POSCO registered a decline of 36% in its operating profit for the three month period ended March 2011.

The South Korean company failed to meet up the market projections because of high raw materials prices in addition to feeble demand.

Steel Authority of India Ltd is making plans to invest around $12 billion to establish four steel facilities abroad.

On the sidelines of a steel conference organized by the Indian Chambers of Commerce, Mr. C. S. Verma, SAIL Chairman, stated, "We will invest about $12 billion to set up four overseas units. Each of these units will have a capacity of 3 million tones."

Steel Authority of India (SAIL) has registered a drop of 34% in its net profit, which remained at Rs 1,107.47 crore for the three month period ended December 2010.

State-run integrated steel manufacturer had a net profit of Rs 1,675.55 crore during the same period of 2009.

Essar Hypermart, the retail chain for steel products of Essar Steel, is making plans to increase the total number of its outlets.

While addressing media people, Girish Rao, CEO, Essar Hypermart stated that the plan was to open 776 outlets by March 2011 from the existing 520.

In a major declaration, Steel Minister Virbhadra Singh stated that the consumption of the finished steel in India has gone up by 9.4% during the five month period ended August 30 (Apr-Aug).

But, the production grew only by 2.6% during the period under review (Apr-Aug).

JSW Steel Ltd has recorded an increase of 3.01% in its net profit, which stood at Rs 350.27 crore during the first quarter of the existing financial year.

The country's second largest steel manufacturer had recorded a net profit of Rs 340.02 crore in the same period of 2009.

Lighting solution provider Surya Roshni announced that its arm Surya Global Steel Tubes (SGST) is all set to pump Rs 400 crore to build a greenfield steel pipe manufacturing plant in Bhuj, Gujarat. 

According to the sources, establishing of the new plant is part of the company's strategy to provide to demand steel pipes in the oil and gas sector. 
 
The sources further revealed that the proposed plant will be equipped with an initial capacity of two lakh metric tonnes and is expected to be commissioned by December next fiscal.

United States Steel Corporation has informed that it temporarily ceased three of its plants for the coming few weeks following a steep decline in demand for steel products due to the worldwide economic slump.

According to the sources, this action would affect approximately 3,500 employees over the indefinite period at US Steel's Keewatin, Detroit and St Louis plants.

Japan's Kobe Steel and India’s Essar Steel have signed a partnership pact, as a result of which, the Indian company gains access to the technology for making high-grade steel products while providing raw materials to the Japanese company. It is for the first time that the $21.3-billion Kobe Steel has signed an agreement with an Indian steel company.

AHW Steels, an arm of Kolkatta based Bagaria group, has made announcement that the company is proposing to set up a cement unit in Kutch.

According to the sources, the company has decided to pump Rs 12 billion for the proposed unit.

The sources further revealed that the company is expected to clinch a memorandum of understanding (MoU).

AHW Steels is searching the options to acquire about 1,000 acres of land in Kutch for the cement project. It has sought mining lease from the state government the process for which is on.