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Editor's Note
Dear Readers,
The October edition of the Iron & Steel Review newsletter features an insightful interview with Hiroyuki Fujiwara, President and CEO of Shinagawa Refractories Co., Ltd. In this discussion, Fujiwara marks Shinagawa’s 150thanniversary as both a tribute to its legacy in Japan’s industrial growth and a reaffirmation of its commitment to driving innovation and sustainable progress into the future. Highlighting Japan’s market saturation, he emphasises Shinagawa’s global growth strategy — strengthening its presence across the Americas and Europe while remaining agile, customer-focused, and quality-driven. The newsletter also provides a comprehensive overview of the Indian steel industry’s performance for the period April–September 2025.
In the news section, SAIL has reported strong financial and operational performance in H1 FY’26. Meanwhile, on the global stage, Primetals Technologies has secured an order to supply a continuous tandem cold mill to a Chinese steel producer. The October edition offers in-depth insights into these significant developments and much more, providing readers with valuable perspectives on the evolving landscape of the steel industry. Santosh Mahanti, Editor & CMD |
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“Shinagawa will remain agile, responsive, and committed to sustainable growth and continuous innovation”
The following is an edited excerpt from the interview with Hiroyuki Fujiwara, featured in the October issue of Iron & Steel Review. In this exclusive conversation, he reflects on Shinagawa’s 150-year journey as both a personal and corporate milestone, and outlines the company’s strategic shift toward global growth, underscored by recent investments and international expansion.
As Shinagawa marks its 150th anniversary, could you share your reflections on this major milestone? What does this achievement mean to you personally and to the company as a whole?
For 150 years, Shinagawa’s history has been closely intertwined with Japan’s path to modernisation. In key industries such as steel, we have played a vital role in supporting the nation’s development by supplying essential refractory materials. The technical expertise and trust we have built over this long history form the solid foundation on which Shinagawa proudly stands today.
Having spent more than 30 years in the steel industry — Shinagawa’s primary market — I am both honored and humbled to serve as President & CEO during this significant 150th anniversary. This rare and meaningful milestone holds deep personal significance for me.
While I fully appreciate the weight of this responsibility, I believe it is just as important to honor our legacy as it is to guide Shinagawa into a future aligned with the evolving needs of society. As we move forward, Shinagawa will remain agile, responsive, and committed to sustainable growth and continuous innovation.
On a personal note, this is one of the most fulfilling chapters of my career. And as a company, we are excited to introduce the renewed Shinagawa at this historic turning point. We will continue to build on our strengths, create new values, and drive progress well into the future.
Shinagawa’s global expansion has been accelerated since you took office. What is your overall vision for further expansion in the next 5 to 10 years, and what criteria do you use to identify potential markets for expansion?
When I assumed the role of President & CEO, it was already clear that Japan’s domestic market had reached a point of saturation — and that future growth would need to come from overseas. In this context, I take great pride in the progress we have made in expanding our global footprint. This journey began with the establishment of SRB (Brazil) and SSCA (USA) in 2021, followed by our investment in the Gouda Refractories Group (Netherlands) last year, and most recently, our investment in Reframax Engenharia (Brazil) earlier this year.
Recognising that our global expansion now spans not only refractories but also ceramics and engineering, I restructured our planning and management functions in Japan accordingly. As part of this transformation, I established the Overseas Business Department — a cross-functional unit created to support and strengthen our International operations across all business segments — under the leadership of Heiki Miki, Managing Executive Officer.
Looking ahead, our focus remains firmly on accelerating overseas growth, especially given the limited potential for significant expansion in the Japanese market. To succeed in this environment, we must adopt an “emergent strategy”— one that enables us to navigate uncertainty with agility and resilience. Rather than reacting to change, we must anticipate it, embrace it, and continually evolve our strategic approach.
While scaling our global business is a key objective, we believe that quality matters even more. No matter how far we expand, our unwavering commitment to staying close to our customers and consistently delivering value will remain at the heart of everything we do.
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Performance Overview of the Indian Steel Industry in April-September, 2025
In April–September 2025, the Indian steel sector demonstrated notable growth across several key areas:
Crude steel output reached 13.789 million tonnes (MT), reflecting a year-on-year (y-o-y) growth of 15.0%.
Pig iron production surged to 0.722 MT, marking a 3.8% increase y-o-y.
Hot metal production also recorded substantial growth, totalling 7.934 MT, with a y-o-y rise of 7.0%.
Finished steel production stood at 13.332 MT, representing a y-o-y growth of 14.7%.
On the trade front, the steel industry faced challenges:
Imports of finished steel declined sharply to 0.648 MT, a drop of 36.3% compared to the year-ago period.
Exports of finished steel fell even more steeply to 0.584 MT, registering a 47.6% decline y-o-y.
Finished steel consumption remained strong at 13.476 MT, achieving a y-o-y growth of 9.0%.
Overall, India continued to be a net importer of finished steel in September 2025. |
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SAIL Reports Strong Financial and Operational Performance in H1 FY’26
The Steel Authority of India Limited (SAIL), a Maharatna public sector enterprise, announced its financial results for the half-year ended September 30, 2025 (H1 FY’26), reflecting robust operational performance, improved profitability, and continued financial discipline.
The state-owned Maharatna, SAIL, has recently released its financial results, showcasing resilient operational performance and improved profitability. The company maintained steady crude steel production at 9.5 million tonnes, reflecting consistent operational efficiency. Sales volume grew by 16.7% as the company expanded its outreach to retail and other consumer segments. Revenue from operations surpassed Rs. 52,600 Crores, supported by higher sales volumes despite challenges on the pricing front. Profit After Tax (PAT) rose sharply by around 32%, highlighting operational efficiency and cost optimisation. Meanwhile, the company’s debt declined to Rs. 26,427 Crores, as thrust to move towards the March 2023 level is in full harness.
Speaking on this occasion, CMD, SAIL said, “H1 FY'26 performance demonstrates SAIL's consistency across both operational and financial metrics. The Company has maintained high capacity utilisation for steady production. With steely resolve and collective team efforts, we have achieved a significant increase in sales volume despite the volatility in global steel markets. Coupled with the drive towards efficiency improvement and cost rationalisation, this translated into robust financial performance.”
As India moves towards becoming a low-carbon economy, SAIL remains committed to contributing to this transition while ensuring sustainable profitability through product diversification, customer-centric strategies, digitalisation, and envisaged expansion to supplement the ongoing efforts. |
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Primetals Technologies to Supply Continuous Tandem Cold Mill for Chinese Steel Producer
Primetals Technologies has secured an order to supply a Continuous Tandem Cold Mill (C-TCM) for silicon steel products. The order was placed by a major steel producer in Hebei province, China.
Primetals Technologies will oversee the complete line design, supply, and automation, as well as advisory services for installation and commissioning. The new mill will enable the producer to manufacture high-value-added silicon steel products, further strengthening its portfolio.
The Hyper UCM features work roll shifting and an optimised combination of work roll and intermediate roll diameters. This design enables the use of smaller-diameter work rolls with shifting functionality, which are essential for achieving extremely thin final gauges. Furthermore, advanced lubrication technologies enable higher reduction rates than conventional cold mills. As a result, the mill can process higher-strength materials into thinner strips, ensuring superior quality and productivity.
The project is scheduled to start operations by the end of 2027 and is expected to significantly increase the producer’s annual output value. In recent years, Primetals Technologies has supplied two sets of automation control systems for similar plants to this enterprise. These systems have demonstrated reliable performance and high control accuracy, strengthening the producer’s confidence in Primetals Technologies. This new project further reinforces the company’s leading position in technologies for the silicon steel sector.
Primetals Technologies’ reliable Level 1 automation solution is a high-precision, fully integrated control system based on the TIA series. Level 2 automation features advanced control algorithms, model-based calculations, and self-learning capabilities using neural network principles to achieve precise thickness tolerances, accurate edge drop control, and superior flatness quality.
The automation solution supports the production of high-quality silicon steel by leveraging advanced systems, such as strip temperature modeling, off-gauge optimisation, and edge drop control. Additionally, the Central Operation Cockpit (COC), combined with digital assistant systems, enables a single operator to manage multiple plant sections, reducing the need for manual intervention and enhancing production efficiency. |
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4TH INDIAN STEEL CONFERENCE
January 16-17,2026
EMERGING TECHNOLOGIES IN LONG & FLAT STEEL
Conference & Exhibition at
Durgapur Steel Club
Website: www.isrinfomedia.com |
5TH INDIAN STEEL & 2ND REFRACTORY CONFERENCE
March 12-13, 2026
NEXT-GENERATION REFRACTORY SOLUTIONS FOR THE IRON & STEEL INDUSTRY: CHALLENGES AND EMERGING TRENDS
Conference & Exhibition at Vivanta Kolkata EM Bypass
Website: www.isrinfomedia.com |
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