At a dinner in Taj Chambers on July 22, 1993, after a marathon annual general meeting of Tata Steel, Ratan Tata asked B Muthuraman and T Mukherjee (senior general managers then), “Would you let the bluest of blue chip companies have a red bottom line?” The context of that question was a miserable first quarter result in the backdrop of competition from imports, signalling a transition to a buyer’s market.

><table width='100%' border=0 cellspacing=0><tr><td style='FONT-FAMILY: Arial; FONT-SIZE: 18px; FONT-WEIGHT: bold; COLOR: #0253B7;'>Stumbling along in Europe, Tata Steel reaches a crossroads</td></tr><tr><tr><td style='FONT-FAMILY: Arial; FONT-SIZE: 11px; FONT-WEIGHT: bold;'>Tata Steel group

Stumbling along in Europe, Tata Steel reaches a crossroads

Tata Steel group's fortunes have seesawed with steel prices, primarily because European operations accounting for 60% of revenues don't have captive raw material resources

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