Page 16 - Tata Steel

Tata Steel's global stride with new deal to aid Europe profitability

15 years ago, the global financial crisis set in and undid Tata Steel's best-laid plans in Europe. How far can the new deal help?

Tata Steel CEO expresses concern over India's rising steel imports

India being a net importer of steel is a matter of concern, Tata Steel CEO & MD T V Narendran said Tuesday. The government has assured of intervention, if the imports remain on a rise, Narendran said at the ISA Steel Conclave event in the national capital. "I think it's a little bit of a concern because internationally steel prices are still a bit soft because of China... You heard the (commerce) minister Piyush Goyal saying that if imports increase the government will look at what it can do to help us," he said replying to a question on India being net importer of steel in October. Commerce and Industry Minister Piyush Goyal on Tuesday assured the domestic industry that India will not accept such unfair taxes and will fight to get a fair deal for producers and exporters. He said India has already flagged its concerns over the carbon tax with the European Union (EU) and in the WTO (World Trade Organization). The CBAM (Carbon Border Adjustment Mechanism) or carbon tax (a kind of ..

Tata Steel seeks financial aid for Netherlands unit; to submit proposal

After securing a funding in the UK, Tata Steel is looking for a financial aid from the Netherlands government to execute its decarbonization plans. In October 2021, Tata Steel completed the process of separating Tata Steel UK and Tata Steel Netherlands as two independent companies from Tata Steel Europe. "In Netherlands, we will shortly be submitting the detailed decarbonization proposal to the Dutch government seeking regulatory and financial support," Tata Steel CEO & MD TV Narendran said. Tata Steel Netherlands has been working intensely with Government of Netherlands on the contours of the decarbonization project covering emission and health standards. The detailed decarbonization proposal will shortly be submitted to Government of Netherlands seeking regulatory and financial support which is critical for the company's Dutch operations. Both parties will then discuss the detailed conditions of the project, a Tata Steel statement said. The board of Tata Steel will duly ...

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'

Q2FY24 performance: Cautious near-term outlook for Tata Steel stock

The UK operations suffered from low steel prices as well as higher costs on the emission rights front

Stocks to Watch: Tata Steel, Hero Moto, Britannia, GAIL, JK Tyre, Ambuja

Stocks to watch on November 2, 2023: Two-wheeler manufacturer Hero Moto's consolidated net profit rose 47.6 per cent YoY to Rs 1,007 crore in the September quarter

Tata Steel sees consolidated net loss of Rs 6,196 cr in Sept quarter

The company has also taken a charge towards restructuring and other provisions of Rs 3,612 crore in consolidated financial statements

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

Sensex ends 284 pts lower, Nifty below 19K again; Asian Paints, metals drag

Stock market on November 1, 2023: On the positive front, Sun Pharma gained nearly 3 per cent; Debutant Blue Health hit upper circuit on debut.

Tata Steel to acquire 26% stake in Tata Power Renewable Energy arm TPVSL

Tata Steel on Thursday said it will acquire a 26 per cent stake in TP Vardhaman Surya Ltd (TPVSL), an arm of Tata Power Renewable Energy Ltd. The company did not disclose the transaction value. It will also source 379 megawatt (MW) of clean energy from Tata Power Renewable Energy Ltd (TPREL), Tata Steel Ltd (TSL) said in a statement. TSL has concluded the negotiations to enter into definitive agreements with TPREL to acquire 26 per cent in TPVSL, currently a wholly-owned subsidiary of TPREL. TSL will also enter into an agreement with TPREL to source 379 MW of renewable power, the statement said. Tata Steel CEO and managing director T V Narendran, said: "Our partnership with Tata Power Renewable Energy marks a pivotal step in Tata Steel's sustainability journey towards achieving net zero carbon emissions by 2045. We stay committed to reducing our environment footprint and transitioning towards clean, green energy solutions.

NCLT approves Tata Steel Long Products' amalgamation with Tata Steel

Tata Steel Long Products Ltd on Thursday said the National Company Law Tribunal (NCLT) has approved the amalgamation of the company with Tata Steel Ltd. Tata Steel is to merge Tata Steel Long Products and six other subsidiaries with itself. In a regulatory filing, Tata Steel Long Products said the NCLT's Cuttack bench, on October 18, sanctioned the scheme of amalgamation of the company with Tata Steel. Earlier, Tata Steel CEO & MD T V Narendran had said the merger of the subsidiary companies with itself is expected to be completed in 2023-24. The subsidiaries to be merged with Tata Steel are Tata Steel Long Products, The Tinplate Company of India, Tata Metaliks, TRF, Indian Steel & Wire Products, Tata Steel Mining and S&T Mining Company.

Tata Steel arm TCIL net loss narrows to Rs 2.29 crore in Sept quarter

The Tin Plate Company of India Ltd (TCIL) on Monday said its net loss had narrowed to Rs 2.29 crore in the September quarter. It had clocked a net loss of Rs 35.10 crore during the July-September period of the preceding financial year, TCIL said in a regulatory filing. The company earned a total income of Rs 959.95 crore, down from Rs 971.77 crore in the year-ago period. Its expenses declined to Rs 963.07 crore in the first quarter of the current fiscal from Rs 1,018.27 crore last year. Domestic steel major Tata Steel owns a majority stake in the Kolkata-headquartered TCIL, a tinplate producer. From its plant in Jamshedpur (Jharkhand), TCIL caters to 40 per cent of the overall domestic market and exports 15-20 per cent of its sales to different countries.

Stocks to Watch today: Adani Group, DMart, HDFC Life, TaMo, Dalmia Bharat

Stocks to watch on Monday, October 16, 2023: Ceat, Cyient DLM, Federal Bank, Jio Financial and Yatra Online among 24 companies to announce results today.

Tata Steel Long Products' Jul-Sept net loss narrows to Rs 460 crore

Tata Steel Long Products Ltd (TSLP) on Friday said its consolidated net loss narrowed to Rs 460.23 crore during the September quarter. It had clocked a net loss of Rs 661.80 crore in the year-ago period, the company said in a regulatory filing. The company's total income rose to Rs 3,005.46 crore from Rs 1,921.01 crore in the year-ago period, it said. Expenses also rose to Rs 3,442.03 crore as against Rs 2,696.25 crore last year, according to the filing. TSLP, formerly known as Tata Sponge Iron Ltd, is in the business of manufacturing high alloy steel, primarily for the auto sector and wire rope industry. With one million-tonne capacity, it is one of the largest speciality steel plants in India in the long product segment located in Jamshedpur, Jharkhand.

Stocks to Watch: Dr Reddy's, Mazagon Dock, Adani Ports, Concor, Inox Green

Stocks to Watch on October 10, 2023: CLSA said that the war presented an even better buying opportunity in Adani Ports

Tata Steel consolidated output falls 3.2% to 7.26 MT during Jul-Sept qtr

Tata Steel has posted a 3.2 per cent decline in consolidated production to 7.26 million tonne during the second quarter of the ongoing fiscal. Its consolidated output was at 7.5 MT in the year-ago period, Tata Steel said in a statement. The consolidated deliveries during the period were at 6.89 MT as against 7.06 MT in the year-ago quarter, posting a decline of 2.40 per cent. During the period under review, Tata Steel India produced 4.99 MT steel, up from 4.80 MT in same period of the previous financial year. Deliveries in India were down at 4.82 MT from 4.91 MT in the same quarter a year ago, as per the statement. In Europe, Tata Steel produced 1.99 MT steel in the April-September period, down from 2.40 MT last year. The deliveries in Europe also fell to 1.79 MT from 1.87 MT. Tata Steel Thailand produced 0.28 MT steel as against 0.30 MT last year, while the deliveries were the same as production numbers in the country. Automotive & special products' segment deliveries increased

Fitch Ratings upgrades ratings on Tata Steel to 'BBB-' with stable outlook

Fitch Ratings on Monday said it has upgraded its ratings on domestic steel player Tata Steel Ltd (TSL) to 'BBB-' with a stable outlook. It has also upgraded the rating on USD 1 billion notes issued by Tata Steel subsidiary ABJA Investment, the rating agency said in a statement. "Fitch Ratings has upgraded India-based Tata Steel Limited's (TSL) Issuer Default Rating (IDR) to 'BBB-', from 'BB+'. The Outlook is Stable. We have also upgraded 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, to 'BBB-', from 'BB+'," it added. The upgrade follows a revision in the company's stand-alone credit profile (SCP) to 'bb+', from 'bb', on the reduction in uncertainty and financial risk from its UK operations. In the UK, TSL will replace its blast furnaces with more cost-efficient and environment-friendly electric arc furnace (EAF)-based steelmaking capacity. Consequently, we expect the UK operations' cost ...

Tata Steel subsidiary TCIL receives tax penalty notice of Rs 40 cr

Tata Steel on Thursday said its subsidiary Tinplate Company of India Limited (TCIL) has received a tax notice, imposing a penalty of about Rs 40 lakhs in connection with a demand order pertaining to the 2016-17 fiscal. "The said demand order is presently pending appeal before the Commissioner of Commercial taxes, Ranchi," Tata Steel said in a regulatory filing. TCIL on October 4, 2023, received an order from the office of the Deputy Commissioner of Commercial Taxes, Jamshedpur Circle, Jamshedpur, imposing a penalty of approximately Rs 3,986.78 lakh on TCIL in connection with an earlier demand order from Deputy Commissioner of Commercial Taxes, Jamshedpur, pertaining to FY 2016-17, it said. Domestic steel major Tata Steel owns a majority stake in Kolkata-headquartered TCIL, a tinplate producer. From its plant in Jamshedpur (Jharkhand), TCIL caters to 40 per cent of the overall domestic market and exports 15-20 per cent of its sales to different geographies across the world.

Metal stocks rally defies global peers, not backed by fundamentals

Metal stocks continued to rally last week, despite weakness in the overall market

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