Tata Steel to launch 30 new products in Europe this financial year

Plans to rationalise its subsidiaries

Tata Steel is set to launch 30 new products in Europe this financial year. “We launched 17 steel products in the European market in FY13 and we will launch 30 more products this year,” Chairman Cyrus Mistry said at the company’s 106th annual general meeting here on Wednesday.

In Europe, demand for steel has been declining since Tata Steel acquired Corus, now Tata Steel Europe, in 2007. Following the acquisition, Tata Steel has about 45 subsidiaries. “We plan to rationalise the subsidiaries acquired,” Mistry said. The company also planned to increase steel deliveries to customers in the small and medium enterprise segment, Mistry added.

Tata Steel has commissioned a three-million-tonne (mt) plant in Jamshedpur. On the first phase of another three-mt plant in Kalinganagar, Odisha, it has spent Rs 10,000 crore so far. The plant was scheduled to be commissioned in the latter part of FY15, Mistry told shareholders at the meeting.

The company reported a consolidated net profit of about Rs 1,000 crore for the quarter ended Jun, primarily owing to high deferred tax.