[SMM Iron & Steel] India's SAIL and NMDC Explore Coking Coal Asset Acquisition in Russia

Turkish specialty steelmaker Çemtaş Çelik Makina Sanayi posted a net loss of 172.56 million lira ($3.62 million) during the first half of 2026, dropping sharply from a 19.85 million lira profit in the same period last year. The financial downturn was accompanied by an 8.8% year-on-year drop in steel billet output to 74,719 metric tons, while rolled steel production contracted 11.1% to 67,171 metric tons. Squeezed domestic margins pushed the manufacturer's total sales revenues down 9.3% to 3.44 billion lira.

India's Jindal Stainless Limited (JSL) has officially begun scouting land in the state of Maharashtra to construct a new $4.2 billion greenfield steel mill. The proposed multi-phase facility targets an ultimate production capacity of 4 million metric tons of specialized stainless steel per year. Management expects to secure the necessary land within the next two quarters, aiming to operationalize the first phase within four years to supply emerging infrastructure and defense sectors.

The European Commission is proposing a timeline extension for the phase-in of its Emissions Trading System (ETS) free allowance reductions, pushing the full carbon cost integration out to 2038. This regulatory revision would significantly moderate the near-term compliance costs imposed by the Carbon Border Adjustment Mechanism (CBAM). Turkish steel and aluminum exporters would benefit from a more gradual phase-in, protecting their price competitiveness within the European market over the next decade.