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India Tata Steel Invests up to $795 Million in Expansion of Capacity of Subsidiary NlNL
Tata Steel Limited, India's leading steel company, announced on March 29th its plans to invest approximately $795 million (equivalent to approximately 5.748 billion RMB) in its subsidiary, Neelachal Ispat Nigam Limited (NINL), for the expansion of its long steel products.NINL, acquired through the Indian government's disinvestment program in early 2022, is a producer of long steel products. Since acquiring this state-owned enterprise, Tata Steel's focus has been on revitalizing the facility and increasing its production capacity to 1.1 million tons per year. The company further stated its intentions to expand NINL's capacity by an additional 4 million tons per year in the next phase, ultimately reaching a production capacity of 5 million tons per year.Additionally, NINL boasts a 62-megawatt captive power plant and reserves of 90 million tons of iron ore. It is strategically located adjacent to another steel plant owned by Tata Steel in India, which is nearing completion of its expansioRead more -
Nucor signs agreement with Samarco for DRI pellet supply
Brazilian iron ore miner Samarco and North American steelmaker Nucor have signed a new five-year commercial agreement for the supply of iron ore direct reduction pellets.Nucor is the largest steel producer in the United States and the largest recycler of scrap in North America.According to Rodrigo Vilela, Samarco’s chief executive officer, the demand for pellets, especially direct reduction pellets, is on an upward trajectory driven by the decarbonization path as industries are increasingly turning to cleaner alternatives that emit fewer greenhouse gases during production.“The initiatives and actions taken to reduce CO2 emissions are a global reality, and Samarco has all the attributes to become a strategic supplier in terms of decarbonization and will accomplish this through joint developments with strategic customers such as Nucor. Samarco is also working to meet all such established goals until 2050.”Vilela also said that this new long-term agreement with Nucor comes in line with thRead more
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