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Last week, the President of the United States, <keyword id="19919748" type="General" weightage="20" keywordseo="joe-biden" source="keywords">Joe Biden</keyword>, announced significant tariffs on a range of <keyword id="20139085" type="General" weightage="20" keywordseo="Chinese-products" source="keywords">Chinese products</keyword> to protect American workers from unfair trade practices. The targetted measures include a 100% tariff on <keyword id="6354973" type="General" weightage="20" keywordseo="electric-vehicles" source="Orion">electric vehicles</keyword>, a 50% tariff on semiconductors and solar cells, and a 25% tariffs on batteries, steel and aluminium products, some critical minerals, and essential health equipment like medical gloves, syringes and needles. In his address from the Rose Garden of the White House, Biden said America can continue to buy any kind of car they want, "but we're never going to allow China to unfairly control the market for these cars. Period." He claimed that the Chinese government has been investing state funds in various Chinese companies for years, spanning industries across the above-mentioned sectors. How does this brewing geopolitical <keyword id="20736760" type="General" weightage="20" keywordseo="trade-war" source="keywords">trade war</keyword> impact <keyword id="20742235" type="General" weightage="20" keywordseo="Indian-firms" source="keywords">Indian firms</keyword>? Experts say the impact could be in two ways, benefitting some sectors, while harming the few others. Let’s start with the bad news. <cmsannotation type="cmsannotation" annotationid="Threat to Indian firms" comment="subhead" text="Threat to Indian firms">Threat to Indian firms</cmsannotation> Beijing offers significant subsidies on most of these products, leading to surplus production that exceeds domestic and even regular export demand. Subsequently, Chinese companies are known to flood the global markets with surplus products at unreasonably low prices, forcing local manufacturers out of business in many countries, including <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>. A prime example of this in practice can be found in the steel sector, where weak domestic demand is pushing the world’s largest steel producer China to offload surplus production into Indian markets at cheaper prices. Indian steel manufacturers are already struggling to compete with a glut of cheaper Chinese steel, with shipments nearly doubling year-on-year in the financial year ending March 2024. “India is already under grave threat of import because all major steel consuming economies are shutting their doors on these steel producing countries. We are highly vulnerable to surging and predatory import,” said Alok Sahay, secretary general of the Indian Steel Association, to Reuters. Global trade experts say that a majority of Chinese products are sold at unreasonably low prices in global markets because the companies in these sectors do not have to worry about profits. They are heavily subsidised by the Chinese government. <keyword id="20279291" type="General" weightage="20" keywordseo="Steel-Authority-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Steel Authority of India" meta.hostid="261" meta.entityid="Steel Authority of India">Steel Authority of India</keyword>’s (SAIL) chairman Amarendu Prakash also said that they are keenly watching Chinese imports after the US tariff increases. Additionally, China has been accused of employing anti-competitive strategies like compelling foreign companies to transfer their technology in order to operate in China. These factors have led to the US effectively shutting its door on several Chinese products through heightened tariffs, and other developed markets like Canada are also likely to follow suit. White House also emphasised that it continues to consult with its partners and allies who are facing similar threats from China’s unfair trade practices and are keen on taking action. If more and more global markets restrict entry of Chinese products, the risk of the majority of such products being dumped in neighbouring India increases drastically. Trying to block Chinese excess production "is like squeezing a balloon. It shrinks in one place and pops out in another," William Reinsch, a trade expert at the Center for Strategic and International Studies in Washington, tells Reuters. <cmsannotation type="cmsannotation" annotationid="An opportunity also arises" comment="subhead" text="An opportunity also arises">An opportunity also arises</cmsannotation> While some products risk being dumped into the Indian market, in a few other cases, Indian firms could benefit from fresh openings in the lucrative US market. "Of the products affected, India has opportunities in face masks, PPE, syringes &amp;needles, medical gloves, aluminium, iron, and steel. Opportunity may come in China also with retaliation, provided we have market access in products targeted by China," Ajay Sahai, Director General of the Federation of Indian Export Organisations (FIEO), told ANI. However, China is not likely to retaliate against the US tariffs at the moment, say experts, though the country’s Ministry of Commerce said it would take 'resolute measures to safeguard its own rights and interests' "China's economy is fragile. With household spending and the property market on the wane, manufacturing for export markets is one of its few bright spots. Beijing will not want to cut off its nose to spite its face. More broadly, China is desperately trying to encourage new foreign investment. Rash retaliatory action could spoil its case," Moody's Analytics explained in a recent report. Out of China's USD 420 billion exports to the US, only USD 18 billion is impacted due to the latest hike in tariffs — representing slightly over 4% and therefore considered marginal. But Sahai says that this market will continue to grow with time and provides an opportunity to India and other competitors to chip in the supply gap. Ajay Srivastava, the founder of the Global Trade Research Initiative (GTRI), also echoes Sahai’s opinions. He emphasised that the increased duties on Chinese face masks, syringes, needles, medical gloves, and natural graphite offer a substantial opportunity for India, as quoted by ANI. "By ramping up production and export of these in-demand products, India could enhance its trade footprint in the US market," he added. In terms of products like electric vehicles and semiconductors, India remains a net importer, and therefore, may not be in a position to capitalise right now. In the long term, however, as India begins semiconductor production at scale in 2025, there will be opportunities to export some of it to the US and other European countries, offering fresh impetus for domestic manufacturing. As the security risks associated with importing Chinese semiconductors prompts more and more trade barriers from the Western countries, demand for supply from India is likely to grow. Efforts are already underway for the establishment of four large semiconductor plants in India, with three located in Gujarat and one in Assam. Last fiscal year, Indian exports to the US dipped marginally by 1.32 per cent to $77.5 billion as against $78.54 billion in 2022-23. The new development now gives an unique opportunity to turn the tide over the next few years. Overall, some sectors like steel and aluminium do face a serious challenge due to the fresh US tariffs on Chinese products. However, the development will open new avenues for Western market entry and expansion for several other products. (With inputs from agencies)

US-China tariff war could benefit several sectors in India while harming a few others

<keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword>'s coal imports increased by 30 per cent to 162.46 million tonnes in the 2022-23 financial year against 124.99 MT in the year-ago period, according to a report. The import of coking coal rose 5.44 per cent to 54.46 MT over 51.65 MT in FY22, mjunction said in its latest report. In March alone, the non-coking coal import stood at 13.88 MT against 12.61 MT in the same month last year. Coking coal imports were 3.96 MT against 4.76 MT imported in March 2022. India is among the top five coal-producing countries in the world. However, some parts of its coal requirement are met through imports as the country is also among the major consumers of the dry fuel. For coking coal -- a key raw material used in steel making -- the country remains heavily dependent on imports. "The persistently high demand for steam coal in India coupled with the weakening of seaborne prices led to increased volumes during March. This trend is likely to continue in coming months in view of the above-normal average temperature expected this summer," mjunction <keyword id="17354076" type="General" weightage="20" keywordseo="md-ceo-vinaya-varma" source="Orion">MD &amp; CEO Vinaya Varma</keyword> said. Along with other varieties of coal like anthracite, pulverised coal injection (PCI coal), met coke and pet coke, the total imports in FY23 were at 249.06 MT, up from 200.71 MT FY22, a rise of over 24 per cent. A B2B e-commerce platform, mjunction services limited is a 50:50 joint venture promoted by <keyword id="109319" type="General" weightage="50" keywordseo="steel-authority-of-india" source="Orion">Steel Authority of India</keyword> (SAIL) and <keyword id="6357147" type="General" weightage="50" keywordseo="tata-steel" source="Orion">Tata Steel</keyword>. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/prime-video-sets-may-18-premiere-for-modern-love-chennai/articleshow/100069356.cms">Prime Video sets May 18 premiere for 'Modern Love Chennai'</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/iafs-mig-21-crashes-in-rajasthan-three-civilians-killed-pilot-safe/articleshow/100069573.cms">IAF's MiG-21 crashes in Rajasthan; three civilians killed, pilot safe</a>

India coal imports surge to 162 MT in FY23; inbound coking coal shipment grows to 54 MT

Facing reduction in demand due to the lockdown in the country, steel makers <keyword id="6357529" type="COMPANY" weightage="20" keywordseo="sail">SAIL</keyword> and Tata Steel have reduced their output by about 50%, according to sources. State-owned <keyword id="64877" type="COMPANY" weightage="20" keywordseo="Steel-Authority-of-India-Ltd">Steel Authority of India Ltd</keyword> (SAIL) and private player Tata Steel both contribute about 20 per cent to India's total steel <keyword id="22637" type="COMPANY" weightage="20" keywordseo="production">production</keyword>. As per industry sources, SAIL and Tata Steel have scaled down production by about 50%. The companies have taken the decision because of the reduced demand in the market after the lockdown, which has impacted logistics movement, the sources said adding that buyers are also reluctant in placing orders. Most of the staff of the companies are working from home and only important sites like blast furnaces and coke oven batteries etc at the plants, which can not be closed, are running. Tata Steel had earlier said as the outbreak of COVID-19 has impacted its business and operations, the company's integrated steel facilities in Jamshedpur and Kalinganagar and subsidiaries <keyword id="6924221" type="COMPANY" weightage="20" keywordseo="Tata-Steel-BSL">Tata Steel BSL</keyword> and <keyword id="3318681" type="COMPANY" weightage="20" keywordseo="Tata-Steel-long-products">Tata Steel Long Products</keyword> have started reducing production levels while operations in the downstream facilities have been suspended and put on care and maintenance mode. The company had however not provided any figures with respect to reduced production levels. While a SAIL official confirmed reducing output by about 50 per cent over phone, an e-mail query sent to Tata Steel remained unanswered. SAIL has five integrated steel plants in Odisha, Jharkhand and Chhattisgarh. Tata Steel has two plants in Odisha and Jharkhand.

Production at SAIL, Tata Steel plants down by 50%, amid lockdown

<keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>'s <keyword id="34570" type="General" weightage="100" keywordseo="steel" source="Orion">steel</keyword> production has reached a historic level of 120 million tonnes per year making it the world's second-largest producer of Steel, the government informed the <keyword id="48510" type="General" weightage="50" keywordseo="rajya-sabha" source="Orion">Rajya Sabha</keyword>. Steel Minister <keyword id="29632" type="General" weightage="50" keywordseo="jyotiraditya-scindia" source="Orion">Jyotiraditya Scindia</keyword> said India intends to double its steel production to 300 million tonnes per annum by 2030. "There has been a doubling in the last eight years of steel production in the country, which has been historic and which is why we have become the second largest steel producer in the world today," he informed the Rajya Sabha during question hour. The minister informed that steel production in the country has increased at a historic level. In 2013-14, we had only close to about 60 million tonnes per annum production of steel, we are today at 120 million tonnes," he said. "In terms of capacity, we had only 75 million tonnes, we are today at 154 million tonnes," he said. Replying to supplementaries, he said it is very important that India continues on this trajectory of growing capacity of steel production because we have a tremendous amount of infrastructure projects. "Therefore, it is our target, that by 2030 we intend to double our steel production from 150 to 300 million tonnes," he said. <keyword id="24899" type="General" weightage="50" keywordseo="scindia" source="Orion">Scindia</keyword> said the Steel Authority of India (SAIL) too will be a part of that. "SAIL's current capacity is 19.6 million tonnes and we are going to grow SAIL's capacity to 33 million tonnes by 2030 and Bokara Steel plant's capacity is 4.6 million tonnes, which will go to 8.6 million tonnes," he said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/wipro-acquires-packaged-food-and-spices-brand-nirapara/articleshow/96341772.cms">Wipro acquires packaged food and spices brand Nirapara</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/loans-worth-1009511-written-off-in-last-five-financial-years-sitharaman/articleshow/96338822.cms">Loans worth ₹10,09,511 written off in last five financial years: Sitharaman</a>

After doubling production in the last 8 yrs, India world's 2nd largest producer of steel: Steel Minister

If you think <keyword id="10387" type="CITY" weightage="60" keywordseo="Microsoft">Microsoft</keyword>’s prolonged search for the next <keyword id="5645" type="POSITION" weightage="100" keywordseo="CEO">CEO</keyword> is getting a bit nutty, especially with a disgruntled <keyword id="62333" type="PERSON" weightage="60" keywordseo="Steve-Ballmer">Steve Ballmer</keyword> waiting on the sidelines to hand over the mantle, you are not far from the truth. But then, that is the actual state of the coveted C-Suite nowadays – volatile is the right word if you want to sum it up. There is no job security at the top and even the best performer for years can get redundant within the span of a few weeks. The issues could be many – right from <keyword id="646347" type="UNKNOWN" weightage="100" keywordseo="poor-performance">poor performance</keyword> to <keyword id="610960" type="UNKNOWN" weightage="100" keywordseo="business-restructuring">business restructuring</keyword> to alleged <keyword id="6375736" type="UNKNOWN" weightage="100" keywordseo="corruption-charges">corruption charges</keyword>. But the biggest factor is relevance, a perfect future-fit that can take companies ahead, according to <keyword id="67736" type="UNKNOWN" weightage="100" keywordseo="Industry-experts">industry experts</keyword>. In a difficult <keyword id="34412" type="ORGANIZATION" weightage="100" keywordseo="economy">economy</keyword>, companies are compelled to twist and turn to keep track of profitability and their requirements change accordingly. Hence, their leaders have to adapt, shape up or ship out, as the case might be. 
 India is no exception and business leaders across the country have been frequently ‘released’ by industry giants. Many of them leave with ‘immediate effect’ while others are on garden leave or worse still, waiting for their predecessors to turn up (just like Ballmer). Yet, most of the C-Suite executives are tight-lipped about their departures, at least here in India. We are yet to come across an announcement like the one made by <keyword id="384914" type="PERSON" weightage="60" keywordseo="Groupon">Groupon</keyword>’s founder and former CEO <keyword id="488139" type="PERSON" weightage="60" keywordseo="Andrew-Mason">Andrew Mason</keyword>. But exit happens all the same – be it discreet or blatant. Here’s a quick look at some of the top-notch C-Suite executives from India who parted ways with their respective companies in 2013, their official exit lines and what happened behind the scene.

Strife At The Top: These
11 C-Suite Execs From India
Were ‘Let Go’ In 2013

New Delhi, Jan 8 () Thousands of workers at state-owned steel plants boycotted work while some remained absent in protest against the government policies, according to SWFI, the apex body of steel workers in India.
 However, operations remained unaffected at the plants.
 The impact of strike was minimal on Coal India too.
 The protest was against privatisation of public sector companies, change in labour laws, low wages for contactual workers and other issues, Steel Workers Federation of India (SWFI) Working President P K Das told over phone.
 "The strike was observed at some plants. Some boycotted work and some remained absent," he said.
 A SAIL official said production remained unaffected as workers in the night shift stayed back at the plants resulting in 100 per cent attendance in the 6 AM to 2 PM shift.
 Steel Authority of India Ltd (SAIL) has about 70,000 employees. It has five integrated steel plants namely Bhilai Steel Plant in Chhattisgarh, Rourkela Steel Plant in Odisha, Bokaro Steel Plant in Jharkhand and Durgapur Steel Plant and IISCO Steel Plant in West Bengal.
 Besides, it has three special steel units in Karnataka, Tamil Nadu and West Bengal and a ferro alloy plant in Maharashtra.
 An official of another steel PSU Rashtriya Ispat Nigam (RINL) said while all executives came to work, 80 per cent workers boycotted work.
 There are about 18,000 employees in RINL, out of which about 6,000 are executives, the RINL official said.
 According to a Coal India official, there was 89 per cent attendance (as of 2 pm ) at all the subsidiaries of the coal major.
 Coal India accounts for over 80 per cent of the domestic coal output.
 According to an official of CCL--a Coal India arm--all its 34 open cast and seven underground mines were operational. ABI SID ABI ANU
ANU

Strike impact minimal at SAIL, RINL, Coal India

In a bid to boost the subdued domestic supply scenario, the State-run <keyword id="763900" type="COMPANY" weightage="80" keywordseo="National-Mineral-Development-Corporation-Ltd">National Mineral Development Corporation Ltd</keyword> (<keyword id="71792" type="ORGANIZATION" weightage="80" keywordseo="NMDC">NMDC</keyword>) has raised <keyword id="6357528" type="COMPANY" weightage="80" keywordseo="Iron-ore">iron ore</keyword> prices by Rs 250-300 a tonne for June. But the decision taken by the NMDC will add to the problems of Indian steel-makers. 

	The country’s biggest iron ore producer has raised the price of lump variety by Rs 300 per tonne while the price of the fines or lower grade iron ore has gone up by Rs 250 per tonne for, a company source said. The lump variety contains more iron and is mostly used by domestic steel-makers.
 

	Following the hike, iron ore fines price will go up to Rs 3,160 a tonne from the previous Rs 2,910 and lump prices will rise to Rs 4,600 per tonne from Rs 4,300 a tonne.
 

	The price rise has not gone well with the private sector steel-makers who do not have captive mines. They described NMDC's move as an attempt to take advantage of the domestic short-supply scenario, mainly after the partial ban in Odisha.
 On May 16, the <keyword id="6354977" type="ORGANIZATION" weightage="80" keywordseo="Supreme-Court">Supreme Court</keyword> had ordered closure of 26 mines due to non-renewal of year-old leases. The apex court also directed the state to decide on reopening them within six months. The state acted swiftly and allowed eight iron ore mines, including those of <keyword id="532123" type="ORGANIZATION" weightage="40" keywordseo="Tata-Steel-and-Steel-Authority-of-India">Tata Steel and Steel Authority of India</keyword> (SAIL), to reopen in the recent past. "Currently, steel companies are not in a position to absorb any increase in costs. <keyword id="6357251" type="CITY" weightage="40" keywordseo="Essar-Steel">Essar Steel</keyword> is forced to pass on cost increase to its customers," an Essar Steel spokesperson said, commenting on the hike. Essar Steel requires 15 million tonnes of iron and <keyword id="45609" type="CITY" weightage="40" keywordseo="JSW-Steel">JSW Steel</keyword> needs 20 million tonnes per annum for their plants at full capacity. 

	NMDC had lowered the price of lump by Rs 200 in May, but iron ore fines prices remained the same last month. The company reviews prices every month.
 

	The company kept lump prices unchanged in March and April while it had raised the rates of iron ore fines by Rs 100 per tonne in February. Sluggish market conditions forced NMDC to hike rates marginally thrice since November 2012.
 

	Iron ore supply was not sufficient since the ban on mining in Karnataka and Goa. Although the ban has been lifted in these two states, production is yet to pick up.

NMDC Hikes Iron Ore Prices To Boost Domestic Supply

<keyword id="71" type="POSITION" weightage="20" keywordseo="Prime-Minister">Prime Minister</keyword> <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> has visited many countries and states since he assumed office, but he hasn’t visited India’s red corridor yet, but soon he would. As per an Economic Times report, Modi would be travelling to Dantewada in <keyword id="43945" type="COMPANY" weightage="20" keywordseo="Chhattisgarh">Chhattisgarh</keyword>'s Bastar region on May 9. This will be his first visit to the Naxalite-affected state as the Prime Minister. 
 He will launch two mega projects in Chhattisgarh. Modi will inaugurate work along with <keyword id="5269" type="POSITION" weightage="20" keywordseo="Chief-Minister">Chief Minister</keyword> <keyword id="65641" type="PERSON" weightage="20" keywordseo="Raman-Singh">Raman Singh</keyword> on the 140 km Raoghat-Jagdalpur railway line to improve connectivity and sign a memorandum of understanding for an ultra mega steel plant in Dilimili village. It will be set up jointly by <keyword id="64877" type="ORGANIZATION" weightage="20" keywordseo="Steel-Authority-of-India-Ltd">Steel Authority of India Ltd</keyword> and <keyword id="121536" type="CITY" weightage="20" keywordseo="National-Mineral-Development-Corporation">National Mineral Development Corporation</keyword> (NMDC). 
 Modi did not visit Dantewada for many years. He last visited the region during his election campaign as the <keyword id="58687" type="ORGANIZATION" weightage="20" keywordseo="Bharatiya-Janata-Party">Bharatiya Janata Party</keyword>’s prime ministerial candidate. His visit was preceded by a major attack by the Maoists. Modi’s visit comes a month before the arrival of monsoon season when the Maoists prepare themselves to make their presence felt in dense forests. 
 He will also address a rally in Dantewada and visit Javanda, where the <keyword id="51011" type="ORGANIZATION" weightage="20" keywordseo="state-government">state government</keyword> has established an educational centre with residential schools and colleges for 5,000 students. These institutions are for those whose studies have been hampered by Maoist attacks. 
 Modi will visit a livelihood college that helps students get jobs. He will also address a rally in Naya <keyword id="45327" type="CITY" weightage="20" keywordseo="Raipur">Raipur</keyword>, before leaving for Kolkata. Modi will inaugurate a low-cost housing project and a new wing of a private hospital in the new city adjacent to the state capital Raipur. 
 
(Image: Reuters)

Globetrotting Modi to now visit the heart of India’s red corridor, Chhattisgarh

As per data from India Brand Equity Foundation (IBEF), the trust established by the Department of Commerce, the <keyword id="560063" type="UNKNOWN" weightage="100" keywordseo="Indian-Steel-Industry">Indian steel industry</keyword> is expected to become the second-largest steel producer in the world by 2016, jumping from its current third position. 
 
In 2003, the industry stood at the number 8 worldwide, and this growth can be attributed to domestic availability of raw materials like iron ore and not to forget, the dirt-cheap labour that we have in the country. This is why, the Indian steel sector is a major contributor in India’s manufacturing output, which is all the way more required because of PM Modi’s Make in India campaign. 
 
While on one side, the government is trying hard to make the Indian steel industry shine more and more in the coming year by aiming to scale up the production to 300 million tonnes (MT) by 2025, it’s a hard and undeniable fact that in the recent past, the domestic steel industry has seen more hardships than forward moves. 
 To clarify things a bit, here is the recent data of <keyword id="6357529" type="CITY" weightage="100" keywordseo="SAIL">SAIL</keyword> and Tata Steels, the biggest players in the steel sector of India, respectively. 
 
SAIL 
Last week, Steel Authority of India (SAIL) reported a net loss of Rs.1,528.73 crore for the third quarter (Q3) of the current fiscal year. While last year, the company had earned a net profit of Rs.579.09 crore in the corresponding quarter. Talking of the income, during the quarter under review, it had decreased by 21.06% and gone down to Rs.9,043.71 crore from Rs.11,457.54 crore for the quarter that had ended December 31, 2014. 
 
<keyword id="6357147" type="CITY" weightage="100" keywordseo="Tata-Steel">Tata Steel</keyword> 
Another steel major, Tata Steel disclosed a net profit of Rs.452.82 crore in the third quarter of fiscal 15, much less as compared to the profit it had in the same period last year, which was Rs.880.64 crore. The total income of the company has decreased to Rs.9,146.74 crore for the quarter ended December 31, 2015, as compared to Rs.10,005.07 crore for the quarter that ended December 31, 2014. 
 
These numbers hint at the downfall that the industry is seeing these days, while also explaining why the players want the government to announce a steel-friendly budget for the industry’s revival.

Before Budget 2016, here’s a look at the performance of two biggest players from the Indian steel industry

New Delhi, May 5 () Tata Steel Ltd has withdrawn its membership from the Indian Steel Association (ISA), an apex steel industry body. Subsequent to it, the company's CEO and Managing Director (MD) T V Narendran has also stepped down from the Presidentship of the Association, tenure of which was scheduled to end in August. An ISA President is elected for a period of two years. Confirming the development, a Tata Steel spokesperson said, "Tata Steel has withdrawn its membership from the Indian Steel Association (ISA) owing to various considerations. "Accordingly, T V Narendran, CEO &amp; MD, Tata Steel, has stepped down from his position as the incumbent President, ISA." An ISA official also confirmed Narendran's resignation but said the reason for his sudden resignation is not known yet. Leading steelmakers such as JSW Steel Ltd, Steel Authority of India Ltd (SAIL), Rashtriya Ispat Nigam Ltd (RINL), Jindal Steel And Power Ltd (JSPL) and ArcelorMittal Nippon Steel Ltd are members of the ISA. Narendran is also a member of the Executive Committee of the global body World Steel Association (worldsteel). ABI DRRDRR

Tata Steel leaves Indian Steel Association; T V Narendran steps down as President

New Delhi, Dec 29 () The government has started the process to select the next chairman of Steel Authority of India Ltd (SAIL), the country's largest steel maker.
 A K Chaudhary, SAIL's current chairman assumed the position in September 2018, is scheduled to retire in December 2020.
 However, on the government's approval, chairman of a public sector undertaking can get an extension.
 The Public Enterprises Selection Board (PESB), under the Ministry of Personnel, Public Grievances and Pensions, is responsible for the selection and placement of chairman, managing director or chairman-cum-managing director, and functional director in public sector enterprises (PSEs) as well as in posts at any other level as may be specified by the government.
 While the minimum age of an applicant should 45, he or she must be a graduate with good academic record from a recognised university or institution, according to a PESB notification.
 In terms of experience, the applicant should have adequate experience at a senior level of management in an organisation of repute. Applicants with experience in finance, marketing and production will have added advantage.
 The notification also said a person working with state PSEs or private sector companies can also apply for the post but he or she should be working at a board level position.
 While an applicant from the central government or all-India services should be holding a post of the level of additional secretary in the Government of India or carrying equivalent scale of pay, the applicants from the armed forces of the union should be holding a post of the level of Lt. General in the army or equivalent rank in navy or air force.
 The appointment shall be for a period of five years from the date of joining or up to the date of superannuation or until further orders, whichever is earlier.
 The last date to submit entries is February 13, 2020. ABI HRS

Govt begins search for next SAIL chairman

<ul><li><keyword id="45609" type="CITY" weightage="20" keywordseo="JSW-Steel">JSW Steel</keyword> Chairman Sajjan Jindal said that they don’t see ArcelorMittal as a challenge </li><li>Tata Steel’s CFO Koushik Chatterjee also said there should be competition in the market. </li><li>SAIL chairman A K Chaudhary said that ArcelorMittal's entry will promote healthy competition. </li></ul>Presence of more companies in the market will lead to more innovations, quality and R&amp;D activities, said domestic steel players on Thursday while reacting to the entry of global steel giant ArcelorMittal in India.
 "We don't see ArcelorMittal as a challenge," JSW Steel Chairman Sajjan Jindal told on the sidelines of the ISA Steel Conclave here.
 More the number of players, more the research &amp; development (R&amp;D) activities, innovations, quality in the market, he added reacting to a question how will the ArcelorMittal's entry benefit the consumers.
 Jindal Steel and Power Chairman Naveen Jindal said, "We see its (ArcelorMittal's) entry as a positive step."
 Tata Steel Chief Financial Officer Koushik Chatterjee also said there should be competition in the market.
 Steel Authority of India Ltd (SAIL) Chairman A K Chaudhary said, "ArcelorMittal's entry will promote healthy competition in market."
 The industry looks forward to work with them in future, he added.
 Last week, the Supreme Court paved the way for ArcelorMittal's takeover of debt-ridden Essar Steel for Rs 42,000 crore and set aside the July 4 NCLAT order giving equal status to financial creditors and operational creditors.
 Following the verdict, ArcelorMittal said it expects to complete the acquisition of the debt-ridden company by the end of this year.
 Essar Steel was auctioned under the new Insolvency and Bankruptcy Code to recover Rs 54,547 crore of unpaid dues of financial lenders and operational creditors. ABI HRS

Tata Steel and JSW welcome competition from ArcelorMittal after it buys Essar

<keyword id="105181" type="COMPANY" weightage="80" keywordseo="Power-Grid-Corporation">Power Grid Corporation</keyword> (PGC) of India is back in the bond market as the state-owned electric utilities company has raised about Rs 3,000 crore by selling bonds for the first time in the fiscal year 2015-16 with banks interested in buying those bonds. 
 The triple-A rated company decided to raise funds following softening of the benchmark rate with banks jumping to buy bonds. India's largest lender <keyword id="6354731" type="CITY" weightage="80" keywordseo="State-Bank-Of-India">State Bank of India</keyword> (SBI) was quick to bet big on the blue-chip securities with four 15-year strip maturities, while the country's third largest private sector lender <keyword id="6355975" type="CITY" weightage="80" keywordseo="Axis-Bank">Axis Bank</keyword> also bought bonds worth as much as Rs 500 crore. 
	 

	SBI is said to have bought Rs 564 crore through its arm SBI Capital Markets, three people familiar with the matter told the Economic Times. 

	Bonds offered 8.40%, which was about 55 basis points higher than the sovereign benchmark security. 
	 

	A basis point is one hundredth of a percentage point. Strip bonds are those where investors are supposed to buy all securities with maturities up to 15 years at a uniform rate. Ahead of the Reserve <keyword id="6355303" type="CITY" weightage="80" keywordseo="Bank-of-India">Bank of India</keyword>'s June bi-monthly credit policy, markets are mostly expecting a 25-50 bps rate cut, which means bond yields would fall further pushing up prices. 
	 

	Banks can then sell their holdings in the secondary market for a profit, said one of the persons cited above. 
	 

	There were about 18 arrangers for the PGC issue. During mid-May, the 10-year benchmark bond yields rose to a high of 7.96% as prices fell. Accordingly, bond sellers shied away from the market as investors demanded higher rates after the yield spiked from 7.68% earlier in March. The benchmark yield is now hovering at its past level. PGC had last issued long-term bonds three months ago raising Rs 435 crore at an yield of 8.30%. Some frequent issuers include Exim Bank, Power Finance Corporation and <keyword id="64468" type="CITY" weightage="60" keywordseo="Rural-Electrification-Corporation">Rural Electrification Corporation</keyword>. They normally raise funds with ticket size as low as Rs 150 crore or as high as Rs 2,500 crore. All these government-owned companies are triple-A rated entities. <keyword id="109319" type="ORGANIZATION" weightage="80" keywordseo="Steel-Authority-of-India">Steel Authority of India</keyword> ( SAIL) and GIC <keyword id="100080" type="ORGANIZATION" weightage="80" keywordseo="housing-finance">Housing Finance</keyword> had deferred their bond offerings as investors demanded at least 25-30 basis points higher rates with five-year maturities. 
	 
	(Image: Indiatimes)

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