Latest news with #GreenSteel
Yahoo
6 days ago
- Business
- Yahoo
MicroStrategy Bolsters Its Bitcoin War Chest
Fitting, given its recent name change, Strategy — the Michael Saylor company formerly known as MicroStrategy — is thinking really, really big when it comes to bitcoin. On Monday, the company, a self-styled business intelligence and cloud-based services firm, announced that it had purchased 6,220 bitcoin worth $739.8 million last week. That adds to an already massive stockpile. Massive enough, in fact, that the company now owns roughly 3% of all bitcoin in circulation. READ ALSO: Fine Print: ETFs Born in Banner Year May Lack Staying Power and Gates-Backed 'Green Steel' Startup Clears Key Milestone Bit by Bit In total, Strategy owns 607,770 coins, worth roughly $72 billion as of late Monday. That's enough to make Strategy the world's largest corporate owner of the preeminent cryptocurrency, and is the result of a buying strategy (pun intended) that began back in 2020 as the firm sought a hedge against inflation. Along the way, Strategy has funded its bitcoin buying spree by issuing a combination of common and preferred shares, as well as via debt (case in point: the company said last week's bitcoin purchases were fueled by the proceeds of a roughly $740 million share sale, the vast majority of which were common shares). The gambit by the so-called bitcoin treasury appears to be paying off so far: Shares of Strategy have soared roughly 3,500% since the company began its bitcoin-buying campaign, while the price of bitcoin has soared some 1,100% over the same time. That compares with a measly 120% rise in the overall S&P 500 during the same time, according to a recent Bloomberg analysis. Coming Attractions: The timing of Strategy's latest bitcoin gains was hardly a surprise. Last week also marked 'Crypto Week' on Capitol Hill, with a flurry of pro-crypto industry bills passing in the lower chamber of Congress. Meanwhile, federal officials have been pushing Fannie Mae and Freddie Mac to consider crypto holdings in their mortgage risk assessments, further legitimizing the digital currencies. It's no surprise, then, that Saylor has already hinted at what the company plans to do next: buy more bitcoin. This post first appeared on The Daily Upside. To receive delivering razor sharp analysis and perspective on all things finance, economics, and markets, subscribe to our free The Daily Upside newsletter. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Time of India
17-07-2025
- Automotive
- Time of India
AM/NS India commissions India's first high-strength galvanising line at Hazira
New Delhi: ArcelorMittal Nippon Steel India ( AM/NS India ) has commissioned a new Continuous Galvanising Line (CGL) at its integrated steel plant in Hazira, Gujarat, becoming the first company in the country with a facility capable of producing Advanced High-Strength Steel (AHSS) with strength levels up to 1180 megapascals (MPa). The development is part of the company's ongoing ₹60,000 crore expansion project aimed at scaling up its upstream and downstream production capacity. The expansion project was inaugurated by Prime Minister Narendra Modi in 2022 and targets increasing the Hazira plant's capacity from the current 9 million tonnes per annum (MTPA) to 15 MTPA, with a future goal of reaching 24 MTPA. The new CGL is designed to manufacture Galvanised (GI) and Galvannealed (GA) coated flat steels, including licensed products from parent companies ArcelorMittal and Nippon Steel. These products are aimed at meeting the demand for high-formability and high-strength materials in the domestic automotive industry, especially in view of India's Corporate Average Fuel Efficiency (CAFE) Phase III norms coming into effect from April 2027. "The commissioning of the first-of-its-kind Continuous Galvanising Line marks another defining moment in our expansion project, inaugurated by the Hon'ble Prime Minister Narendra Modi ji. This ambitious project's efforts are now coming to fruition, and we can proudly say that the new line and upcoming facilities are designed to produce steel that matches the quality of offerings currently available in developed nations," said Dilip Oommen, Chief Executive Officer, AM/NS India. "With the constant support from our parent companies, we have set new benchmarks and further strengthened our ability to deliver world-class products, including the highest-strength steel ever produced in India to meet the evolving needs of the automotive sector. Indigenous production from this unique line will contribute meaningfully towards the country's self-reliance goal,' he added. The new line incorporates environmental technologies including waste heat recovery, advanced thermal energy control, regenerative electrical drives and the use of electrolytic hydrogen. These are expected to reduce CO₂ emissions intensity in line with India's Green Steel Taxonomy and sustainability goals. In addition to Hazira, the company is also progressing plans for new integrated steel plants in Andhra Pradesh and Odisha. Land acquisition has commenced in Andhra Pradesh, while planning for the Odisha project is underway. The company said the commissioning strengthens its downstream capacity for value-added steel products and helps reduce reliance on imports of high-grade steel. The facility also supports India's Production Linked Incentive (PLI) scheme and other initiatives to promote domestic manufacturing of specialised steel products.
Time of India
30-06-2025
- Business
- Time of India
Tata Steel Nederland submits its EIA report
Jamshedpur: Tata Steel Nederland (TSN) has submitted its Environment Impact Assessment (EIA) to the province of North Holland. The report lays bare the environmental and health implications of the Steel Major's plans to overhaul its steel production at the Ijmuiden site. "The new steel plant, which will operate using natural gas and green electricity instead of coal, is expected to slash CO₂ emissions by 5 million tonnes," the company said in a press release on Monday. With future integration of hydrogen, bio-methane, and underground carbon storage, the reductions could go even further- making this the largest single-company CO₂ cut in the Netherlands. "Our Green Steel plan, developed in close collaboration with trade unions and fully backed by our parent company in India, represents an unprecedented shift. We are moving away from coal, and towards a cleaner, greener future,", Hans van den Berg, chief executive officer of TSN, said in a statement.
Deccan Herald
19-06-2025
- Business
- Deccan Herald
Clean technologies no longer a choice but a necessity for steel industry: Minster Kumaraswamy
In December 2024, the government came out with the definition of Green Steel and urged the industry to take measures to bring down carbon emissions below the level of 2.2 tonnes on per tonne of finished products.
