Mr. T.V. Narendran, MD &CEO, Tata Steel says, “2017 saw a recovery in global steel demand, prices and trade leading to better than expected performance by India’s steel sector. The year not only saw India becoming the third largest steel producer in the world, it managed to successfully reverse the trend of increasing imports as it became a net exporter. Globally, G20 through the GFSEC has been working on addressing the excess steel capacity and we expect to see more work towards this endeavor in 2017-18. Focusing on the need to improve domestic demand, Govt of India’s National Steel Policy 2017 has drawn the long term road map for steel vision in India.
At Tata Steel, we are committed to further growing our business in India and we look forward to working closely with the Government contributing positively to India’s economic growth. During the year, we had a smooth and successful roll out of GST which had positive implications across our value chain in India. Post the successful ramp up of the 3 million tonne installed capacity at Kalinganagar, the Board has approved a further expansion to 8 million tonnes at an additional capital outlay of INR 23,500 crores to be raised in a combination of equity and debt.
This will help us meet India’s rising demand in automotive, general engineering and other valued-added segments. As for Europe, we announced our plan for an equal joint venture with thyssenkrupp AG and in doing so, create Europe’s second largest steel maker.”
Your email address will not be published. Required fields are marked *
Save my name, email, and website in this browser for the next time I comment.
Sign me up for the newsletter!
Notify me of follow-up comments by email.
Notify me of new posts by email.
UK Government announces £10 million for small businesses to kickstart tourism
Aditya Birla Sun Life Insurance launches Child’s Future Assured Plan
Andy Edwards appointed Springboks new Head of Athletic Performance
Sonalika records 55% growth in domestic volume in June’20. Outpaces industry growth at 23%
Liberty General Insurance Introduces ‘Liberty Assure’ –
2014 The Global Indian New Network (TGINN)