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Tata Steel Ltd News

Tata Steel seeks bigger share in auto sector, pins strategy on Odisha plant

Two crucial processing systems at Kalinganagar facility to be commissioned in the next few quarters

Tata Steel seeks bigger share in auto sector, pins strategy on Odisha plant
Updated On : 17 Jul 2024 | 2:44 PM IST

Don't see change in UK strategy: Tata Steel Chairman N Chandrasekaran

The transition from blast furnace to EAF technology puts 2,800 jobs at risk and the Labour government has been engaging in discussions to try and save jobs, according to reports in the UK

Don't see change in UK strategy: Tata Steel Chairman N Chandrasekaran
Updated On : 15 Jul 2024 | 7:55 PM IST

Fitch revises Tata Steel outlook to negative amid UK biz uncertainty

Fitch Ratings on Friday revised its outlook on domestic steel major Tata Steel to negative on account of uncertainty surrounding the turnaround of the company's operations in the UK. However, the expected robust growth in Tata Steel's India operations and likely earnings before interest, taxes, depreciation, and amortization (EBITDA) profits at Dutch operations in FY25, may offset any losses at UK operations, Fitch Ratings said in a report. "Fitch Ratings has revised the Outlook on India-based Tata Steel Limited's (TSL) Issuer Default Rating (IDR) to Negative, from Stable, and affirmed the IDR at 'BBB-'. "We have also affirmed 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, at 'BBB-'," the statement said, adding that the negative outlook reflects uncertainty surrounding turnaround of the UK operations. The rating agency further said that the change in the UK government and labour union's actions to

Fitch revises Tata Steel outlook to negative amid UK biz uncertainty
Updated On : 12 Jul 2024 | 11:44 PM IST

Tata Steel launches virtual repository to track carbon dioxide savings

Private steel major Tata Steel recently launched a carbon bank, a virtual repository through which carbon dioxide will become a value-creating asset for future usage, a company statement said here on Wednesday. CO2 is widely recognized as a harmful substance emitted due to the use of various fossil fuels in industry and transportation. The steel industry, in particular, often relies on coal and other fossil fuels in its production line, resulting in the release of large quantities of CO2. The carbon bank is aimed at measuring and managing carbon dioxide savings generated from various sustainability projects. These savings not only contribute to environmental goals but also hold the potential for generating revenue that can be reinvested into further decarbonization efforts, it said. Rajiv Mangal, Vice President (Safety, Health & Sustainability), Tata Steel, said "In the face of mounting global concerns about sustainability, Tata Steel has taken proactive steps to spearhead carbon .

Tata Steel launches virtual repository to track carbon dioxide savings
Updated On : 10 Jul 2024 | 7:37 PM IST

New British govt prioritising avoiding job cuts in Tata Steel talks

Tata, Britain's biggest steel producer, started closing one of its carbon-intensive blast furnaces on Thursday while the shutdown of its other one is slated for September

New British govt prioritising avoiding job cuts in Tata Steel talks
Updated On : 07 Jul 2024 | 3:27 PM IST

Tata Steel shuts 1 of its 2 blast furnaces at Port Talbot in South Wales

The decommissioning of blast furnace number 5 was in sync with the timeline indicated by the company earlier

Tata Steel shuts 1 of its 2 blast furnaces at Port Talbot in South Wales
Updated On : 05 Jul 2024 | 8:36 PM IST

Tata Steel's worker union calls off strike action at Port Talbot plant

A steelworkers' union planning to begin industrial action over Tata Steel UK future plans for its Port Talbot plant in Wales on Monday called off their strike, saying further investment talks had been assured. Unite the Union had said they would begin their strike action from July 8, leading to Tata Steel UK challenging the balloting process and also bringing forward a planned closure of blast furnaces. The company welcomed Unite's decision against a strike and shelved the early closure plans. "We have received written confirmation from Unite Union that with immediate effect they are suspending their current action short of a strike as well as the potential strike action due to commence on Monday 8 July, said a Tata Steel spokesperson. "As a result, and given we can now be confident of ensuring appropriate resourcing of activities to operate safely, we will halt preparations for the early cessation of operations on Blast Furnace 4 and the wider heavy end in Port Talbot, planned for

Tata Steel's worker union calls off strike action at Port Talbot plant
Updated On : 01 Jul 2024 | 11:58 PM IST

Tata Steel UK begins legal action against union, fears plant closure

Tata Steel on Friday said it is being forced to commence legal action to challenge the validity of a steelworkers' union strike ballot, as it warned that its blast furnaces at Port Talbot may have to pause operations amid the industrial action. The Mumbai-headquartered steel major had originally planned to shut down one of the blast furnaces by the end of June and the second one by September. However, Unite the Union's proposed strike from July 8 could result in the closure being forced earlier. Following the announcement by the Unite Union to unilaterally call strike action from July 8, Tata Steel is unfortunately forced to commence legal action to challenge the validity of Unite's ballot, a Tata Steel spokesperson said. In the coming days, if we cannot be certain that we are able to continue to safely and stably operate our assets through the period of strike action, we will not have any choice but to pause or stop heavy end operations (including both blast furnaces) on the Port .

Tata Steel UK begins legal action against union, fears plant closure
Updated On : 28 Jun 2024 | 5:49 PM IST

Gender minorities to comprise 25% of Tata Steel workforce: Official

Tata Steel aims at having a minimum of 25 per cent of its workforce made up of diverse groups, including gender minorities, marginalised communities, persons with disabilities and LGBTQIA+ individuals, within the next few years, a company official said. It is one of the first companies in the country to roll out a special recruitment drive for transgender talent, having recruited over 100 members from the community for various roles across different locations, the official claimed. "Continuing this drive, we aim to have 25 per cent of our workforce from diverse groups in the next couple of years," the official said. A total of 113 transgender individuals have been onboarded and posted at various locations, including manufacturing, operations and maintenance, mining, and services. These employees are stationed in Noamundi, West Bokaro, Kolkata, Kharagpur, Kalinganagar, and Jamshedpur. Some of these employees work all three shifts and operate Heavy Earth Moving Machinery (HEMM) at th

Gender minorities to comprise 25% of Tata Steel workforce: Official
Updated On : 26 Jun 2024 | 1:27 PM IST

Decarbonisation strategy: Tata Steel, Dutch govt may finalise deal by FY25

Decarbonisation at Ijmuiden plant will be in two phases, with one blast furnace to be replaced before 2030

Decarbonisation strategy: Tata Steel, Dutch govt may finalise deal by FY25
Updated On : 23 Jun 2024 | 2:15 PM IST

1.5K Tata Steel staff in Britain to start indefinite strike from July 8

Unite pointed out that Labour has pledged 3 billion pound for UK steel if elected next month, a commitment secured by the trade union

1.5K Tata Steel staff in Britain to start indefinite strike from July 8
Updated On : 21 Jun 2024 | 9:24 PM IST

Tata Steel, ICAR-NRRI join Odisha govt to reclaim acidic soils in state

Tata Steel and Odisha government have decided to implement a sustainable agricultural initiative to reclaim acidic soils in the state, an official said. The collaboration aims to utilize industrial waste, such as basic oxygen furnace (LD) slag and fly ash, as soil amendments to reclaim acidic soils in Odisha. The first consignment of LD slag was flagged off from Tata Steel Meramandali (TSM) plant in Dhenkanal district on June 18, the official said. The project, titled "Economic and Environment-Friendly Utilisation of Basic Slag and Fly Ash as Soil Amendments to Reclaim Acid Soils of Odisha (SAFAR)," is being spearheaded by the Indian Council of Agricultural Research (ICAR)-National Rice Research Institute (ICAR-NRRI) in Cuttack, Odisha. The initiative is part of the Odisha government's "Waste to Wealth" programme, which promotes a circular economy. "We are pleased to collaborate with the Government of Odisha and ICAR-NRRI on this important initiative," said Rajiv Mangal, vice ...

Tata Steel, ICAR-NRRI join Odisha govt to reclaim acidic soils in state
Updated On : 20 Jun 2024 | 2:46 PM IST

Tata Steel flags concerns over political slugfest ahead of UK's elections

The statement follows UK media reports on Labour urging the company to pause the restructuring process until next month's general election

Tata Steel flags concerns over political slugfest ahead of UK's elections
Updated On : 11 Jun 2024 | 2:48 PM IST

Tata Steel in talks with Dutch govt on proposed decarbonisation roadmap

Tata Steel on Thursday said it is in talks with the Dutch government on a proposed decarbonisation roadmap for the company's factory in the Netherlands. The company's statement came after reports said that the Netherlands may provide as much as 3 billion euro (3.26 billion dollar) for the green transformation of the steel major's IJmuiden factory, which has caused serious health and environmental problems in the adjoining area. "...the company is in discussions with the Dutch Government on the proposed decarbonization roadmap," Tata Steel said in a stock exchange filing. The Dutch Parliament had in March formally gave a mandate to the government to negotiate the terms of potential support towards a proposal for decarbonisation in Tata Steel Nederland. Eventually, the Dutch government has formulated a detailed framework of diligence, analysis, discussions and negotiations with the steel major, which will run over several months before potentially culminating in an agreed set of ...

Tata Steel in talks with Dutch govt on proposed decarbonisation roadmap
Updated On : 06 Jun 2024 | 5:13 PM IST

Tata Steel credit metrics to improve in FY25 on high demand: CreditSights

Ratings firm CreditSights on Monday said it expects the credit metrics of Tata Steel to improve in the ongoing fiscal aided by factors like infrastructure-led domestic steel demand and lower coking coal prices. Tata Steel last week reported a 64.59 per cent decline in consolidated net profit at Rs 554.56 crore for the March quarter from Rs 1,566.24 crore in the year-ago period, mainly on account of lower realisations and expenses on certain exceptional items. In a report, CreditSights -- a FitchSolutions company -- said it expects Tata Steel's credit metrics to improve meaningfully in FY25, with net leverage projected to improve, driven by robust EBITDA growth and lower capex. "We expect total FY25 EBITDA to grow robustly year-on-year in the mid 20 per cent range, supported by robust infrastructure-led domestic steel demand, very slight recovery in steel price realizations aided by robust domestic demand...lower coking coal input costs that could offset higher iron ore input costs,"

Tata Steel credit metrics to improve in FY25 on high demand: CreditSights
Updated On : 03 Jun 2024 | 5:30 PM IST

2,500 job cuts inevitable in Tata Steel's UK operations: CEO Narendran

Loss of jobs for around 2,500 workers at Tata Steel's operations in the UK, which are in a transition phase, is "inevitable", the company's CEO T V Narendran said. Fear of job losses has attracted criticism of the workers' unions and they are continuously protesting against the company in the UK. India-based 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. As part of its decarbonisation plan, the company is shifting to low-emission electric arc furnace (EAF) process from the blast furnace (BF) route which is nearing its end of life cycle. Speaking to PTI, Narendran said the transition to EAF with the UK government aid will make the company competitive in terms of reduced production cost, and also help in reduction of 5 million tonnes of Co2 per year. "But all this involves 2,500 job losses and that is what the unions obviously are not happy with.

2,500 job cuts inevitable in Tata Steel's UK operations: CEO Narendran
Updated On : 02 Jun 2024 | 11:45 AM IST

UK workers' union to proceed with industrial action at Tata Steel plants

A steelworkers' union has announced plans to proceed with industrial action of around 1,500 Tata Steel employees based at Port Talbot and Newport Llanwern in Wales in protest against the Mumbai-headquartered company's job cuts associated with the closure of old blast furnaces. Unite the Union said on Thursday that its workers will begin working to rule as well as taking part in a continuous overtime ban from June 18 to severely disrupt and delay the company's operations and order book unless the company rows back on the closure. It is calling for the Indian steel major to halt its plans until the July 4 General Election, when it expects the UK's Conservative Party led government will make way for the Opposition Labour Party. Tata's disastrous deal with the current government would only see its other overseas operations take advantage of the coming boom in green steel at the expense of South Wales, said Unite general secretary Sharon Graham. Now that we will have a new government in

UK workers' union to proceed with industrial action at Tata Steel plants
Updated On : 31 May 2024 | 8:58 PM IST

No better story than steel in reviving private capex: Tata Steel MD & CEO

In India, we expect the EBITDA per tonne to be a little lower though the spreads have improved a bit because it's a quarter where we have a lot of shutdowns, said TV Narendran

No better story than steel in reviving private capex: Tata Steel MD & CEO
Updated On : 30 May 2024 | 11:08 PM IST

Trade set-up for May 30: F&O expiry, weak global cues, Awfis debut in focus

All you need to know before the market opens on Thursday: Global markets are once again feeling the US rate cut jitters; market experts back home see 22,800 as immediate hurdle for the Nifty now.

Trade set-up for May 30: F&O expiry, weak global cues, Awfis debut in focus
Updated On : 30 May 2024 | 7:20 AM IST

Tata Steel Q4FY24 results: Net profit drops 64.1% to Rs 611.48 cr

Consolidated revenue from operations at Rs 58,687.31 crore was down by 6.8 per cent Y-o-Y. The Bloomberg consensus estimate for revenue was Rs 58,375.1 crore and net income Rs 928 crore

Tata Steel Q4FY24 results: Net profit drops 64.1% to Rs 611.48 cr
Updated On : 29 May 2024 | 8:36 PM IST