JSW Steel, the country’s third-biggest steelmaker, reported a 10 per cent fall in quarterly net profit, beating expectations, and said it expected to operate its main plant at 80 per cent capacity in 2012-13, as iron ore supplies take time to stabilise.

Production at JSW Steel’s 10-million-tonne per year Vijayanagar plant in Karnataka has been affected since August after the Supreme Court put an interim ban on mining in the state, citing illegalities in some mines. While ore supplies have been partially restored through auctions, the Supreme Court last week ordered the Central Bureau of Investigation to probe JSW Steel’s alleged involvement in illegal iron ore mining in the state.

Taking a tough stand on environmental issues, the Gujarat High Court has directed steelmaker Electrotherm (India) Ltd to close down its manufacturing plant in Kutch district and quashed the environmental clearance granted to it by the Union Ministry of Environment and Forest without holding a public hearing as per rules.

Electrotherm's 36,000 tonne per annum (tpa) facility for producing structural steel, alloy steel and stainless steel at Samkhiali in Bhachau taluka of Kutch district is also known for making of Yo-bikes, India's first battery-run two-wheelers.

India's Supreme Court Friday ordered the Central Bureau of Investigation to probe JSW Steel Ltd.'s role in procuring iron-ore from illegal mines in the southern state of Karnataka.

A panel formed by the court had earlier sought the probe while submitting its investigation report on illegal mines in three mineral-rich districts of Karnataka.

The apex court has also asked the federal agency to probe the role of Karnataka's former chief minister, B.S. Yeddyurappa, in allowing illegal mining.

Special bench headed by Chief Justice asks for report by Aug 3, asks AP govt to co-operate in investigations

In a setback to former Karnataka Chief Minister B S Yeddyurappa, the Supreme Court today directed a CBI probe against him for allegedly granting undue favours to firms involved in illegal mining in lieu of donations to a charitable trust run by his kin. A Special Forest bench headed by Chief Justice S H Kapadia directed the probe agency to carry out the probe uninfluenced by the stature of the person and political clout and corporates involved in the case and file its report by August 3.

New Delhi Notwithstanding the CAG stance favouring the auction route for allocation of natural resources, power companies such as NTPC, Tata Power, Rpower and Jindal Power might get another set of captive coal blocks without having to go through the bidding process.

The new rule on coal block auctions finalised by the coal ministry proposes to carve out a portion of the country’s coal reserves for the power sector that would be offered to companies through state-run corporations. Those companies that have been awarded a power project on the basis of tariff-based competitive bidding would be eligible for this exclusive allocation, official sources said.

The stock tanked over 8% at Rs 606 on huge volumes

JSW Steel has tanked over 8% at Rs 606 on reports that the Supreme Court (SC) orders the Central Bureau of Investigations (CBI) probe on the company’s mining case. Earlier, a panel appointed by the SC has recommended that the apex court direct CBI to look into linkages between the donation of Rs 10 crore made by South West Mining, an associate firm of JSW group and alleged receipt of illegal mineral ore by JSW Steel and the alleged favours shown to it in respect of Mysore Minerals Limited.

In a move to reduce dependence on highly priced Australian coking coal, India will acquire a mine in Mongolia and also set up the first steel plant in the quality coal rich country.

The Indian delegation comprising of Chairman of Steel Authority of India (SAIL) C.S. Verma and U.P. Singh, Joint Secretary in the Ministry of Steel will go to Ulaanbaatar on Friday to sign a pact in this regard.

BHUBANESWAR: With patience running thin after a long wait to see its greenfield projects in Odisha and Jharkhand take off, ArcelorMittal seems to have learnt it the hard way that the wait has to be much longer. And hours after a ‘harsh’ statement from the company spokesperson in New Delhi, the State Government said it would review the project’s progress.

India-shy L N Mittal, the company CEO, had told his shareholders at a meeting in Luxembourg on Tuesday that Indian projects may not see the light for the next five to 10 years.

The CBI is unlikely to book the 15 lease holders whose mines were taken over by an alleged mafia operated by former Karnataka minister G Janardhan Reddy between 2008 and 2010 in an illegal mining scam case. The CBI chargesheet, which is to be filed in court before May 30, would focus on loot of iron ore through illegal encroachments by Reddy’s Associated Mining Company (AMC) rather than on forcible takeovers that also generated illicit iron ore for the company, sources said.