New York
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The last thing homeowner and former mortgage banker Bob Stansel wanted when he was laying out plans for his 6,400-square-foot new home was for neighbors to think he was bringing some "monster" into the neighborhood. So he built more than half of it underground. Passersby need never know that the house has four bedrooms, a gym, and multiple living spaces.
Earth House in Seoul, Korea
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Architect Byoung Soo Cho has built an underground home in the middle of a thick forest and rice fields about an hour east of Seoul. It has a 23-foot-by-23-foot courtyard, plus a kitchen, a library, two bedrooms, and a bathroom. The inspiration for the home goes back to Cho's Harvard days when he studied Taoism and negative and positive spaces. Cho uses the home for self-reflection, meditation, and gazing at stars.
<a href="http://caveland.us/" target="_blank">Cave House</a> in Festus, Missouri
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The current residents of this cave home actually found the property on eBay. Over the course of four years, they managed to carve out loads of workspace and three bedrooms, with geothermal heat (so there's no need for a furnace). The sandstone lair is now an office for their small business.
Cave House Gross in Greifensee, Switzerland
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The owner of this dwelling needed to build more space for his family but didn't want to have to ask for permission from his neighbors. His solution? He created two sunken courtyards with three additional bedrooms for his kids below ground.
Dutch Mountain House in Huizen, the Netherlands
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Built into a mound at a Dutch nature reserve, the home is nearly invisible from certain angles; wood from surrounding areas helps it blend into its environment. While the exteriors appear minimal, the interior design is full of flash-one room has a bookshelf made from a vintage Jaguar, and a set of "skateboard" stairs lead to an upper floor.
Pachacamac House in Pachacamac, Peru
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Built for two retired philosophers, the buried home sits about 60 miles outside Lima near pre-Inca remains. A glass-and-metal box rests at the entrance, symbolizing "architectural intervention on untouched nature," according to the architects. They're not lying: There is no electricity or water-sewage system in the area.
<a href="http://www.ferrisarch.com/res_galnc.html" target="_blank">Country Estate</a> in New Canaan, Connecticut
 
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New additions to the house (originally built mid-century by Philip Johnson) include a new art gallery, pool house, and garage. Stone and concrete foundations cut into the hillside, revealing a hint of the rooms that lie below.
RELATED: <a href="http://www.details.com/culture-trends/art-design/201411/vasily-klyukin-book-designing-legends?mbid=synd_bi">Surreal Estate: Are These Insane Buildings the Future of our Skylines</a>
Windowless Home in Leiria, Portugal
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The living room is located under a giant roof window that allows light to stream in, while the more private areas of the home (including the bedrooms) sit underground and open into a private courtyard.
<a href="http://www.earthsheltered.org/earth-shelter-project-michigan" target="_blank">The Earth Shelter</a> in Northern Michigan
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Architect Adam Bearup just put finishing touches on the subterranean structure. With living quarters, a greenhouse, a farm (complete with cows, chickens, and donkeys), a storageroom, and a walk-in freezer, the house is (in theory) apocalypse-proof.
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