Jindal Steel Angul capacity expansion reshapes India’s steel landscape

Jindal Steel

India’s latest Jindal Steel Angul capacity expansion signals a new phase in the country’s flat steel growth. The Jindal Steel Angul capacity expansion lifts the site’s output and pushes India further into a high-capacity cycle. As a result, the Jindal Steel Angul capacity expansion also raises questions about future domestic oversupply and export pressure.

Jindal Steel Angul capacity expansion lifts output toward 12mn t/yr

Jindal Steel has commissioned a new 3mn t/yr basic oxygen furnace at its Angul plant in Odisha. The BOF takes the site’s steelmaking capacity from 6mn t/yr to 9mn t/yr, with a target of 12mn t/yr in the 2025-26 fiscal year. The Jindal Steel Angul capacity expansion is anchored by a new 5mn t/yr blast furnace, started last week. Together, these assets support a broad product mix, including hot-rolled coil, galvanised steel, plate and rebar. This positions Angul as one of India’s key integrated hubs for flat and long products.

Indian steel capacity race intensifies across multiple producers

However, Jindal is not expanding alone, as rival Indian steelmakers also push new capacity. JSW Steel is enlarging its Vijayanagar facility in Karnataka, while Tata Steel brought a 5mn t/yr blast furnace online at Kalinganagar in 2024. These projects, combined with the Jindal Steel Angul capacity expansion, are driving a rapid rise in India’s crude steel potential. Domestic demand remains strong in construction, infrastructure and manufacturing, yet capacity growth is outpacing exports. Therefore, market participants are increasingly focused on how new tonnes will be absorbed if external demand falters.

CBAM and weak exports raise risk of domestic stock build-up

Meanwhile, looming changes under the EU’s carbon border adjustment mechanism are already dampening Indian steel export flows. Buyers in Europe are reassessing supply chains and potential carbon cost pass-throughs, which could limit future Indian shipments. As exports dwindle, the Jindal Steel Angul capacity expansion and parallel projects at JSW and Tata could contribute to inventory accumulation in the domestic market. A stock build-up would pressure prices and margins for Indian mills, especially in commoditised hot-rolled and rebar segments. As a result, strategic responses may include more value-added products, new export destinations and accelerated downstream integration.

The Metalnomist Commentary

India’s aggressive build-out, anchored by the Jindal Steel Angul capacity expansion, underlines its ambition to become a global steel powerhouse. Yet policy shifts such as CBAM mean that capacity alone is no longer enough; carbon cost, product mix and market access will decide who wins. For global buyers, India’s rising volumes may offer pricing opportunities, but also higher exposure to trade and climate-policy risk.

EPCG divests Thyssenkrupp Steel Europe stake as Jindal bid reshapes future

Thyssenkrupp

Thyssenkrupp Steel Europe stake negotiations have shifted sharply as EPCG exits and Jindal emerges as the preferred partner. The Thyssenkrupp Steel Europe stake will now likely anchor a new strategic direction focused on low-emission steel. As a result, the evolving ownership of the Thyssenkrupp Steel Europe stake will influence Europe’s decarbonisation trajectory and regional steel competition.

EPCG steps aside to clear path for Jindal Steel

EPCG agreed to divest its 20pc holding in Thyssenkrupp Steel Europe and withdraw from all joint-venture talks. The investment firm will return its Thyssenkrupp Steel Europe stake and receive full reimbursement of the purchase price. This move reflects Thyssenkrupp’s decision to concentrate negotiations on a single strategic bidder.

Previously, EPCG had planned to lift its stake from 20pc to 50pc and form a 50:50 joint venture. However, the situation changed once Indian producer Jindal Steel submitted an indicative bid for the business. Therefore, Thyssenkrupp is now prioritising a potential deal that couples ownership change with major green-steel investment.

Jindal promises decarbonised steel platform in Europe

Jindal Steel’s bid includes a commitment to complete the DRI project in Duisburg and add new EAF capacity. The group has signalled a financial commitment of more than €2bn to build this low-emission production base. Although the offer remains non-binding, Jindal says it aims to transform the company into Europe’s largest integrated low-emission steelmaker.

This pathway would align Thyssenkrupp Steel Europe with EU decarbonisation policy and future carbon cost pressures. At the same time, Thyssenkrupp is also exploring the sale of its 50pc stake in HKM, further reshaping its steel portfolio. Together, these moves point to a deep restructuring of German steel assets and ownership.

The Metalnomist Commentary

This pivot from EPCG to Jindal underlines how strategic buyers now link ownership with decarbonisation capital. For European steel, the key question is whether promised DRI and EAF investments materialise fast enough to preserve competitiveness. If executed, Jindal’s plan could turn Thyssenkrupp into a flagship low-emission hub, but integration and policy risks remain significant.

Jindal Stainless Specialty Steel Capacity Expansion Supports India’s Import Substitution Drive

Jindal Stainless

Jindal Stainless specialty steel capacity expansion marks another step in India’s push for higher-value industrial capacity. The company signed an MoU with the steel ministry under the production-linked incentive scheme. The move supports new capabilities in specialty steel, stainless steel, and forged products. As a result, Jindal Stainless specialty steel capacity expansion aligns closely with India’s import substitution strategy.

This matters because India still depends on imports for several critical steel grades. Those grades are essential for railways, defense, aerospace, and other strategic sectors. The new agreement aims to reduce that dependence and deepen local manufacturing strength. Therefore, Jindal Stainless specialty steel capacity expansion has significance beyond one company’s growth plan.

The broader policy backdrop is also strong. Under the scheme, 55 companies have signed 85 MoUs with planned investments of Rs118.87bn. These projects aim to add 8.7mn t of specialty steel capacity by fiscal 2030-31. Consequently, India specialty steel capacity expansion is becoming a national industrial priority.

India Specialty Steel Capacity Expansion Is Moving Up the Value Chain

India specialty steel capacity expansion is no longer only about tonnage growth. The current policy focus is shifting toward higher-value alloys and more advanced steel products. That is important because global competitiveness now depends on material quality as much as scale. As a result, the scheme is encouraging deeper technological capability.

Jindal Stainless fits that trend well. The company said it will augment current capacity and develop new capabilities in specialized alloys and forged products. That suggests a stronger move into more demanding industrial applications. Therefore, Jindal Stainless specialty steel capacity expansion supports a more advanced manufacturing profile.

This direction also improves long-term supply chain resilience. Domestic production of critical grades can reduce exposure to overseas supply disruptions and pricing pressure. Meanwhile, it can give Indian manufacturers more control over delivery and quality. That makes specialty steel import substitution more strategic than simple cost savings.

Specialty Steel Import Substitution Could Strengthen India’s Global Position

Specialty steel import substitution can also help India integrate more deeply into global manufacturing chains. The government expects the PLI scheme to support import replacement and stronger participation in international value chains. That combination matters for companies that want to move beyond domestic demand alone. Consequently, India strategic manufacturing is gaining both defensive and offensive value.

Jindal Stainless is already scaling capacity as part of its growth strategy. Management linked that expansion directly to rising demand from key national sectors. That suggests the company sees long-term structural demand, not only policy-driven opportunity. Therefore, Jindal Stainless specialty steel capacity expansion may prove commercially durable as well as politically aligned.

The larger message is clear. India wants to build more domestic strength in materials that support transport, defense, and advanced industry. The latest MoU shows that stainless and specialty steel producers will be central to that effort. As a result, India specialty steel capacity expansion is becoming one of the more important industrial themes in the country’s metals sector.

The Metalnomist Commentary

This agreement matters because it combines industrial policy with real capacity ambition. India is no longer focused only on producing more steel. It is focused on producing the right steel for strategic sectors. If execution stays on track, Jindal Stainless could strengthen its role in the next phase of India’s manufacturing upgrade.

Thyssenkrupp Steel Restructuring Deepens as Losses Hit First-Quarter Results

Thyssenkrupp

Thyssenkrupp steel restructuring has moved into a more expensive and more decisive phase. The German steelmaker reported a €334mn net loss in the first quarter of its 2025-26 financial year. Most of that damage came from €401mn in restructuring expenses tied to Steel Europe. As a result, Thyssenkrupp steel restructuring is now shaping both earnings and the company’s future direction.

The latest loss matters because it reflects more than weak market conditions. Thyssenkrupp linked the restructuring costs to its collective agreement with IG Metall reached in December 2025. That agreement followed a period of lower prices and weaker shipments. Therefore, Thyssenkrupp steel restructuring is now moving from planning into full financial impact.

Steel Europe’s operating backdrop remains difficult. Sales in the division fell 10pc year on year to €1.96bn in the October-December quarter. Shipments also slipped 4pc to 1.73mn t. Consequently, weak pricing and soft demand in key end-use sectors are still weighing on Thyssenkrupp Steel Europe.

Thyssenkrupp Steel Europe Faces Weak Demand but Stable Operating Priorities

Thyssenkrupp Steel Europe continues to face pressure from sluggish European steel demand. The company said softer conditions in its main customer industries hurt both pricing and revenue. That remains a central challenge for the business. As a result, Thyssenkrupp Steel Europe is still operating in a market that offers little margin relief.

There were, however, a few areas of stability. Deliveries to automotive customers and steel service centres improved during the quarter. Hot-rolled coil deliveries also rose to 562,000t from both the previous quarter and the same period a year earlier. Therefore, not every volume indicator moved lower inside Thyssenkrupp Steel Europe.

Lower raw material costs and efficiency measures helped offset part of the damage. But they were not enough to reverse the broader earnings pressure. That means cost control is helping, yet not solving the core problem. Meanwhile, European steel demand remains too weak to deliver a meaningful recovery on its own.

Duisburg Direct Reduction Plant and Potential Sale Show Two Paths at Once

The company is now pursuing two major strategic paths at the same time. Thyssenkrupp confirmed confidential negotiations with India’s Jindal Steel International over a possible sale of Thyssenkrupp Steel Europe. Due diligence is already under way. As a result, Thyssenkrupp steel restructuring is no longer only about cost cutting. It is also about ownership change.

At the same time, the group is continuing construction of its Duisburg direct reduction plant. That project is moving ahead despite regulatory uncertainty. The decision suggests Thyssenkrupp still sees green steel investment as part of its long-term industrial future. Therefore, the Duisburg direct reduction plant remains strategically important even as asset sales are considered.

The company also reiterated plans to sell its stake in HKM to Salzgitter from 1 June 2026. It also reminded the market that blast furnace no 9 at Duisburg was shut permanently last October. These moves show a business actively reshaping its production base. Consequently, Thyssenkrupp steel restructuring is now affecting assets, ownership, and technology all at once.

The Metalnomist Commentary

Thyssenkrupp’s quarter shows how hard it is to restructure steel in Europe while demand stays soft and decarbonisation costs keep rising. The most important signal is not the quarterly loss alone. It is that Thyssenkrupp is now redesigning its steel business through labour agreements, asset sales, and lower-carbon investment at the same time.

India’s JSL Proposes Zero Import Duty on Critical Raw Materials to Strengthen Domestic Steel Industry

Jindal Stainless Steel

Jindal Stainless Steel Calls for Reduced Import Duties on Molybdenum and Other Key Materials

Jindal Stainless Steel (JSL), a major Indian steelmaker, has proposed that the Indian government eliminate import duties on essential raw materials like molybdenum ore. Currently, ferro-molybdenum imports face a 5% duty. The proposal, made by JSL’s managing director, Abhyuday Jindal, comes ahead of India’s budget announcement on February 1 for the 2025-2026 fiscal year. Along with molybdenum ore, JSL recommends maintaining zero duties on other materials such as pure nickel, ferro-nickel, stainless steel scrap, and mild steel.

Boosting India’s Infrastructure and Stainless Steel Production

JSL’s proposal also calls for continued government focus on infrastructure spending, particularly in areas like inland waterways, rail infrastructure, and coastal shipping. This, Jindal argues, will support the stainless steel industry by improving operational efficiency and ensuring competitive raw material prices. Additionally, the Indian Stainless Steel Development Association (ISSDA) supports reducing customs duties on graphite electrodes and charge chrome to zero, which would further enhance industry operations.

However, to protect against cheap stainless steel imports, JSL suggests raising the basic customs duty on stainless steel products to 15% for countries outside of free trade agreements. This measure, JSL believes, would safeguard India’s domestic stainless steel market and contribute to the country’s Viksit Bharat 2047 vision.

JSL stainless steel fabrication unit anchors India’s downstream growth

JSL stainless steel

The new JSL stainless steel fabrication unit marks a strategic shift into value-added manufacturing for India’s largest stainless producer. Jindal Stainless (JSL) is moving closer to end users by fabricating bridge girders and structural components for the country’s expanding infrastructure sector. The JSL stainless steel fabrication unit is designed to capture demand for sustainable, durable and high-quality solutions as India builds roads, rail, ports and urban transport systems.

JSL stainless steel fabrication unit targets India’s infrastructure boom

The new facility will produce 4,000 t/yr of fabricated stainless steel in the 2025-26 fiscal year. Capacity at the JSL stainless steel fabrication unit is then expected to rise to 18,000 t/yr in the following year as orders scale up. This rapid ramp-up signals confidence in long-term stainless demand from bridges, metro structures and public works.

The company invested about 1.25bn rupees ($14mn) in the plant, located at Washivali, Patalganga near Mumbai. Its 400,000 square foot footprint gives JSL room to add new product lines, automation and modular fabrication cells. As a result, the facility can support complex designs and tighter project schedules for engineering, procurement and construction contractors.

The JSL stainless steel fabrication unit is operated by Jindal Stainless Steelway, a wholly owned subsidiary. This structure integrates service centres, distribution and fabrication under one group, improving margins and delivery reliability. Meanwhile, fabricated output also deepens JSL’s relationships with infrastructure clients, shifting the business mix from commodity coil sales toward engineered stainless solutions.

Moving up the stainless value chain with sustainable components

The unit focuses on components that offer long life and low maintenance in harsh conditions. Stainless bridge girders, structural members and precision assemblies can cut lifecycle costs versus carbon steel in coastal or polluted environments. Therefore, the JSL stainless steel fabrication unit aligns with India’s push for resilient, low-maintenance infrastructure assets.

Downstream fabrication also supports more efficient use of stainless steel through optimized cutting, welding and design. This reduces waste and supports sustainability goals alongside durability and corrosion resistance. At the same time, domestic fabrication capacity helps Indian projects reduce dependence on imported components, improving supply security and project cost control.

The Metalnomist Commentary

JSL’s move into stainless fabrication is a logical next step for India’s largest producer as infrastructure spending accelerates. By combining scale in flat products with project-ready components, JSL can capture more value per tonne and differentiate on service, not just price. The key question now is how quickly the market absorbs 18,000 t/yr of fabricated capacity as India’s bridge and transport pipeline matures.

JSW Group to Invest $11.4 Billion in a New Steel Plant in Maharashtra

JSW Group

India’s JSW Group has announced plans to build a new 25 million tons per year (mn t/yr) steel plant in the Gadchiroli district of Maharashtra. This massive investment of 1 trillion rupees ($11.4 billion) is expected to span over the next seven to eight years, with the first phase of construction set to begin in four years. This move marks a significant step in JSW’s continued growth and commitment to bolstering India's industrial capacity.

Strategic Location for Growth

JSW Group's chairman and managing director, Sajjan Jindal, highlighted the strategic importance of Vidarbha, Maharashtra, where the new plant will be built. The region’s vast mineral resources, including iron ore, manganese, and chromite, make it an ideal location for the steel plant. With three-quarters of Maharashtra’s mineral resources located in Vidarbha, the area is poised to become a major industrial hub. Furthermore, its central location within India and robust railway connectivity further enhance the potential for seamless transportation of materials across the country.

A Commitment to Job Creation and Industrial Development

In line with the steel plant project, JSW Group has also signed an agreement with the Maharashtra government to invest Rs 3 trillion in various sectors such as steel, renewable energy, and electric vehicles. This investment is expected to generate thousands of new jobs in the region, contributing significantly to Maharashtra's economic growth. This announcement, made at the World Economic Forum in Davos, Switzerland, underscores JSW's commitment to driving India’s industrial development.

The Role of Local Partners

JSW Group’s new steel plant will produce "basic steel" at the Gadchiroli facility, with the potential for further value-added products. Jindal also emphasized the need for other companies to establish units in the region, such as rolling mills, to produce finished steel products. One of the key partners in the region is Lloyds Metals and Energy (LMEL), which operates a significant iron ore facility in Gadchiroli and plays a vital role in supplying raw materials for the plant.

The announcement of this new steel plant signals a bright future for the region, offering a blend of industrial growth, job creation, and the strategic use of local natural resources.

Jindal Stainless Seeks Anti-Dumping Duty to Curb Cheap Imports

Jindal Stainless

Jindal Stainless seeks anti-dumping duty to curb cheap imports and stabilize India’s stainless market. Jindal Stainless seeks anti-dumping duty as US tariffs rise and low-priced inflows grow. Jindal Stainless seeks anti-dumping duty to protect investment and domestic capacity.

Petition targets China and Vietnam as imports surge

Jindal Stainless urged swift DGTR action on anti-dumping duties. The industry petition names China and Vietnam as key sources. As a result, India’s producers face price pressure and margin erosion. The company warned that persistent undercutting threatens capex plans. It argued that protective duties would restore a fair playing field.

US tariffs complicate exports; domestic demand stays firm

US tariffs of 25pc on Indian steel raised uncertainty for exporters. Therefore, Jindal Stainless will lean harder on India’s resilient demand. Sales volumes rose 8.3pc to 626,252t on autos, rail, lifts and appliances. Meanwhile, the export mix held at 9pc as the firm prioritized value-added orders. Management expects DGTR to start the probe within two to three months.

Strong domestic momentum supports near-term utilization rates. However, protectionist measures in the EU and US cloud global sentiment. Jindal Stainless is expanding presence in Japan, the Middle East and South America. The firm said it will keep serving global customers with tailored solutions. It aims to balance exposure while defending share at home.

Policy clarity will shape pricing and coil availability into 2026. If DGTR imposes duties, import arbitrage should narrow. Consequently, domestic mills could lift run-rates and stabilize realizations. Without relief, cheaper stainless could cap local prices and investment. Stakeholders across fabrication and white goods should plan for volatility.

The Metalnomist Commentary

India’s stainless ecosystem sits at a policy inflection point. Provisional duties would likely firm domestic spreads and spur capex. Watch DGTR timelines, landed cost gaps versus China and Vietnam, and contract resets post-festive season.

Europe Faces Deindustrialization Crisis Amidst Unfair Competition and Policy Struggles

Aperam

Europe’s stainless steel industry is at a critical crossroads, facing existential challenges due to high raw material costs and increasing competition from Asian producers. According to Timoteo di Maulo, CEO of Aperam, the European sector is particularly vulnerable due to its reliance on more expensive, environmentally-friendly processes, while Asian producers benefit from cheaper, carbon-intensive nickel pig iron (NPI). Speaking at the SMR International and Special Steels Conference in Rome, di Maulo warned, “Europe will die if it cannot create a level playing field,” likening the current situation to playing European football against American football, a game neither possible nor fair.

Stainless Steel Demand Decline and Unequal Standards

Market data from SMR revealed that real stainless steel demand in Europe is expected to fall by 6% in 2024, following a decline of 3% in 2022 and 8% in 2023. The gap in production methods between Europe and Asian competitors is widening, as Indian and Chinese producers are not required to use high scrap ratios, giving them a distinct cost advantage. European steelmakers, driven by stringent EU decarbonization policies, are forced to use higher-priced scrap, further straining the industry's competitiveness.

Di Maulo emphasized that while both Europe and Asia rely on ferro-nickel and NPI, European producers face additional financial burdens that threaten the industry’s long-term viability. The decarbonization measures that Europe imposes on its steelmakers are not mirrored in Asia, where efforts to reduce carbon emissions fall short of European standards.

The situation is compounded by the upcoming European Carbon Border Adjustment Mechanism (CBAM), set to take effect in 2026. Di Maulo described CBAM as an experimental policy that risks accelerating deindustrialization by limiting raw material imports while incentivizing the import of finished goods. Other industry leaders echoed these concerns, warning that CBAM, conceived as a tax but transformed into a green policy tool, is impractical and will further weaken Europe's position in global trade.

Industry Leaders Call for Pragmatic Solutions

At the same conference, Indian producer Jindal Stainless highlighted India’s dependence on NPI due to rapid industrial growth and a shortage of scrap metal. Ratan Jindal, chairman of the company, pointed out that proposed restrictions on scrap imports, such as the EU Waste Shipment Regulation, will only exacerbate this issue.

The consensus among European stainless steel executives is that CBAM, as it currently stands, is deeply flawed. Spanish producer Acerinox’s CEO, Bernardo Velazquez, stressed the difficulty of applying CBAM uniformly across Europe due to differing national tax systems. Italian steelmaker Marcegaglia’s CEO, Antonio Marcegaglia, criticized CBAM for being limited to early stages of the production cycle and for failing to address the broader economic realities of the stainless steel industry. Dimitri Menecali of Arvedi AST added that without addressing Scope 3 emissions—those created further down the supply chain—CBAM would not effectively promote sustainability.

The industry is calling for more coordinated policies and international alliances to ensure Europe's stainless steel sector remains competitive. As di Maulo stated, “There is a role for industrialization in Europe, in innovation, high performance, and service-oriented materials.”