Industry spreads globally have shrunk in recent months: Tata Steel CFO

'Steel is a foundation industry for any nation', says Koushik Chatterjee

Amid a challenging macro environment, Tata Steel Executive Director and Chief Financial Officer Koushik Chatterjee tells Ishita Ayan Dutt about the company’s plan to turn around its Europe arm. Edited excerpts:

What is the transformation plan to make Tata Steel Europe cash-positive?

Tata Steel Europe is implementing a transformation project to become positive on operating cash flow. Several levers have been identified for structural cost takeout. Such as element-wise reduction in cost of goods sold, procurement, optimising of working capital and recalibration on capital expenditure. These are in addition to the improvement programmes being implemented in both Netherlands and the UK.

What savings