Tag: tata steel news

Tata Steel inks pact with Ford to provide inexperienced metal from IJmuiden unit in Netherlands

Tata Steel has inked an settlement with American carmaker Ford to provide “zeremis green steel” from its Netherlands-based IJmuiden plant after the unit shifts to hydrogen-based metal making.

In Europe, Tata Steel is working to modify to low-carbon applied sciences to fabricate metal within the UK and the Netherlands.

The firm’s each companies Tata Steel UK and Tata Steel Nederland have been growing detailed plans for transition to low CO2 applied sciences in keeping with the corporate’s aim to provide CO2-neutral metal by 2050 in Europe, firm’s CEO & MD T V Narendran and Executive Director and CFO Koushik Chatterjee earlier stated.

“Tata Steel Nederland has signed a memorandum of understanding with Ford in Europe to supply the carmaker with Zeremis green steel once the IJmuiden steelworks switches to green hydrogen-based steelmaking,” a press release stated.

The settlement makes Ford the primary buyer dedicated to offtake the inexperienced metal that Tata Steel plans to provide by way of the hydrogen route, which is extra sustainable and cleaner than the present steel-making methodology.

Zeremis carbon lite metal is described as 100 per cent carbon impartial.

“Our clients wish to deal with our planet, and we’re taking the mandatory steps on this journey, offering the automobiles they should make a constructive contribution in opposition to local weather change.

“Improvements within our supply chain are key, and with the use of carbon-neutral steel, we will take a major step towards lowering the CO2 footprint of our vehicles,” stated Sue Slaughter, Ford Purchasing Director, Supply Chain and Sustainability.

Hans van den Berg, Chairman of the Board of Management of Tata Steel Nederland stated, “We are transitioning to become a producer of large quantities of high-quality green steel, we can supply our customers with a significant amount of high-quality low-CO2 steel. By aligning our sustainability ambitions with customers like Ford, we can create an early market for green steel…” More than half the load of a mean automotive consists of varied kinds of metal, which range in energy, weight, formability, magnetic properties and coating sorts.

October 26, 2022
Tata Steel board approves merger of six subsidiary firms

Tata Steel will merge with itself six of its subsidiary firms, a press release mentioned on Friday.

A proposal on this regard was permitted by the Board of the corporate on Thursday, it mentioned.

“The Board of Directors of Tata Steel considered and approved schemes for the proposed amalgamation of six subsidiaries into and with Tata Steel,” the assertion issued by Tata Steel mentioned.

The subsidiaries are Tata Steel Long Products Limited by which Tata Steel holds 74.91 per cent fairness, The Tinplate Company of India Limited (74.96 per cent), Tata Metaliks Limited (60.03 per cent), The Indian Steel & Wire Products Limited (95.01 per cent fairness holding), Tata Steel Mining Limited and S & T Mining Company Limited (each wholly-owned subsidiaries).

“Tata Steel Board approves the amalgamation of strategic businesses into the company,” the assertion mentioned.

The Board additionally permitted the amalgamation of TRF Limited (34.11 per cent fairness), an affiliate firm of Tata Steel, into Tata Steel Limited.

Tata Steel additional mentioned the proposed amalgamation is aimed toward driving synergies, simplifying the group holding and administration construction, and consolidating and strategically rising downstream operations and engineering capabilities The Board has thought of the proposal primarily based on impartial equity and valuation opinions. It adopted the method laid down beneath the Companies Act, 2013 and Securities and Exchange Board of India Regulations.

The proposed amalgamation will improve administration effectivity, drive sharper strategic focus and enhance agility throughout companies primarily based on the robust parental help from the Tata Steel management.

“On completion, there will be further opportunities towards reduction of overhead and corporate costs. Each of the proposed amalgamations will be value-accretive for shareholders,” the corporate mentioned.

The Boards of all of the amalgamating firms have additionally thought of the proposals following due course of and have unanimously permitted the merger.

The proposed amalgamation can also be a part of Tata Steel’s persevering with journey to simplify the group holding construction, the corporate mentioned.

According to the assertion, since 2019, Tata Steel has diminished 116 related entities (72 subsidiaries have ceased to exist, 20 associates and JVs have been eradicated and 24 firms are at the moment beneath liquidation).

September 23, 2022
Tata Steel revenue falls 21 computer to Rs 7,714 cr in Apr-Jun

Tata Steel on Monday posted a 21 per cent fall in its consolidated internet revenue to Rs 7,714 crore for the April-June quarter attributable to increased bills.

The firm had reported a internet revenue of Rs 9,768 crore in the identical interval of 2021-22, the metal big mentioned in regulatory submitting.

Total revenue of the corporate was at Rs 63,698.15 crore in April-June this yr in opposition to Rs 53,627.66 crore in April-June of the previous fiscal.

Its bills together with the price of supplies consumed and the finance value, elevated to Rs 51,912.17 crore from Rs 41,490.85 crore within the year-ago quarter.

Tata Steel is among the many nation’s high 4 metal producers and contributes round 18 per to the entire home metal manufacturing.

July 25, 2022
Tata Steel’s June quarter crude metal output jumps over 43% on-year; gross sales up 35%

Steel main Tata Steel has posted an over 43 per cent bounce in its consolidated crude metal output at 7.94 million tonne (MT) throughout the quarter ended June 30, 2021.
The firm’s consolidated output of metal within the year-ago quarter was at 5.53 MT, Tata Steel stated in a press release launched on Sunday.
During the April-June interval of 2021-22 fiscal, the corporate’s consolidated gross sales additionally rose to 7.14 MT, from 5.33 MT in the identical quarter a 12 months in the past, an increase of 35 per cent.

In India, the corporate produced 4.62 MT metal, 55 per cent greater in comparison with 2.99 MT in April-June quarter of monetary 12 months 2020-21, which was impacted as a result of COVID-19 pandemic and the stringent nationwide lockdown.
Tata Steel India deliveries elevated by 42 per cent to 4.15 MT from 2.93 MT a 12 months in the past.

In the quarter underneath evaluate, Tata Steel Europe’s metal manufacturing grew by 27 per cent to 2.73 MT, in comparison with 2.15 MT within the year-ago quarter. While the deliveries elevated by 19 per cent to 2.36 MT from 1.98 MT a 12 months in the past.
Tata Steel Southeast Asia’s manufacturing grew to 0.59 MT, up 49 per cent from 0.39 MT in April-June a 12 months in the past. The deliveries in Southeast Asia additionally elevated by 50 per cent 0.63 MT from 0.42 a 12 months in the past.

July 5, 2021