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It’s a tale of contrasting fortunes in the Indian steel industry since last month’s revision of import and export duties on key raw materials and finished goods.

Welspun Corp Ltd NSE 5.22 % (WCL) on Friday said its associate company has bagged a contract valuing Saudi Riyal 490 million (about Rs 1,000 crore) to supply steel pipes.

Ratings agency NSE 1.00 % on Thursday said it has revised its outlook on the domestic steel to stable from positive, mainly on the account mounting input cost amid low steel rates.

Tata Steel NSE 2.77 % has unveiled a 7-million pound investment plan for its Hartlepool Tube Mill in north-east England that the Indian steel major says will cut carbon emissions, improve capacity and reduce costs to strengthen its UK business.

Tata Steel NSE 2.77 % has unveiled a 7-million pound investment plan for its Hartlepool Tube Mill in north-east England that the Indian steel major says will cut carbon emissions, improve capacity and reduce costs to strengthen its UK business.

The mines ministry has proposed to do away with the requirement of obtaining forest clearance for exploration of mineral blocks, a move that would lead to auction of more mines and augment the country's mineral output.

Steel prices in India had already corrected 10% in line with global trends when the government surprised the industry with a 15% export levy, said Dilip Oommen, president of the Indian Steel Association, an association representing steelmakers.

The government responded to high inflation in the economy by announcing a series of steps to cool prices and cushion the impact on the common man.

Steelmaker ArcelorMittal Nippon Steel (AMNS) India will invest an additional Rs 1,000-crore in Andhra Pradesh to expand its pellet plant capacity to 11 MTPA.

The government on Wednesday said the auction of mineral blocks has stabilised in the country as 186 mines have been put on sale so far.