JSW Steel delivered record production and sales in FY2024-25, but weaker steel realizations dragged down revenue and margins, creating a clear growth paradox: higher volumes but lower earnings quality. As India’s largest steelmaker, JSW’s next challenge is to turn its scale into more resilient earnings through higher VASP contribution, stronger raw material security, selective overseas improvement, technology partnerships, and decarbonization readiness.

【SMM Steel】ArcelorMittal's Mardyck site produced the first industrial coil on new lines, a key project milestone. The electrical steel is critical for e-mobility and energy transition, used in motors/generators for autos, wind turbines, and industrial equipment. Up to 400 people contributed. The first coil weighs >17 tons and measures ~4 km. The new line will triple ArcelorMittal's EU electrical steel capacity to 295,000 t/y, all in France.

【SMM Steel】Taiwan's CSC filed an AD petition on cold-rolled steel imports with the Ministry of Finance before the Qingming Festival. If no supplements are needed, a case could be launched by mid-May, with a preliminary decision due by mid-July. The move follows actions against HR and electrical steel. CSC's chairman confirmed plans to counter unreasonable pricing. The ministry typically announces its decision within 40 days.

[SMM Steel] Thyssenkrupp Steel Europe urged the European Commission to strengthen safeguards for grain-oriented electrical steel as low-cost Asian imports disrupt the market. Producers warn that current measures are insufficient, with cheaper imports already forcing production cuts in parts of Europe, particularly in France. The industry cautions that without stronger protections, domestic capacity and technical expertise may further decline.

【SMM Steel】Thyssenkrupp Steel Europe is pushing the EC for immediate trade protection to defend its grain-oriented electrical steel production. Cheap Asian imports have tripled since 2022 and soared 50% in 2025. Thyssenkrupp extended production cuts at two facilities. GO steel is essential for power grids but avoids existing quota cuts. The steelmaker warns 1,200 jobs and Europe's tech lead are at risk without a level playing field. Quick intervention is needed.

【SMM Steel】The European Commission launched a safeguard investigation into GOES imports. It aims to assess if rising volumes are causing serious injury to the EU industry. GOES is a critical material for power transformers. The scope also includes laminations and cores. The probe will assess import trends and market conditions. If injury is confirmed, temporary or definitive safeguard measures may follow.

[SMM Steel] On March 30, 2026, the European Commission officially launched a safeguard investigation into imports of grain-oriented electrical steel (GOES), as well as transformer laminations and cores. Unlike standard steel products, these were previously excluded from existing EU safeguard measures. The investigation aims to determine if a surge in imports is causing or threatening "serious injury" to EU domestic producers, marking a significant expansion of the EU's trade defense policy in the energy sector.

On March 27, 2026, the WTO Committee on Safeguards released a safeguard notification submitted by the EU delegation. On March 27, 2026, the European Commission issued a notice initiating a safeguard investigation into imported grain-oriented electrical steel products (Grain-oriented Electrical Steel). This case involved products under EU CN (Combined Nomenclature) codes 72251100, 72261100, and 85049013. Unless otherwise extended (by up to two months), the final determination will be made within nine months from the date of initiation. Interested parties shall register to respond within 15 days from the date of publication of this notice and submit questionnaire responses within 21 days.

【SMM Steel】Taiwan's Customs Administration announced an anti-dumping investigation on cold-rolled non-oriented electrical steel products from South Korea and China on December 15, following China Steel Corporation's application alleging unfairly priced imports potentially harming domestic industry. The Customs Administration initiated the probe after concluding reasonable suspicion of dumping and injury. The Ministry of Economic Affairs will preliminarily determine industry damage within 40 days, followed by the Ministry of Finance's dumping assessment within 70 days to decide provisional AD duties, with interested parties required to submit information within 20 days of the announcement. The products involved are cold-rolled non-oriented electrical steel with thickness 0.135-0.715 mm, excluding steel tested at 50 Hz and maximum magnetic flux density 1.5Wb/m2 with iron loss values above 13.00W/kg or below 1.80W/kg, primarily used in motors, transformers, voltage regulators and electromagnetic switches, classified under 26 HS codes.

On June 8, 2025, the non-oriented electrical steel continuous annealing line of Ningbo Narita New Material Technology Co., Ltd. was successfully commissioned in one attempt! The non-oriented electrical steel continuous annealing line of Ningbo Narita New Material Technology Co., Ltd. has an annual production capacity of 280,000 mt/year, with a designed maximum process speed of 140 m/min. It can produce non-oriented electrical steel products with specifications of 900-1250 x 0.30-0.65 mm. Ningbo Narita is located in the Hangzhou Bay New Area of Ningbo. From the line design to on-site construction, Shanli Technology adopted internationally advanced key technologies and equipment for the continuous heat treatment of electrical steel. To ensure the safe, high-quality, and efficient commissioning of the project, both parties actively cooperated and coordinated planning in the installation, commissioning, and hot load testing work, striving for excellence. The project officially commenced on February 11, and at 17:00 on June 8, the first coil of finished electrical steel was successfully rolled off the line, with good shape and qualified properties. Both parties will continue to deepen cooperation in multiple technological fields in the future, continuously exploring new cooperation prospects, and jointly contributing greater strength to China's development of new quality productive forces and acceleration of the green industry!