The steel major has commissioned its new 0.5 MnTPA steel recycling plant at Rohtak, Haryana.
The plant has been set up in collaboration with Aarti Green Tech, as a 'Build, Own, Operate' (BOO) partner. The plant is equipped with modern & mechanised equipment such as shredder, baler, material handler etc. The scrap would be procured from various market segments such as end-of-life vehicles, obsolete households, construction & demolition, industrial etc., through an app called FerroHaat.The scrap would then be processed through mechanised equipment and the processed scrap would be supplied for downstream steel making. The steel produced through the recycled route entails lower carbon emissions, resource consumption & energy utilisation.
Simultaneously, Tata Steel has also launched two new brands - Tata FerroBaled and Tata FerroShred for the baled & shredded ferrous scrap produced in its new facility. These products are high quality processed scrap and provide the raw material fillip to Indian steel industry by making available quality processed ferrous scrap and reducing the dependency on imports.
Both Tata FerroBaled and Tata FerroShred provide high cleanliness, low contamination, high bulk density, lower tramp elements & no radioactivity. The products would be accompanied with test certificates, a first in the scrap industry, along with propositions like higher yield, better productivity, lower conversion costs, lower transportation & handling costs and a better quality.
Following the update, shares of Tata Steel rose 0.11% to Rs 1,505.15 on BSE.
The steel major's consolidated net profit stood at Rs 9,768.34 crore in Q1 June 2021 (Q1 FY22) compared with net loss of Rs 4,648.13 crore in Q1 June 2020 (Q1 FY21). Revenue from operations surged 110.3% to Rs 52,574.34 crore in Q1 FY22 as against Rs 24,997 crore in Q1 FY21.
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Tata Steel Group is among the top global steel companies with an annual crude steel capacity of 34 million tonnes per annum. It is one of the world's most geographically-diversified steel producers, with operations and commercial presence across the world.
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