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The agreement makes Ford the first customer committed to offtake the green steel that Tata Steel plans to produce via the hydrogen route, which is more sustainable and cleaner than the current steel-making method.

Steel major JSW Steel will set up a steel factory in YSR Kadapa district in Andhra Prdesh with an investment of ₹8,800 crore. Adani Green Energy Projects will set up a unit in Vizianagaram and Alluri Sitarama Raju district with an investment of ₹6,330 crore.

Tata Steel has announced a programme of improvements to its blast furnaces that will reduce the site’s carbon footprint by about 160kt of CO2 per year. That’s equivalent, says the company, to the annual emissions from nearly 100,000 cars* or those from the energy used by around 50,000 households.

Easing covid-19 restrictions in China may lead to an increase in demand and prices of metals, but the uptick maybe limited, said industry experts.

Finished steel production dropped by 5 per cent November to 9.5 mt versus October where it was 9.9 mt. Variation in stock went up month-on-month to 1,49,000 tonnes, up 40 per cent, a report by the Steel Ministry

The proposal to scrap levies ranging from 2.5% to 7.5% in the world's second biggest producer of crude steel comes ahead of the national budget for 2023/24 set to be unveiled in February. The ministry's plan to scrap the tax on limestone, manganese ore, steel scrap, graphite electrodes, chrome ore, and ferro nickel, in addition to coking coal, has been sent to the finance ministry, said the sources, who spoke on condition of anonymity.

Tata Steel, JSW Steel and Adani Group have shown "strong interest" in the entity during the pre-bid consultations held in early December, said people familiar with the development.

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.