Former Indian cricket captain Sourav Ganguly announced that the steel plant project in Garbeta, Paschim Medinipur, is set to be operational in the next 18-20 months. The project, a partnership with Captain Steel, involves an investment of Rs 2,500 crore and will have a 0.8 million tonne annual capacity. View More

Former Indian cricket team captain Sourav Ganguly on Friday said that the steel plant project being promoted by him in a partnership at Garbeta in West Bengal's Paschim Medinipur district is expected to be operational over the next 18-20 months. The much-hyped project is expected to witness an investment of Rs 2,500 crore to establish the 0.8 million tonne per annum (MTPA) steel plant, an official said. Trump-Modi MeetThe mega MIGA, MAGA plans of India's Modi and US' TrumpTrump says India has more tariffs than othersTrump's 'golden rule' for imposing reciprocal tariffs "We're building the steel plant. But the problem is that everybody expects it to be ready in two months. But that doesn't happen realistically. Hopefully, we're looking at operations in the next 18-20 months," Ganguly said at an event. "This will be our third and biggest plant. There are several clearances required, including environmental, pollution, and government approvals, which take time," he said. The project was initially proposed at Salboni, but that didn't materialise and now the company has secured land at Garbeta, which is about 26 km from Salboni. "It will be an 8 lakh tonne (0.8 MTPA) capacity plant. The project is coming up at Garbeta and not Salboni. Total investment is estimated at Rs 2500 crore," a senior official from the joint venture partner told PTI declining to be quoted. 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Ganguly, also a former chief of the Board of Control for Cricket in India (BCCL) has partnered with Captain Steel, a TMT bar manufacturer for the greenfield steel project. The steel company currently operates two plants with a combined capacity of 5 lakh tonnes. With the addition of this greenfield facility, the total capacity will increase to 1.3 million tonnes, the official said The project requires around 350 acres of land, and the acquisition process is ongoing. Initially proposed at Salboni where JSW Group had proposed a mega integrated steel plant which fell apart due to lack of raw material linkages. Ganguly first announced the steel project during Chief Minister Mamata Banerjee's visit to Spain in 2023. Banerjee at the 2025 global investment summit earlier this month, on a lighter note, had mentioned that Ganguly is also transforming as an industrialist by planning a steel plant in the state. 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Tata Steel re-evaluates capex due to low steel prices View More

Piyush Goyal urged Japanese companies to focus more on producing goods and services in India that can be supplied to Japan. View More

Union Minister of Commerce & Industry Piyush Goyal on Friday expressed concerns over Japan's growing trade surplus with India, highlighting that India's exports to Japan have remained stagnant over the past 15 years. In contrast, Japanese exports to India have continued to rise, exacerbating the trade imbalance. Trump-Modi MeetThe mega MIGA, MAGA plans of India's Modi and US' TrumpTrump says India has more tariffs than othersTrump's 'golden rule' for imposing reciprocal tariffs “Many of the Japanese investments that happen in India source their input products from Korea, from Japan, from Taiwan, even from China and bring that to India. And use India only as a demand or only as a country to sell their products. I think it's important in today's world to look at reciprocal access, to look at increasing the access,” said Goyal while answering a collective question on behalf of the Japanese commerce community and media present at the Japan-India Economic and Investment Forum organised by Nikkei India in New Delhi on Friday. Goyal encouraged Japanese companies to focus on producing goods and services in India that can be supplied to Japan, thereby increasing India's exports to Japan and achieving a more balanced trade relationship between the two nations. “A case in point is Japan's scheme to send or export their steel from Japan to India, but the Japanese companies don't allow any Indian steel to be sold in Japan. This kind of unfair trading practice is certainly a matter of concern for us. We are ready to open the red carpet, we are ready to hang on and support all Japanese companies, but we would also urge Japanese companies to look at creating a bridge as a two-way bridge and not just as a one-way bridge to India,” he added. For context, between 2000 and 2024, Japan's foreign direct investment (FDI) in India has exceeded $43 billion. Notably, Japan ranks as the fifth-largest source of FDI in India. India has over 1,400 Japanese companies operating in India. 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He noted that Japanese businesses are increasingly interested in investing in India and exporting materials and products worldwide, including to India. Keiichi believed that increased Japanese investment in India would boost trade from India, creating a mutually beneficial relationship. “Talking about specific areas of trade, I am not in a position to answer that at this moment. But in terms of investments, as I already talked about earlier, we are interested in various areas, including semiconductors, renewable energy, and IT & telecom. So, these are possibly the growing areas for us,” added Keiichi. Keiichi took a cautious approach when it comes to the US policy on tariffs, stating it's too early to provide a direct answer since the US government is still in the process of implementing new measures. However, when it comes to enhancing India's export quality, Keiichi was optimistic about the potential for growth. He emphasised that producing high-quality goods and products takes time, skills, technology, and innovation - all areas where Japan is keen to collaborate with India. By working together, India can elevate its export quality and Japan is more than happy to contribute to this effort, he noted.

Tata Steel emerged as the top gainer, rising 1.88 per cent to ?140.60 and Mahindra & Mahindra was the biggest laggard, plunging 6.07 per cent to ?2,667.80 View More

Top Gainers and Losers Today : The Sensex lost 424.9 points, or -0.56, to settle at 75735.96, while the Nifty lost 139.55 points, or -0.61, to close at 22913.15. View More

The government has reclassified barytes, felspar, mica, and quartz as major minerals to boost exploration and scientific mining. This move aims to enhance the extraction of critical minerals associated with these resources. Existing leases' periods will be extended, and revenue will continue to accrue to state governments. A transition period until June 30 is provided. View More

The government on Friday said that it has changed the classification of barytes , felspar, mica and quartz into the category of major minerals . This move would pave the way for an increased exploration and scientific mining of such resources that are primary source of many critical minerals . Trump-Modi MeetThe mega MIGA, MAGA plans of India's Modi and US' TrumpTrump says India has more tariffs than othersTrump's 'golden rule' for imposing reciprocal tariffs Earlier, these were classified as minor minerals. "The Ministry of Mines vide gazette notification dated 20th February, 2025 has shifted minerals Barytes, Felspar, Mica and Quartz from the list of minor minerals to the category of major minerals," an official statement said. The development came on the heels of the government's National Critical Mineral Mission which seeks exploration and mining of critical minerals within the country including recovery of these minerals from various mines, overburden and tailings. Quartz, felspar and mica are found in pegmatite rocks, which are an important source of many critical minerals such as beryl, lithium, niobium, tantalum, molybdenum, tin, titanium and tungsten among others. These minerals have important role in various new technologies, in energy transition, spacecraft industries, and healthcare sector, among others. 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Similarly, baryte has various industrial applications, including those for oil and gas drilling, electronics, television screens, rubber, glass, ceramics, paint, radiation shielding and medical applications. It is used to make high density concrete to block X-ray emissions in hospitals, power plants, and laboratories. Baryte often occurs as concretions and vein fillings in limestone and dolostone. It is found in association with ores of antimony, cobalt, copper, lead, manganese and silver. Baryte with iron ore occurs in pocket type of deposit which cannot be mined in isolation. While mining either of the minerals, the production of associated mineral is inevitable, the ministry said. Reclassification of these minerals will not adversely affect the lease period of the existing leases. As major minerals, the leases for these minerals will get extended to a period of 50 years from the date of grant or till the completion of renewal period, if any, whichever is later as per section 8A of the MMDR Act, 1957, it said. These mines will gradually register with the Indian Bureau of Mines and will be regulated as major minerals. A transition time of four months, that is, up to June 30 has been provided. The revenue from mines of these minerals will continue to accrue to the state government as earlier, it added. (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)

Tata Steel shares gained after the company announced the allotment of NCDs to raise ?3,000 crore at a coupon rate of 7.65%. The stock has beaten Nifty in the near term, rallying 7% in the past one month. View More

Tata Steel CEO T V Narendran urged the government to address the surge in steel imports affecting domestic producers and warned of potential impacts on future investments. Despite expansion plans aligning with India’s vision of 300 million tonne capacity by 2030, imports, mainly from China, have depressed prices and competitiveness. The Indian government is reviewing the import issue. View More

The industry is waiting for an action from the government to check steel imports , which are affecting the domestic players, Tata Steel CEO T V Narendran said on Friday. He also warned future investments in the steel sector getting impacted due to present situation of surging imports. Trump-Modi MeetThe mega MIGA, MAGA plans of India's Modi and US' TrumpTrump says India has more tariffs than othersTrump's 'golden rule' for imposing reciprocal tariffs The steel industry has been one of the biggest private sector investors over the last few years. All players in the industry have announced big expansion plans. One round of expansion is getting completed, he told PTI on the sidelines of 69th Foundation Day of All India Management Association (AIMA) in the national capital. A lot of steel which can't find other markets end up in India and depress prices here to levels at which the steel company struggle to have healthy cash flows, Narendran, who is also the Senior Vice President of AIMA, said. At some point in time, future investments can't get impacted, he said. The comments assume significance as India aims to take its overall installed steel manufacturing capacity to 300 million tonne by 2030 and aligned with this vision of the government, all large steel players have already announced their expansion plans. 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Indian Steel Association (ISA) has already filed application with the Directorate General of Trade Remedies (DGTR) in this regard which is reviewing it. "I think that has been our submission to the government and I think the government has heard us and hopefully they will be some actions, you know, and we are waiting for that," he said. As per official data, India's steel exports have shrunk 28.9 per cent to 3.99 million tonne during the April-January period of FY25, compared to 5.61 million tonne in the corresponding period of the preceding fiscal. The country remained a net importer of steel with the inbound shipments rising over 20 per cent to 8.29 million tonne during the April-January period of the current fiscal. (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)

Hindalco shares lead the gainers among Nifty 50 pack in mid-day trading session, climbing 2.53 per cent to trade at ?654.95 View More

India and Vietnam, fast-growing Asian steel producers, may suffer if President Trump enforces 25% tariffs on all US steel imports from March 12. This US protectionist move could intensify global steel tensions, potentially diverting steel to oversupplied markets and causing prices to drop further. Investors are anxiously awaiting the finalization of these tariffs. View More

Vietnam and India are among fast-growing Asian steel producers at risk of being hurt if President Donald Trump goes ahead with blanket tariffs on all US imports of the metal. Trump-Modi MeetThe mega MIGA, MAGA plans of India's Modi and US' TrumpTrump says India has more tariffs than othersTrump's 'golden rule' for imposing reciprocal tariffs The global steel industry is braced for the impact of Trump’s planned 25% levies, due to start on March 12. They’re aimed at bolstering protection for US producers, but also risk intensifying global steel tensions fueled by rampant Chinese exports. In Asia, there are concerns that at least some steel will add to a saturated regional market, if it doesn’t go to the US. “We may see more steel from these countries being sold to Vietnam as the new target would deter them from exporting to the US,” Nghiem Xuan Da, chairman of the Vietnam Steel Association, told Bloomberg by telephone. The Southeast Asian nation has become a major steel consumer and exporter in recent years. Steelmakers from Asia to Europe and Latin America are already reeling from a flood of cheap Chinese steel, with the nation’s 2024 exports touching a nine-year high above 110 million tons. That surge triggered a swathe of trade complaints — most recently from South Korea — and has pushed steel from other Asian nations further afield. Trade Tensions China’s exports are “displacing production in other countries and forcing them to export greater volumes of steel” to the US, Trump’s executive order said. The European Union is revising its protections in response to growing flows. In Asia, meanwhile, India is mulling safeguards, Vietnam is investigating Chinese steel, and South Korea may probe more of China’s products. 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Much hinges on whether those countries manage to negotiate exclusions from any fresh round of tariffs. If not, “there will be a diversion of exporter inventory to other importer nations at aggressive prices, especially in a milieu of increasing global competition,” said Sehul Bhatt, a director of research at Indian researcher Crisil Intelligence. That could then bring down prices of steel in India, which are already close to four-year lows, he said. There are caveats. Trump’s new metals tariffs — he’s also targeting aluminum — have yet to be finalized. In the Asia-Pacific, it’s a relatively small volume of flows that stand to be affected: a total of about 3.75 million tons from South Korea, Japan and Australia last year, according to US government data. The overall volume subject to tariff changes globally is more than 20 million tons. Special Steels Also, some of the affected volumes stand to include niche steel products that are set to keep flowing to the US even in the event of full-scale tariffs. Customers will just pay more. You Might Also Like:Trump thinks it would be 'very unfair' if Elon Musk opened up a Tesla factory in India Japan and Korea supply some of the high-grade and specialized steel types used in energy infrastructure and the automotive industry in the US, which companies there depend on, according to Wood Mackenzie Ltd. analysts Lawrence Zhang and Tiago Vespoli. And there’s also the possibility that producers will simply have to rein in output rather than find alternative homes in oversupplied markets. “The rest of the world could hardly absorb those volumes as global steel demand is pretty muted, which means the rest of the world, including China, will have to cut production,” said Xu Xiangchun, an analyst with Mysteel Global. 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