JSW Steel, India’s third largest steelmaker has postponed the initial public offering (IPO) for its power unit due to unstable market condition.

An interest has been shown by the world’s two leading steel companies Luxembourg-based ArcelorMittal and India’s Tata Steel, in mining coal in partnership with Coal India Ltd from the latter’s 18 forsaken underground mines with the aim to secure reserves of coking coal, a key input needed to make steel. 

In less than six months, the price of the coking coal in international market has more than doubled to $300-350 per tonne, and this has motivated the steelmakers worldwide to scout for reserves across the globe. 

India’s major steel manufacturer company JSW Steel is all set to become Country's largest private sector steel producer by end of the calendar year. 

Presently, Steel Authority of India (SAIL) is India's largest steel producer in the public sector with annual production close to 15 million tonnes, while in private sector Tata Steel tops the list with installed production capacity of 6.8 million tonnes. 

Canada-based Essar Steel Algoma, part of $5-billion Essar Steel Holdings (ESH) has informed that the company is exploring the options to pump Rs 1,200 crore in expanding its steel capacity and building a power plant. 

The conglomerate will also upgrade air pollution control technology in the coming 18 months. 

The expansion would be primarily funded through internal accruals. 

It is a day for the nation to rejoice as Steel Tycoon L N Mittal, the ArcelorMittal CEO has been elected as the Chairman of the World Steel Association, a representative body which includes 180 steel producers all over the world.

The announcement was made on the first day of World Steel Association’s 42nd annual conference in Washington. Mittal who earlier also held the position in its executive committee now has been presented with the most coveted position in the body.

Aaress Iron & Steel Ltd (AISL), the unit of Baldota Group, is setting up a new Rs 4,700-crore steel plant at Koppal, in northern Karnataka to cater the needs of the automobile industry and other high-value added engineering segments.

The project will be executed in two phases and the company aims to start production by mid-2010 with an initial capacity of 1.2 million tones annually. The total capacity of the plant is expected to be around 5 metric tones.