India should build a manufacturing economy which is greener than China's, with a holistic approach that involves both the government and the private sector, Tata Steel CEO T V Narendran said on Wednesday. While addressing a panel discussion at AIMA Convention here, Narendran stressed the need to make the transition to a green manufacturing economy at a fast pace, else India would lose market share. "Unlike China which built a large manufacturing economy and now is trying to make it green, India can build a large manufacturing economy which is greener than the one that China built over the last 20-30 years," he said while replying to a question on the energy transition from fossil fuel to a cleaner future driven by two sectors cement and steel. "So that's an opportunity for India. It is also a risk for India. If India does not make the transition fast enough, we will find that large economic blocks like the US, Europe and China have already made the transition and India gets locked o
Tata said in January that up to 2,800 jobs were at risk from closure of its two blast furnaces at Port Talbot, with about 2,500 job losses likely next year after 2023 govt-backed plan to shut them
Moody's Rating on Wednesday said it has maintained a stable outlook on Tata Steel, expecting the domestic steel major to improve its earnings over the next two financial years. In a report, Moody's said it expects Tata Steel's consolidated EBITDA to be around Rs 290 billion in fiscal ending March 2025 and Rs 380 billion in fiscal 2026, from Rs 241 billion in 2023-24. "The rating affirmation and stable outlook reflect our expectation that the structural improvement in Tata Steel's earnings over the next two years will mitigate the risks associated with new state taxes on mining activities in India and developments at its operations in Europe, amid challenges in the broader steel sector," Hui Ting Sim, a Moody's Ratings Assistant Vice President and Analyst, said. Its forecast assumes that Tata Steel's India operations will generate EBITDA per tonne of Rs 14,700-Rs 15,300 in FY25 and FY26 before state mining taxes, which aligns with the company's 8-year average earnings. Further, the
Tata Steel, JSW Steel, and other companies may see higher costs and reduced profitability from new state-imposed mining taxes, leading to inflation, following a Supreme Court decision
Tata Steel's retail sales volume was about 2 million tonne (mt) in FY24
Tata Steel on Wednesday said it has acquired about 116 crore equity shares in its Singapore-based arm for USD 182 million. "Tata Steel acquired 1,15,92,35,669 ordinary equity shares of face value USD 0.157 each aggregating to USD 182 million (Rs 1,528.24 crore) in T Steel Holdings Pte Ltd (TSHP)," the company said in an exchange filing. Post this acquisition, TSHP will continue to be a wholly-owned subsidiary of the company, it added.
The Supreme Court ruled in favor of the State governments' authority to levy taxes on mineral rights.
Tata Steel MD and CEO warned that low-priced Chinese steel may impact Indian cos capex plans
Narendran discusses issues from the UK strategy to the potential impact of the recent Supreme Court ruling on mineral tax
Weak demand weighed on steel prices, says firm's CEO & MD
Tata Steel on Monday said it has acquired over 557 crore equity shares in its Singapore-based arm for USD 875 million. In May, Tata Steel's board had approved infusion of funds into T Steel Holdings Pte Ltd (TSHP), by way of subscription to equity shares in one or more tranches, the company said in an exchange filing. "Further to our disclosure dated May 29, 2024... we wish to inform you that, the company has today acquired 557,32,48,408 equity shares of face value USD 0.157 each aggregating to USD 875 million (Rs 7,324.41 crore) in TSHP," Tata Steel said. Post this acquisition, TSHP will continue to be a wholly-owned subsidiary of the company, it said.
Two crucial processing systems at Kalinganagar facility to be commissioned in the next few quarters
The transition from blast furnace to EAF technology puts 2,800 jobs at risk and the Labour government has been engaging in discussions to try and save jobs, according to reports in the UK
Fitch Ratings on Friday revised its outlook on domestic steel major Tata Steel to negative on account of uncertainty surrounding the turnaround of the company's operations in the UK. However, the expected robust growth in Tata Steel's India operations and likely earnings before interest, taxes, depreciation, and amortization (EBITDA) profits at Dutch operations in FY25, may offset any losses at UK operations, Fitch Ratings said in a report. "Fitch Ratings has revised the Outlook on India-based Tata Steel Limited's (TSL) Issuer Default Rating (IDR) to Negative, from Stable, and affirmed the IDR at 'BBB-'. "We have also affirmed the rating on the USD 1 billion notes due July 2024 issued by TSL's subsidiary ABJA Investment Co. Pte. Ltd. and guaranteed by TSL, at 'BBB-'," the statement said, adding that the negative outlook reflects uncertainty surrounding turnaround of the UK operations. The rating agency further said that the change in the UK government and labour union's actions to
Private steel major Tata Steel recently launched a carbon bank, a virtual repository through which carbon dioxide will become a value-creating asset for future usage, a company statement said here on Wednesday. CO2 is widely recognized as a harmful substance emitted due to the use of various fossil fuels in industry and transportation. The steel industry, in particular, often relies on coal and other fossil fuels in its production line, resulting in the release of large quantities of CO2. The carbon bank is aimed at measuring and managing carbon dioxide savings generated from various sustainability projects. These savings not only contribute to environmental goals but also hold the potential for generating revenue that can be reinvested into further decarbonization efforts, it said. Rajiv Mangal, Vice President (Safety, Health & Sustainability), Tata Steel, said "In the face of mounting global concerns about sustainability, Tata Steel has taken proactive steps to spearhead carbon .
Tata, Britain's biggest steel producer, started closing one of its carbon-intensive blast furnaces on Thursday while the shutdown of its other one is slated for September
The decommissioning of blast furnace number 5 was in sync with the timeline indicated by the company earlier
A steelworkers' union planning to begin industrial action over Tata Steel UK future plans for its Port Talbot plant in Wales on Monday called off their strike, saying further investment talks had been assured. Unite the Union had said they would begin their strike action from July 8, leading to Tata Steel UK challenging the balloting process and also bringing forward a planned closure of blast furnaces. The company welcomed Unite's decision against a strike and shelved the early closure plans. "We have received written confirmation from Unite Union that with immediate effect they are suspending their current action short of a strike as well as the potential strike action due to commence on Monday 8 July, said a Tata Steel spokesperson. "As a result, and given we can now be confident of ensuring appropriate resourcing of activities to operate safely, we will halt preparations for the early cessation of operations on Blast Furnace 4 and the wider heavy end in Port Talbot, planned for
Tata Steel on Friday said it is being forced to commence legal action to challenge the validity of a steelworkers' union strike ballot, as it warned that its blast furnaces at Port Talbot may have to pause operations amid the industrial action. The Mumbai-headquartered steel major had originally planned to shut down one of the blast furnaces by the end of June and the second one by September. However, Unite the Union's proposed strike from July 8 could result in the closure being forced earlier. Following the announcement by the Unite Union to unilaterally call strike action from July 8, Tata Steel is unfortunately forced to commence legal action to challenge the validity of Unite's ballot, a Tata Steel spokesperson said. In the coming days, if we cannot be certain that we are able to continue to safely and stably operate our assets through the period of strike action, we will not have any choice but to pause or stop heavy end operations (including both blast furnaces) on the Port .
Tata Steel aims at having a minimum of 25 per cent of its workforce made up of diverse groups, including gender minorities, marginalised communities, persons with disabilities and LGBTQIA+ individuals, within the next few years, a company official said. It is one of the first companies in the country to roll out a special recruitment drive for transgender talent, having recruited over 100 members from the community for various roles across different locations, the official claimed. "Continuing this drive, we aim to have 25 per cent of our workforce from diverse groups in the next couple of years," the official said. A total of 113 transgender individuals have been onboarded and posted at various locations, including manufacturing, operations and maintenance, mining, and services. These employees are stationed in Noamundi, West Bokaro, Kolkata, Kharagpur, Kalinganagar, and Jamshedpur. Some of these employees work all three shifts and operate Heavy Earth Moving Machinery (HEMM) at th