Tata Steel Ltd., Steel Authority of India Ltd. and JSW Steel Ltd. are in separate talks with suppliers to sign coking coal contracts at the lowest price in six years, people with knowledge of the information said.
An Indian investigation alleged 592 billion rupees ($9.5 billion) of iron ore was illegally mined over a decade in the province of Odisha by companies including Tata Steel Ltd., the nation’s biggest steelmaker.
Jindal Steel & Power Ltd. ended talks to buy Afferro Mining Inc. after assessing its Cameroon iron ore reserves and will negotiate instead with two other African miners, said two people with knowledge of the matter.
Hindalco Industries Ltd., India’s second-biggest aluminum producer owned by billionaire Kumar Mangalam Birla, expects to achieve full output at its new factory in the central state of Madhya Pradesh by March 2015.
Jindal Steel & Power Ltd., India’s third-largest steelmaker by value, is in talks to acquire an iron ore mine in Liberia as environmental hurdles at home prompt it to look overseas, said two people familiar with the matter.
India will halt a $20 billion plan by Tata group and Jindal Steel & Power Ltd. to turn coal into crude oil after scrapping rights to two mining blocks allotted to the companies, two people familiar with the matter said.
Jindal Steel & Power Ltd., India’s second-biggest maker of the alloy by market value, fell to a three-year low after first-quarter profit unexpectedly declined because of an impairment charge on an investment in Bolivia.