Tata Steel performance is 'historic' but best is yet to come: Chandrsekaran

Tata Sons chairman, N Chandrasekaran Thursday said the performance of Tata Steel is "historic" but its best is yet to come.

The Tata Group is committed to double the capacity of Tata Steel from the current 20 million tonnes in India to 40 million tonnes during this decade, Chandrasekaran said after paying his homage to its founder Jamsetji Nusserwanji Tata on his 183rd birth anniversary.

Tata Steel has had its best performance in its history. "In terms of output, financial performance, it has been a historic one", he said.

He complimented Tata Group in general and Tata Steel in particular for raising to the occasion in "multiple fronts" during the global lockdown.

"The Tata Group has come through with the support of all of you, it has been extremely satisfying. Tata Steel in particular rose to the occasion on multiple fronts whether it is ensuring employees' safety, ensuring that the citizens of Jamshedpur got the best of support during Covid," he said at a programme here.

The company had within the span of a few weeks during the second wave of COVID-19 increased its medical oxygen capacity ten fold and was able to get the necessary cryogenic cylinders to transport it, he said,

"All this would not have been possible without the citizens of Jamshedpur, who has always supported Tata Group and Tata Steel. It is a proof of the value system that has been instilled in the group by our founder for a very very long time," Chandrasekaran said.

Speaking about Jamshedpur, founded by Jamsetji Tata, he said "We are already making investment in Jamshedpur and have a desire that every Tata Group company has its home in the city ... In fact we have already brought in Tanishq, Bigbasket. Tata Power is very much active in the city," he said.

He hoped to develop the steel city not only as a national benchmark in term of sustainability, ease of living but as a world class city by creating all facilities and by bringing in digital technology.

Earlier, Chandrasekaran accompanied top officials of Tata Steel and Tata Group of companies paid tribute to its founder at Tata Steel works here.