India Desk

India aims $35B foreign investment in 2008-09 The steel sector in India is badly affected by the failing global steel prices, making imports dearer with the depreciating Indian Rupee. The projected target of having an installed capacity of 100 million tons per year of steel production by 2012 is likely to be missed as expansion plans are stalled. The country誷 three steel majors, JSW Steel Ltd, Jindal Stainless Ltd and Bhushan Steel Ltd, have decided to put their expansion plans on hold until the financial crisis weathers out. Eight infrastructure sectors are set to attract over $333 billion in investment during the next five years. Financing the projects is perceived to be a challenge in the current financial situation, but it is not likely to impact investments in the long run as infrastructure projects have a higher rate of return over longer periods of time. Engineering, auto, capital goods and construction sectors are likely to benefit from falling metal prices, steel in particular. Decreasing inflation followed by an expected dip in interest rates will be favorable to the auto sector. Funding new projects through equity and debt is likely to be challenging for the engineering and the capital goods sector. This makes for a mixed reaction from different sectors of the Indian industry on the impact of the current global credit crisis. Corus acts to lessen impact of softening near-term steel outlook Corus, a unit of Tata Steel Group, is to take decisive action to mitigate the effects of the softening near-term steel demand outlook. Corus has decided to reduce its crude steel production over the next three months by up to 20%, i.e. by around 1 million metric tones. The decision is aimed at aligning steel production with demand, which is now affected by the consequences of the global financial crisis. 襑e are taking appropriate steps to optimize our operations and protect our sound financial position over the next few months,?said Philippe Varin, Corus CEO. No change in production from current levels is planned for the operations of Tata Steel Group outside Europe. Tata Steel, Nippon Steel sign agreement Tata Steel and Nippon Steel Hardfacing Company (NSH) have signed an agreement on the transfer of overlay welding technology for surface conditioning of steel rolls used at different steelmaking processes. NSH誷 welding technology will now be available to Tata Steel for surface conditioning of steel rolls used at different stages of steelmaking processes, such as continuous casting and continuous hot strip rolling. This will be used to enhance the resistance to wear, corrosion and thermal shock of steel. To transfer the technologies, more specifically, for selection of welding materials suitable for widely varying use-conditions of rolls, the agreement provides for training of Tata Steel誷 personnel in Japan, sending NSH誷 specialists to Tata Steel for experience sharing and training and supply of special welding equipment and consumables. The agreement will provide opportunities to both companies.They will share feasible techniques and implement them so that they can both benefit. The WH Technique offered by NSH is a proven technique and it is continuously upgraded through improvements in process and consumables. NSH have integrated welding machine, process and consumables to suit the steelmaking/ rolling process, and improved upon the life of the components and the equipment, based on feedback from NSC plants. RathGibson titanium tubing to be installed in Tata Mundra project RathGibson Inc.誷 Bahrain branch office was successful in securing a major contract in India's first 4,000 megawatt power project. RathGibson, a manufacturer of welded, welded and drawn, and seamless stainless steel, nickel, and titanium tubing, has been chosen by one of India's largest engineering firms, Larsen & Toubro, to supply Titanium welded tNew Balance