• India’s crude steel output fell for the second straight month in November, declining 2.8% to 8.934 million tonne, according to a report. During November 2018, the country’s crude steel output stood at 9.192 million tonne, according to World Steel Association (worldsteel).
  • Global steel production also registered a 1% fall at 147.791 MT in November 2019 as compared with 149.356 million tonne in November 2018, the report said.
  • The Bhilai Steel Plant (BSP) had recently undergone modernisation and expansion, raising the plant’s production capacity to approximately 7 million tonne from 4 million tonne at an estimated investment of around ₹17,000 crore. According to Anirban Dasgupta, Chief Executive Officer, BSP, plans are afoot to enhance the production capacity to 10 million tonne by 2030. Work on the next phase of expansion is likely to commence by 2024-25.
  • Chhattisgarh Chief Minister Bhupesh Baghel has demanded under-construction Nagarnar plant in his state to be handed over to the state. Baghel said this on the decision of divestment of the plant even before its completion.
  • Corporate India has pitched for “uniformity” in the corporate tax rate, stating that a rate of 22% for existing firms and 15% for new manufacturing firms creates “inequality”.
  • All corporate tax rates in the country should be converged to 15%, with no exemptions and incentives ,over three years from April 1, 2023, Confederation of Indian Industry President Vikram Kirloskar suggested to Finance Minister Nirmala Sitharaman at the pre-Budget meeting convened with prominent industrialists here.
  • In the next two years, at least 13 million tonnes of capacity is likely to be added by the country’s top steel and iron ore producers in a market that is currently growing at 3%.
  • JSW Steel is likely to complete its 5 million tonnes expansion at Maharashtra’s Dolvi next year; Tata Steel’s second phase of expansion is underway at Odisha’s Kalinganagar and is expected to be completed between the end of calendar year 2021 and financial year 2022. NMDC is targeting to complete its 3 million tonnes greenfield plant in FY21 and Steel Authority of India Ltd (SAIL), which has expanded capacity to 21.4 million tonnes in FY19, is now in the process of ramping it up.
  • The union coal ministry has allocated two coal blocks to state-owned mining major and
    the largest domestic iron ore producer NMDC Limited for commercial mining. These
    include the Rohne and Tokisud North under Section 5(1) of Coal Mines (Special
    Provisions) Act 2015.