Tata Steel is one of the world's largest steel companies with a steel production capacity of approximately 27.5 million tonnes per annum (MnTPA) as on 31 March 2017. The company is a diversified steel producer with major operations in India Europe and South East Asia. The company has manufacturing units in 26 countries and a commercial presence in over 50 countries. Tata Steel is the second largest steel producer in Europe with a crude steel production capacity of over 12.1 million tonnes per annum.The company together with its subsidiaries is engaged in the manufacture and sale of steel products in India and internationally. They offer hot and cold rolled coils and sheets galvanized sheets tubes wire rods construction rebars and bearings. Tata Steel is one of the few steel companies that are fully integrated - from mining to the manufacturing and marketing of finished products.The company also involves in prospecting discovering and mining iron ore coal ferro alloys and other minerals; designing and manufacturing plants and equipment for steel oil and natural gas energy and power mining railways ports aviation and space industries; and agricultural implements. Further they offers alumina dolomite and monolithic refractories as well as silica refractories for coke ovens and the glass industry; manufactures bricks; sponge iron lumps and fines; and rolls for applications in integrated steel plants power plants and government mint as well as paper textile and food processing sectors.Tata Steel's operations are grouped under six Strategic Business Units include Bearings Division Ferro Alloys and Minerals Division Agrico Division Tata Growth Shop (TGS) Tubes Division and Wire Division. They have introduced several branded steel products including Tata Steelium (the world's first branded Cold Rolled Steel) Tata Shaktee (Galvanised Corrugated Sheets) Tata Tiscon (rebars) Tata Pipes Tata Bearings Tata Structural Tata Agrico (hand tools and implements) and Tata Wiron (galvanised wire products).Tata Steel Ltd was incorporated in the year 1907 with the name Tata Iron & Steel Company Ltd. In the year 1911 the company commenced the operations of the first Blast Furnace or the 'A' Blast Furnace. In December 2 1911 the fist collieries were obtained and the first cast of pig iron was produced. In they ear 1912 the first ingot of steel rolled out of the Sakchi Plant and in October 1912 the Bar Mills started their commercial production. Also the B Blast Furnace became operational during the year. In the year 1918 India's first steel (coke) plant was established in Jamshedpur.In the year 1925 the New Rail Mill Merchant Mill and Sheet Mill went into operation. In the year 1931 they opened an apprentice shop. In the year 1941 they started manufacture of special steel for war purpose. They produced a wide variety of special steels required for defense purposes including armoured cars called 'Tatanagars'. In the year 1943 Howrah Bridge was constructed from steel supplied by the company. In the year 1955 the company signed an agreement with Kaiser Engineers for two million tonne expansion programme. In the year 1980 they started the first phase of the four-phased modernisation programme. In the year 1984 the company introduced BOF steelmaking which could produce liquid steel in forty five minutes when it took the old open hearth furnaces close to five hundred under the first phase of modernisation. During the year 1984-85 Indian Tubes Company Ltd was amalgamated with the company. The second phase of modernisation was in the year 1988 which concentrated largely on the iron-making area. During the year 1993-94 the company commissioned the Hot Strip Mill with the capacity of one million tonne per annum which was the company's third modernisation programme. In the year 2000 the company inaugurated the 1.2 million tonnes Cold Rolling Mill Complex as a first step towards expansion and modernisation. In January 2 2004 The Indian Steel Wire Products Company was acquired at Jamshedpur. In June 4 2005 the company signed an MoU for setting up a five-million tonne per annum Greenfield integrated steel plant in the Jagdalpur district of Chhattisgarh. In July 2005 they formed a joint venture with Blue Scope Steel Ltd Australia for quoted steel manufacturing facility. In July 21 2005 the company acquired stakes in the Australian coal mines. In August 2005 the company set up Met coke manufacturing facility in West Bengal. In September 19 2005 the company signed an MoU with the Government of Jharkhand for setting up a 12-million tonnes per annum Greenfield integrated steel plant in the Manoharpur and Chandil areas of Jharkhand. In December 14 2005 they signed definite agreement with Cementhai Holding Company to acquire shares and invest equity in the Milennium Steel Thailand. Also the name of the company was changed from Tata Iron & Steel Company Ltd to Tata Steel Ltd with effect from May 19 2005. In the year 2006 the company inaugurated India's first automated Jigging and Hydrocyclone Plant with a 1.6 MTPA throughput at Noamundi Iron Mines. They commenced the work on Ferro Chrome Plant by acquiring Rawnet Ferrous Industries Pvt Ltd in Orissa a Ferro Alloys plant with a capacity of 50000 tpa of high carbon chrome. They set up a Joint Venture Company with Larsen and Toubro Ltd for developing an all weather modern deep water port in the state of Orissa on the Eastern Coast of India. Tata NYK Shipping Pte Ltd a joint venture shipping company between the company and Nippon Yusen Kabushiki Kaisha was set up to cater to dry and break bulk cargo and also the shipping activities. In August 7 2006 the company inaugurated the Roll Forming and Pre-Engineered Building Facilities of Tata Bluescope Ltd at Pune.In April 2 2007 the company acquired Corus -- Europe's second largest steel producer for consideration of USD 12 Billion which made Tata Steel the sixth largest steel producer globally and the second-most geographically diversified steel producer in the world. They also entered into an agreement for acquiring controlling equity stake in two rolling mills located in Haiphorg Vietnam. Also they signed a joint venture agreement with Riversdale Mining for Mozambique coal project. In December 2007 the company and SODEMI (state owned company for mineral development) entered into joint venture agreement for the development of Mount Nimba Iron ore deposits in Ivory Coast (West Africa).In January 2008 the company and the members of the Al Bahja Group a leading business house of Oman entered into a Joint Venture Agreement for the development of the Uyun Limestone deposits at Salalah in the Sultanate of Oman. Also they entered an agreement with Steel Authority of India Ltd (SAIL) to establish a 50:50 joint venture company for coal mining in India. In February 2008 they opened their fourth retail outlet 'steeljunction' at Behala. During the year 2008-09 the company completed the expansion of crude steel capacity to 6.8 mtpa as part of their expansion programme. Also they commissioned Sinter Plant No. 4 the 'H' Blast Furnace and the Continuous Caster No. 3 at LD Shop-1 during this expansion phase. In June 16 2008 the company and their wholly owned subsidiary Rawmet Ferrous Industries Ltd entered into an agreement with Jasper Industries Pvt Ltd for setting up a coal based power plant of 2 X 67.5 MW capacity in Orissa. In September 2008 the company through their subsidiaries signed a Heads of Agreement memorandum with New Millennium Capital Corporation (NML) a Canadian listed mining company aiming to develop iron ore projects in Northern Quebec Labrador and Newfoundland provinces. As part of the restructuring of the overseas holdings the company transferred their stake in Tata Steel (Thailand) Public Company Ltd to Tata Steel Global Holdings Pte Ltd. The company subscribed 3588022 rights shares of Tayo Rolls Ltd and consequently Tayo Rolls Ltd has become a subsidiary of the Company with effect from December 01 2008.In October 22 2009 the company and Mineral and Metal Trading Company Ltd signed an agreement to establish a 74:26 joint venture company for acquiring development and operation of mines and processing of minerals and metals.Hooghly Met Coke and Power Company Ltd was amalgamated with the company with effect from April 1 2009. The construction of a warehousing shed and a building for a power receiving sub-station had started at one corner of the plant area. They increased the production capacity of Crude Steel from 6110000 tonnes to 6800000 tonnes Saleable Steel from 5840000 tonnes to 6500000 tonnes and Welded Steel Tubes from 284000 tonnes to 288000 tonnes.In October 2009 the company entered into agreement with MMTC Limited a Central Government undertaking and established a joint venture company for acquiring developing and operating mines and processing of minerals and metals. In November 2009 they signed a Joint Venture Agreement with NML to advance the development of the DSO Project. In January 2010 the company entered into an MoU with NMDC Ltd to explore the possibility of acquisition exploration and development of mines extraction and processing of minerals setting up integrated steel plants and other businesses of mutual interest.In April 6 2010 the company entered in an MoU with Nippon Steel Corporation (NSC) Japan for setting up a Continuous Annealing and Processing Line at Jamshedpur India with 0.6 mtpa capacity. In June 2010 the company subscribed to a private placement of Canadian $20 million by NML pursuant to which Tata Steel Global Minerals Holding Pte Ltd holds a 27.4% stake in NML. In June 2010 the company and Tata Metaliks Ltd entered into an MoU with the Government of Karnataka for setting up an integrated steel plant of 3 mtpa in Agadi and Boodagatti villages of Haveri District Karnataka. In August 2010 the company's subsidiary Corus UK Ltd and Sahaviriya Steel Industries Public Company Ltd (SSI) signed an MOU which sets out the scope of a potential transaction whereby SSI would acquire from Corus the Teesside Cast Products (TCP) business in a transaction valued at approximately USD 500 million.Tinplate Company of India Ltd became a subsidiary of the company with effect from April 01 2011 consequent to increase in the company's shareholding in the Tinplate Company of India Ltd from 42.88% to 59.45%. This increase is due to automatic and compulsory conversion of 3% fully convertible debentures of Rs 100 each held by the company into equity shares on April 01 2011.In April 2011 the company and Krosaki Harima Corporation (KHC) signed definitive agreements to induct KHC as a strategic partner in Tata Refractories Ltd (TRL). Under this arrangement KHC will acquire 51% equity stake out of TSL's current 77.46% stake in TRL. As per the scheme of amalgamation Centennial Steel Company Ltd a wholly owned subsidiary company was amalgamated with the Company with effect from September 27 2011. In January 2012 the company secured a contract from Siemens Wind Power to supply 25000 tones of profiled steel plate for wind towers. Tata Steel will deliver 25000 tones of profiled plate (cut into the desired shape) between April and September 2012.On 19 April 2012 Tata Steel announced that it has been awarded a high eight-figure US dollar contract to supply pipe for Enterprise Products Partners L.P.'s new crude oil export pipeline in the Gulf of Mexico's Keathley Canyon area. The contract will see Tata Steel deliver more than 48000 metric tonnes of steel pipe from its 42-inch mill in Hartlepool England for the Lucius Development Project which has the capacity to produce in excess of 80000 barrels of oil per day.On 22 June 2012 Tata Steel announced the completion of an important strategic project that makes it only the second vertically integrated producer of grain oriented electrical steels in the European Union.On 2 November 2012 Tata Steel unveiled Tata Astrum a new brand of its Hot Rolled products range at an event in New Delhi. The Astrum product range will find application in the Automotive Earth Moving Equipment Railways Fabrication Construction and Industrial Machinery segments.On 7 November 2012 Tata Steel announced the opening its second aerospace service centre in China at Xi'an. The new facility in Xi'an complements its existing operation in Suzhou opened in 2009 and aims to serve the growing demand for aerospace materials in the region.On 12 February 2013 Tata Steel announced that it has restarted its second blast furnace at the Port Talbot steelworks in the UK following the completion of a 185 million rebuilding project. The state-of-the-art new furnace is more efficient and will allow Tata Steel to continue to meet the demanding requirements of UK and European manufacturing industries.On 19 February 2013 Tata Steel announced that it has been granted the core supplier status by French car manufacturer PSA Peugeot Citro. On 10 June 2013 Tata Steel announced the successful completion of an upgrade of its corrosion-resistant coating line in South Wales UK to improve and expand the company's range of high-value high-formability automotive steels.On 19 June 2013 Tata Steel announced that it has secured a long-term agreement to supply aerospace steels to Safran Group the world-class manufacturer of aircraft rocket engines propulsion systems and aircraft equipment. The initial value of the contract is in excess of 9 million per year with prospects for this to grow during the life of the agreement.On 8 August 2013 Tata Steel announced that it won an order to manufacture 60000 tonnes of high-quality rail for a new high-speed line linking the two holy cities of Mecca and Medina in Saudi Arabia.On 21 October 2013 Tata Steel announced that has won a contract to supply rail track and steel sleeper plate to Network Rail for at least five years. Network Rail the company set up to operate and maintain Britain's rail infrastructure has chosen to source more than 95% of its rail from Tata Steel until 2019 with the option to extend this until 2024.On 22 October 2013 Tata Steel announced that it will build a Vacuum Induction Melting (VIM) furnace at its Stocksbridge site in South Yorkshire UK to enable it to tap into new market opportunities and develop innovative new products for the aerospace and oil & gas industries. The cutting-edge VIM furnace will allow Tata Steel's Speciality Steels business which already supplies steel to aircraft engine and airframe makers to further develop relationships with its customers and expand its product portfolio.On 23 October 2013 Tata Steel announced the commissioning of a new heat treatment plant at its Hayange plant in the Lorraine region of France. The unit will produce train track capable of lasting up to three times longer than standard rail. The new facility will more than double the annual output of heat-treated rail from 55000 to 125000 tonnes. On 7 November 2013 Tata Steel UK announced the launch of dent-resistant steel for car makers in Britain that helps to further reduce vehicle weight. On 8 January 2014 Tata Steel announced that it has won a two-year contract to supply more than 200000 tonnes of track to French rail operator SNCF. The contract will see Tata Steel supply the majority of SNCF's rail requirements in lengths of up to 108 metres from its plant in Hayange Northern France.On 16 January 2014 Tata Steel announced the launch of India's First Ferro Manganese brand TATA FERROMAG and India's first Ferro Chrome brand TATA TISCROME. Tata Steel will sell these two branded products in Gujarat Maharashtra NCR Rajasthan Odisha and West Bengal which are the major consumption centres. Ferro Chrome and Ferro Manganese are Ferroalloys widely used as alloying agents in production of Carbon & Stainless steel. Ferro Chrome provides corrosion resistance thus increasing the life of stainless steel while Ferro Manganese provides the necessary toughness and hardness to steel.On 8 April 2014 Tata Steel announced that New Zealand's Steel and Tube Ltd has agreed to acquire Tata Steel International (Australasia) Ltd. for a cash consideration of NZ$27.5 million. Tata Steel International Australasia Ltd. (TSIAL) is a New Zealand based company which is the leading supplier of stainless steel engineering steels and composite floor decks to the New Zealand and Pacific Island markets. The division also offers ex-mill sales of colour coated and packaging steels railway tracks and structural sections.On 28 April 2014 Tata Steel announced the commissioning of new Coke Oven Battery at its Jamshedpur steel manufacturing facility thereby making the steel facility self-sufficient in coke requirement for stable operation.On 27 June 2014 Tata Steel Europe officially inaugurated new slitting line at its Ruhr-based Steel Service Center in Gelsenkirchen Germany. The new slitting line is specially geared up to process advanced and ultra high-strength steels which are used to manufacture demanding automotive applications used in chassis suspension wheels and seats. They include advanced high strength steels with unique forming capabilities for chassis and cold rolled advanced high strength steels for light-weight seat components.On 1 July 2014 Tata Steel announced restructuring proposals to improve the competitiveness of its South Wales UK steelmaking business. The proposed changes would enable the UK Strip Products business to compete in Europe's lower market demand era by reducing costs equivalent to the loss of about 400 jobs in Port Talbot.On 25 July 2014 Tata Steel announced a successful dual tranche Reg S issuance of USD 1.5 billion of unsecured bonds in the international markets. It was Tata Steel's debut US dollar bond issuance and a part of the company's long term financing strategy to raise capital internationally. On 4 August 2014 Tata Steel announced the launch of an innovative new product for automotive manufacturers in response to market requirements for stronger and lighter steels.On 11 August 2014 Tata Steel announced that it has signed a series of contracts with Subsea 7 - one of the world's leading contractors in engineering construction and subsea services to the offshore industry - to supply undersea pipes to four separate North Sea projects.On 1 September 2014 Jamshedpur Continuous Annealing and Processing Company Private Limited (JCAPCPL) announced the inauguration of India's first Continuous Annealing & Processing Line a 600000 tonnes per annum facility for manufacturing high-quality cold rolled sheets exclusively for the automotive industry including outer panels and high tensile sheets. JCAPCPL is a 51:49 Joint Venture between Tata Steel Ltd and Nippon Steel & Sumitomo Metal Corporation (NSSMC). JCAPCPL will source steel from Tata Steel.On 18 September 2014 Tata Steel announced that it has opened a new finishing line at its IJmuiden steelworks in the Netherlands to strengthen the supply of high-value steels to the automotive sector and other markets. Tata Steel invested 12 million euros in Finishing Line 32 which will process up to 400000 tonnes of galvanised (corrosion resistant) steel coil a year. The opening of the new finishing line has also freed up Tata Steel's Cold Rolling Plant in IJmuiden which was responsible for finishing galvanised steel. This will enable the company to increase the supply of uncoated cold rolled steel to customers. The new finishing line follows the opening in IJmuiden of the third hot-dip galvanising line in 2009.On 13 November 2014 Tata Steel announced that it has completed a major upgrade of the Hot Strip Mill at its Port Talbot steelworks in South Wales UK enabling it to further improve the quality of its steel products used in a wide range of markets including automotive engineering construction and domestic appliances. The upgrade of the Hot Strip Mill follows investments totalling more than 250 million in state-of-the-art steelmaking and processing technology at the South Wales operations.On 17 November 2014 Tata Steel announced that it has commenced commercial production of GGBS world's most sustainable building material. GGBS is used as a part replacement of cement and has been the solution for high strength cost effective concrete in the developed economies for last 50 years.On 3 February 2015 Tata Steel announced that it has reached a significant milestone in the transformation of its European steel portfolio with the launch of the 100th new product in its revitalised new product development programme. On 2 February 2015 Tata Steel launched an innovative stronger structural steel product which can reduce the construction time of new buildings.On 9 February 2015 Tata Steel announced the signing of a prestigious contract to supply highly wear-resistant rail for the Crossrail project beneath the heart of London. Tata Steel said at that time that it had already commenced deliveries to the Crossrail project and will ultimately supply the project with more than 57 km of its heat treated wear-resistant rail. In total 7000 tonnes of Tata Steel rail will be used to create one of Europe's largest railway and infrastructure projects.On 1 April 2015 Tata Steel announced that it has completed the acquisition from SSAB of Sweden of two service centres in Halmstad Sweden and Naantali Finland as well as the entire remaining 50% stake in Norsk Stl Tynnplater AS another strip products service centre based in Frederikstad Norway. The service centres offer cutting-to-length slitting and recoiling services to customers in the automotive construction and electrical supplies industries as well as in heavy and light engineering.On 1 April 2015 Tata Steel announced that it has divested its entire stake in Lanka Special Steels Limited (LSSL) to E.B. Creasy & Company PLC (EBCC) for a total consideration of LKR 433 million (around Rs 20.4 crore) in an all cash deal. LSSL was a wholly owned subsidiary of Tata Steel incorporated in Sri Lanka. It is engaged in the business of manufacturing and supplying hot dip galvanized wire and nail wire with an installed capacity of 14400 metric tonnes per annum. It had an annual turnover of LKR 1569 million (Rs 74.0 crore) in FY 14.On 7 April 2015 Tata Steel announced that it has completed a series of investments at its Steelpark site at Wednesfield in the West Midlands that has strengthened the site's position as the UK's largest steel processing centre. The start-up of a further multi-strand blanking line has completed the expansion of Steelpark's new Light Gauge Service Centre which operates cut-to-length blanking and slitting lines processing hot rolled cold rolled and galvanized steel coils. On 14 June 2015 Tata Steel UK announced that it has launched a new initiative in its efforts to resolve the pension dispute with its UK trade unions. The company has approached Acas (Advisory Conciliation and Arbitration Service) to help facilitate the next phase in talks between the parties. On 1 July 2015 Tata Steel announced that the European Union (EU) has agreed to contribute 7.4 million euro towards testing a groundbreaking new iron production process being developed at Tata Steel's IJmuiden steelworks in the Netherlands. The six-month test campaign of the HIsarna pilot plant in 2016 will establish whether the new technology can produce molten iron in a stable way over a sustained period of time.On 5 August 2015 Tata Steel announced that negotiations about the potential sale of its European long products business and associated distribution facilities to Klesch Group have been discontinued. The company was in talks with Klesch following the signing of a memorandum of understanding in October 2014. Tata Steel's Greenfield project at Kalinganagar in the state of Odisha achieved a major milestone on 4 September 2015 with start of coke production from its Coke Ovens. The heating of Coke Ovens was started on 19 May 2015.On 20 October 2015 Tata Steel's Long Products Europe business announced proposals to stop production of steel plate. The decision was made in response to a shift in market conditions caused by a flood of cheap imports particularly from China a strong pound and high electricity costs.On 28 October 2015 Tata Steel announced the opening of its new UK research centre at the University of Warwick's Science Park. The opening marks the first phase of Tata Steel's relocation of its UK R&D work to the University of Warwick campus. On 18 November 2015 Tata Steel unveiled plans to create one of the world's largest solar energy projects of its kind in the Netherlands. The company said at that time that it will mount 80000 solar panels on the factory roofs at its IJmuiden steelworks in Netherlands.Tata Steel announced that its Kalinganagar steel plant was dedicated to Odisha on 18 November 2015. The Kalinganagar steel plant is the largest single-location greenfield steel project in India. The first phase (3 MnTPA) of 6 MnTPA will produce world-class flat lighter high-tensile strength steel and will augment Tata Steel's Indian production to around 13 MnTPA of crude steel in India.T S Global Holdings Pte Ltd. (TSGH) a subsidiary of Tata Steel incorporated in Singapore executed agreements on 2 December 2015 for loan facilities of US$1.5 billion comprising a 5 year loan of US$750 million and a 6 year loan of US$750 million. The proceeds of this loan will be used to repay existing term loan facilities in TSGH. On 3 December 2015 Tata Steel announced that its Long Products Europe business will continue to supply French rail operator SNCF for at least five more years after a new deal was signed. Tata Steel will supply the bulk of SNCF's 750000 tonne requirements of high-quality rail over the duration of the renewed contract in lengths of up to 108 metres from its Hayange facility. On 22 December 2015 Tata Steel UK announced the signing of a letter of intent with Greybull Capital to enter exclusive negotiations for the potential sale of its Long Products Europe business. On 18 January 2016 Tata Steel UK announced cost-saving proposals to improve the competitiveness of its UK business. On 22 March 2016 Tata Steel announced the first despatch of Tata Ferroshots from its Kalinganagar steel plant. The product was commercially launched in India for the first time. The end use of Tata Ferroshots is in electric arc furnaces induction furnaces cupolas basic oxygen furnaces and foundries as a replacement of pig iron scrap or DRI. On 24 March 2016 Tata Steel UK announced that it has reached an agreement to sell its Clydebridge and Dalzell steel facilities in Scotland. The deal involves the sale of the two plants to the Scottish Government which would then sell them on to Liberty House. The Dalzell plate mill transforms a semi-finished steel slab into a steel plate while the Clydebridge facility processes steel plate using a quench and tempering technique.On 29 March 2016 Tata Steel board reviewed the performance of the European business of the company more specifically of Tata Steel UK. Following the strategic view taken by the Tata Steel board regarding the UK business the Tata Steel board advised the board of its European holding company i.e. Tata Steel Europe to explore all options for portfolio restructuring including the potential divestment of Tata Steel UK in whole or in parts.On 11 April 2016 Tata Steel Europe formally commenced the process of divestment of its entire shareholding in its subsidiary Tata Steel UK. On the same day Tata Steel UK announced the signing of an agreement to sell its long products Europe business to the family investment office Greybull Capital. The sale for a nominal consideration would be in exchange for Greybull Capital taking on the whole of the business including assets and relevant liabilities and securing an appropriate funding package. The sale covers several UK-based assets including the Scunthorpe steelworks two mills in Teesside an engineering workshop in Workington a design consultancy in York and associated distribution facilities as well as a mill in northern France.On 9 May 2016 the Board of Tata Steel Europe announced that seven expressions of interest submitted for Tata Steel's UK business have been immediately taken forward to the next stage of the sale process. In the next phase of the sales process the progressing interested parties will be given access to further business information and management team presentations in order for them to rapidly progress their interest to a binding stage.On 17 May 2016 Tata Steel announced that it has decided not to go ahead with the proposed merger of Tata Metaliks Limited and Tata Metaliks DI Pipes Limited with Tata Steel. The Scheme of Amalgamation between Tata Metaliks Limited and Tata Metaliks DI Pipes Limited with Tata Steel was earlier recommended by the Committee of Directors of Tata Steel in April 2013 and approved by the company's shareholders on in May 2014. The decision not to go ahead with the proposed merger was taken due to inordinate delay in obtaining requisite regulatory and statutory approvals along with significant dilution in the intended synergies that were envisaged in April 2013. Tata Metaliks is a subsidiary of Tata Steel. On 14 September 2016 Tata Steel announced that its Kalinganagar Odisha plant achieved yet another milestone with the flagging off of the first hot rolled steel export rake from the plant. On 27 October 2016 Tata Steel announced that Government of Quebec has joined as a strategic equity partner in its Canadian iron ore mining venture Tata Steel Minerals Canada (TSMC). TSMC together with its parent companies signed definite agreements for concluding investments of C$ 125 million as equity and C$50 million as debt with Government of Quebec's investment entities Resources Quebec (RQ) and Investment Quebec (IQ) respectively totaling C$ 175 million. The investment will result in an 18% equity stake for RQ in TSMC in line with the carrying value of the investment in Canadian iron ore assets for Tata Steel. Consequently the shareholdings of Tata Steel and New Millennium Iron will be adjusted to 77.68% and 4.32% respectively. TSMC is developing iron ore deposits in Quebec and Newfoundland & Labrador in Canada.On 27 October 2016 credit rating agency Brickwork Ratings revised Tata Steel Limited's credit rating to BWR AA from BWR AA+ for NCD and BWR AA- from BWR AA for the perpetual debt with a negative outlook. In a statement Brickwork Ratings said that a sudden change of guard at Tata Steel's holding company Tata Sons and Tata Group has not only heightened the management risk for Tata Steel but also has exposed the company to uncertainty over continuity of critical decisions on cost cutting and deleveraging the Balance Sheet concerning the unprofitable UK operations and restructuring its European business. Brickwork Ratings further said that unless Tata Steel takes appropriate measures in this regard it may lead to further deterioration in the financial profile of the company as also a rating action. On 28 November 2016 Tata Steel UK announced the signing of a Letter of Intent with Liberty House Group to enter into exclusive negotiations for the potential sale of its speciality steels business for an enterprise value of 100 million subject to due diligence and corporate approvals. The Letter of Intent covers several South Yorkshire-based assets including the Rotherham electric arc steelworks the steel purifying facility at Stocksbridge and a mill in Brinsworth as well as service centres in Bolton and Wednesbury UK and in Suzhou and Xi'an China. On 30 November 2016 Tata Steel announced the inauguration of its 55000 tonne per annum (TPA) ferro-chrome plant in the Gopalpur Industrial Park in Ganjam district of Odisha.On 7 December 2016 Tata Steel UK announced that it has reached an agreement with trade unions on a number of proposals that would structurally reduce risks and help secure a more sustainable future for its UK business. The company and trade unions have also agreed on the principle that subject to the structural de-risking and de-linking of the British Steel Pension Scheme fund from the business Tata Steel UK will continue the existing blast furnace configuration in Port Talbot until 2021. Further based on achieving the necessary financial performance and cash flows as per the transformation plan of the UK business the company will continue to invest across the UK sites to enhance the competitive position of Tata Steel UK in the European steel industry.On 7 December 2016 Tata Steel announced that its subsidiary TM International Logistics (TMILL) has divested entire stake in its wholly owned step down subsidiary TM Harbour Services Private Limited (TMHSPL) to Adani Ports and Special Economic Zone Limited (APSEZ) for a total consideration of Rs 106 crore in an all cash deal. TMHSPL is engaged in the business of providing tug services at Dhamra Port and owns three tug boats.On 5 January 2017 Tata Steel inaugurated the second phase of Cold Rolling Mill (CRM) Complex BARA at its Jamshedpur unit. The phase II expansion of CRM BARA includes installation of 0.3 MnTPA hot rolled skin passing mill (HSPM) to meet the increased demand of Hot-Rolled Pickled Skin passed and Oiled products in the automotive sector for high-end customers. In order to cater to the input requirement of HSPM the production capacity of the existing pickling line has also been increased to 0.68 MnTPA from the designed capacity of 0.5 MnTPA. On 16 January 2017 Tata Steel announced that its Noamundi iron mine in Odisha conducted pilot launch of drone application in mine monitoring thereby becoming the first mine in the country to introduce drones for mine monitoring.On 25 January 2017 Tata Steel executed definitive agreements with Creative Port Development Private Limited (CPDPL) and their promoters for the proposed development of Subarnarekha port at Chaumukh village of Balasore district in Odisha. As per the agreements Tata Steel will acquire majority equity stake in CPDPL and the port development is envisaged through a wholly-owned subsidiary Subarnarekha Port Private Limited (SPPL). On 21 February 2017 Tata Steel announced that its Greenfield steel plant located in Kalinganagar Industrial Complex in Jajpur district of Odisha has achieved yet another milestone with the hot metal production at its blast furnace crossing 2 million tonne on 19 February 2017. The blast furnace achieved the first million tonne production of hot metal on 9 October 2016.On 28 February 2017 Tata Steel announced the completion of the commissioning of the ferro-chrome plant at Gopalpur Industrial Park in Ganjam district of Odisha. The plant has an installed capacity of 55000 tonne per annum (TPA). The Board of Directors of Tata Steel at its meeting held on 20 April 2017 approved issue of debt securities of up to Rs 9000 crore in one or more tranches. The funds will be primarily deployed towards re-financing the existing debt capex/working capital requirements and general corporate purposes. On 2 May 2017 Tata Steel UK announced the completion of the sale of its Speciality Steels business to Liberty House Group for a consideration of 100 million. The sale covers several South Yorkshire-based assets including the electric arc steelworks and bar mill at Rotherham the steel purifying facility in Stocksbridge and a mill in Brinsworth as well as service centres in Bolton and Wednesbury UK and in Suzhou and Xi'an China. On 23 June 2017 Tata Steel sold 8.35 crore shares of Tata Motors to the Tata Group holding company Tata Sons at a price of Rs 452.80 per share (excluding brokerage and STT). On 11 July 2017 Tata Steel announced that it divested its entire equity stake in a 50% joint venture viz Tata Elastron S.A. in favour to the joint venture partner Elastron S.A. for a total consideration of euro 0.368 million.On 14 July 2017 Tata Steel announced that it became the first steel company to enter into a long-term tariff contract (LTTC) with Indian Railways. LTTC has been introduced by Indian Railways to establish long-term contracts with customers with guaranteed incremental revenue for Indian Railways. On 1 August 2017 Tata Steel UK announced the completion of the sale of its 42-inch and 84-inch pipe mills also known as the Submerged Arc Weld (SAW) mills in Hartlepool to Liberty House Group. Earlier Tata Steel UK announced on 11 July 2017 that it had signed a definitive sale agreement to sell its 42-inch and 84-inch pipe mills in Hartlepool to Liberty House Group.On 20 September 2017 Tata Steel announced that it has signed a Memorandum of Understanding (MoU) with Germany's Thyssenkrupp AG to create a leading European steel enterprise by combining the flat steel businesses of the two companies in Europe and the steel mill services of the Thyssenkrupp group. The proposed 50:50 joint venture - Thyssenkrupp Tata Steel - would be focused on quality and technology leadership and on the supply of premium and differentiated products to customers with annual shipments of about 21 million tonnes of flat steel products. The joint venture would have a pro forma turnover of about ?15 billion per annum (Rs 115000 crore) and about 48000 employees spread across various locations. The joint venture would be headquartered in Amsterdam Netherlands. The proposed combination of businesses would be formed through a non-cash transaction framework based on fair valuation where both shareholders would contribute debt and liabilities to achieve an equal shareholding in the venture.On 11 October 2017 Tata Steel announced the expiry of the share purchase agreement for the acquisition of 100% equity stake in Brahmani River Pellets Limited (BRPL). Earlier on 23 December 2016 Tata Steel had announced the execution of definitive agreements to acquire 100% equity shares of BRPL from Aryan Mining and Trading Corpn Private Limited and other companies in the Moorgate Industries Group (MIG). BRPL owns a 4 mtpa Pellet plant in Jajpur Odisha and 4.7 mtpa iron ore beneficiation plant in Barbil Odisha connected through a 220 KM underground slurry pipeline. On 11 October 2017 Tata Steel announced that it has acquired Rio Tinto's smelter technology and intellectual property rights required to operate the HIsarna process. HIsarna is a completely new technology in the steelmaking process which combines Tata Steel's cyclone converter furnace with Rio Tinto's smelter.On 6 November 2017 Tata Steel announced that it has established India's largest Coke Dry Quenching (CDQ) facility capable of handling 200 metric tonnes per hour at its state-of-the-art Greenfield steel plant located at the Kalinganagar Industrial Complex in Jajpur district of Odisha. CDQ is a heat recovery system to cool the hot coke from coke ovens. It is one of the most renowned energy-efficient and eco-friendly facilities in steel production where hot coke removed from coke ovens at a temperature of approximately 1000xC is cooled and kept dry with inert gas and the resulting steam produced in a waste heat recovery boiler is used to generate electricity.The Board of Directors of Tata Steel at its meeting held on 18 and 19 December 2017 approved the next phase of expansion of capacity at Kalinganagar Odisha plant by 5 million tons per annum from 3 MTPA to 8 MTPA. The total capacity of Tata Steel India operations following the expansion will be 18 million tons per annum. The project will cost the company Rs 23500 crore and will be completed within 48 months. The Board also approved a rights issue for an amount not exceeding Rs 12800 crore for financing the expansion project for de-leveraging the Balance Sheet and for general corporate purposes. On 18 January 2018 Tata Steel announced the launch of two new products Tata Aggreto and Tata Nirman India's first branded LD slag products for applications in road fly ash brick and clinker making. On 19 January 2018 Tata Steel announced that the Executive Committee of the Board of the company at its meeting held on 19 January 2018 approved rights issue of equity shares up to Rs 12800 crore. The Committee approved simultaneous but unlinked issue of up to 15.53 crore fully paid-up ordinary shares not exceeding Rs 8000 crore and up to 7.76 crore partly paid-up ordinary shares not exceeding Rs 4800 crore. The rights issue of fully paid-up shares was priced at Rs 510 per share and the partly paid shares at Rs 615 per share. The rights entitlement ratio was fixed at 4 fully paid-up shares for every 25 shares and 2 partly paid shares for every 25 shares held on record date. On 19 January 2018 Tata Steel announced a successful dual tranche Reg S issuance of USD 1.3 billion of unsecured bonds in the international markets. The issue comprises USD 300 million 4.45 percent unsecured bonds due on 24 July 2023 and USD 1 billion 5.45 percent unsecured bonds due on 24 January 2028 by Abja Investment Co Pte Ltd a wholly owned subsidiary of Tata Steel Incorporated in Singapore. The proceeds of the bonds will be used to refinance the offshore obligations of the company which will help de-risk the balance sheet enhance financial flexibility diversify the investor base and improve the overall debt maturity profile.On 2 February 2018 Tata Steel announced that it has concluded the acquisition of 74% equity stake in Bhubaneshwar Power Private Limited (BBPL) from JL Power Ventures Private Limited (JL Power). Tata Steel together with its 100% subsidiary TS Alloys already held 26% stake in BBPL. BBPL owns a 135 MW (2x67.5MW) thermal power plant at Anantapur Village in Cuttack District of Odisha. The acquisition of BBPL will allow Tata Steel to increase its captive source of power to meet its growing demand. Tata Steel had on 30 November 2017 executed definitive agreements to acquire 74% equity shares of Bhubaneshwar Power from JL Power Ventures for a consideration of Rs 255 crore. On 14 February 2018 West Bokaro division of Tata Steel commissioned the primary crushing plant 3 (PCP 3). PCP 3 has been set-up with an objective of augmenting coal beneficiation at the colliery. On 7 March 2018 Tata Steel announced that it has received a formal communication from the Resolution Professional of Bhushan Steel Limited (BSL) that it has been identified as the highest evaluated complaint resolution applicant to acquire controlling stake of BSL under the Corporate Insolvency Resolution Process (CIRP) of the Insolvency and Bankruptcy Code 2016 (IBC) as decided in the meeting of the Committee of Creditors (CoC) of BSL on 6 March 2018.