Page 3 - Tata Steel Uk

'Tata Steel to consider investment in UK plant, if govt funding available'

Tata Steel would consider additional future investments in its Port Talbot plant in the UK, if more government funding was made available, the company's Chief executive T V Narendran said on Wednesday. The UK government has already agreed to a 500 million pound package to support the loss-making steel plant which was facing shutdown over high carbon emission. The plant employs around 8,000 people. As part of its restructuring plan backed by the government funding, Tata Steel will replace the blast furnaces at the unit with electric furnaces to use recycled steel in order to reduce carbon emission. However, the installation of low-emission system will lead to a loss of 2,800 jobs as electric furnaces need less manpower. "The electric arc furnaces need not be the end, it is the beginning," Narendran told the Welsh Affairs Committee of the House of Commons. Earlier, steel unions had also suggested the UK government to put more money into securing the future of Tata Steel. The company

IMFA Q3 results: Profit climbs to Rs 109 cr, total income at Rs 695.02 cr

Indian Metals & Ferro Alloys Ltd (IMFA) has posted manifold jump in its consolidated net profit to Rs 108.95 crore in the December quarter, pushed by higher income. It had clocked a profit of Rs 11.04 crore in the October-December period of 2022-23 financial year, the company said in an exchange filing on Tuesday. The company's total income rose to Rs 695.02 crore over Rs 631.84 crore in the year ago quarter. Its expenses reduced to Rs 549.44 crore from Rs 605.61 crore in the third quarter a year ago. Subhrakant Panda, Managing Director, IMFA, said, "The third quarter earnings numbers are creditable in a difficult global environment where stainless steel demand has been muted and ferro chrome prices have softened, though costs have come down significantly too. The moderation in the Chinese economy has had an impact across the commodities spectrum but we do not expect any further downside." Bhubaneswar-based IMFA is a leading integrated producer of value added ferro chrome with ...

Tata Steel to shut blast furnaces at Port Talbot plant, 3,000 jobs at risk

The closures are part of company's plan to transition to more sustainable, green steel business

Tata Steel to close UK blast furnaces; up to 2,800 jobs may be affected

Tata said it would offer a 130 million pound support package to help affected employees retrain and find new jobs

We worked very hard, it's the best proposal: Tata Steel CEO T V Narendran

'Unions are obviously reflecting the sentiments of their members. One way to look at it is there are many jobs which are saved, but for the people who may be losing jobs, it's an emotional issue'

Tata Steel cancels press conference as UK workers brace for job cuts

People familiar with the matter had said the firm was set to announce the restructuring of its operations at the Port Talbot site in south Wales

Tata Steel aims to complete decarbonisation at UK plant in next 3 yrs: CEO

Tata Steel aims to complete decarbonisation journey at its plant in the UK in next three years, the company's CEO T V Narendran said. As part of its decarbonisation plan, the company will shift to low-emission electric arc furnace (EAF) process from the blast furnace (BF) route which is nearing the end of life in the next couple of months. India-headquartered Tata Steel owns the UK's largest steelworks of 3 million tonne per annum (MTPA) at Port Talbot in South Wales and employs around 8,000 people across all its operations in that country. "Consultation process with the unions is going. We also need a number of (other) permissions. Some of the infrastructure needs to be upgraded. There is a lot of work that needs to be done. It has already started. We are hoping that in the next three years we should complete the entire journey," Narendran told PTI. He made the remarks in reply to a question about the timeline for the company's decarbonisation plan, which Narendran had earlier sai

British govt financial package may help Tata Steel UK narrow losses

The UK government's 500 million pound financial package to Tata Steel UK is expected to narrow the steel maker's losses on the back of lowered production and environmental compliance costs, according to CreditSights. Tata Steel's credit profile could remain resilient even amid lacklustre steel price dynamics, aided by strong captive iron ore resources, expectations of moderating coking coal input costs, and positive signs of a gradual turnaround of its loss-making European business, the Fitch Group company said in a statement on Wednesday. The UK government has announced it will pay up to 500 million pounds to facilitate the green transition of steel maker's Port Talbot plant in South Wales, UK. This will entail replacing Port Talbot's blast furnaces with environmentally friendlier electric arc furnaces (EAF) for a total cost of 1.25 billion pounds. "We see the deal as a mild credit positive for Tata, and we believe losses at Tata Steel UK could narrow on the back of lowered ...

Tata Steel investment positive for UK ops, but stock has not moved much

The company will also have to consult unions and other stakeholders during this process and that could take up to two months

Truly a turning point in resetting competitiveness: Tata Steel ED & CFO

Tata Steel ED & CFO, Koushik Chatterjee, discusses how the structural issues of the plant are going to be fixed and impact of carbon border adjustment mechanism

Tata Steel signs 500 million pound-deal with UK govt for Port Talbot plant

Tata group chairman, N Chandrasekaran, said the agreement with the UK Government was a defining moment for the future of the steel industry and indeed the industrial value chain in the UK

After TCS, Tata Steel suspends 35 employees for ethical misconduct

Another three employees were fired for sexual misconduct, taking the total tally to 38

Will come to a decision on UK biz in 12 to 24 months: Tata Steel MD & CEO

'We have planned a capex of Rs 16,000 crore. Of this, roughly, Rs 4,000 crore is in Europe, with the Netherlands accounting for about Rs 3,000; the balance will be in the UK'

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Talks with UK government on financial package continue: Tata Steel CEO

Tata Steel is still pursuing its request for the financial package with the UK government, the company's CEO T V Narendran said. Narendran who is also the Managing Director of Tata Steel made the remarks in reply to a question on stance on exiting the UK business. "Tata Steel is still pursuing it (request) with the government there (UK)," he told PTI on the sidelines of an event in the national capital. There has been no conclusion to the request made for a financial package, he said. India-headquartered Tata Steel owns the UK's largest steelworks at Port Talbot in South Wales and employs around 8,000 people across all its operations in the country. The company had sought 1.5 billion pounds from the UK government to execute its decarbonisation plans. However, the British government earlier this year made a counter offer which was much lower to the company's expectations. Speaking to PTI, Narendran had said that Tata Steel cannot see its future in the UK without the support of th

Europe ops will be out of woods only in next FY: Tata Steel's T V Narendran

"Fundamentally, we believe that having fewer sites with larger capacity potential per site is better and more efficient"

Tata Steel UK to complete BSPS insurance buy-in in the first half of 2023

Tata Steel expects to complete full insurance buy-in of the British Steel Pension Scheme (BSPS) in the first half of calendar 2023

Jamshed Irani: Architect of post-lib Indian industry and 'New Tata Steel'

Irani transformed Tata Steel totally to make it the world's lowest-cost steel producer by 2001, completely revamped technology and used his phrase "Customer Har Haal Me" to augment user delight

Tata Steel Q2 net profit down 87.3% to Rs 1,514 cr over decline in margins

Revenues from operations at Rs 59,877.52 crore was marginally down from Rs 60,387.13 crore in the year-ago period

Tata Steel to take a call on UK business after government's response: CEO

Tata Steel's future course of action with respect to its UK business will be based on the British government's response to the company's proposal seeking financial support to sustain the business there, CEO T V Narendran said Monday. Tata Steel owns the UK's largest steelworks at Port Talbot in South Wales and employs around 8,000 people across all its operations in the country. The company is seeking 1.5 billion pounds from the UK government to execute its decarbonisation plans. On a conference call, Narendran said, "Obviously plans are being made in case we don't get the support that we seek form the (UK) government, but it's too early to talk about (it), but again a lot of conversations are going on internally to how we plan for all situations." He made the remarks in reply to a question on the company's plan in case the UK government does not accept the Tata Steel's proposal. Tata Steel is seeking support from the UK government in two forms. In policy terms by encouraging the .