Steel NEWS

Having lost out in the race for Neelachal Ispat Nigam Ltd (NINL) – an asset owned by central and state public sector undertakings (PSUs) – Naveen Jindal-owned Jindal Steel & Power (JSPL) has eyes set on state-run Rashtriya Ispat Nigam Ltd and NMDC Iron and Steel Plant (Nagarnar).

Nucor Corporation, a steel production company, announced today that it has signed a 10-year Virtual Power Purchase Agreement (VPPA) with Ørsted Onshore North America, LLC for 100 megawatts from Ørsted’s Western Trail wind farm (WTW) in North Texas. This is Nucor’s second VPPA. In 2020, Nucor announced the signing of a 15-year VPPA for 250 MW of solar energy in Texas.

In an unpredictable move, US has ended steel and aluminum tariff exemption for EU, Mexico, and Canada from the start of June. The US levies a 25% tax on steel and 10% tax on aluminum on import duties. This decision has invoked words of retaliation from the inflicted countries. The tariffs will hit products and raw materials which are used extensively in US manufacturing, construction, and the oil industry.