N. Chandrasekaran
| Photo Credit: PAUL NIORONHA
Tata Steel Chairman Natarajan Chandrasekaran said on Wednesday the company would continue to scale up its business in India by way of both organic capital expansion and inorganic acquisitions and was steadfast in its objective of achieving 40 MnTPA capacity in India by 2030.
“We endeavour to attain leadership position in the long products segment. In this context, we acquired the Neelachal Ispat Nigam Limited (NINL),” he said, addressing shareholders at Tata Steel’s 116th Annual General Meeting (AGM) in Mumbai.
“The ramping up of production at NINL to its rated capacity has augmented the capacity. Further, NINL, being part of the Kalinganagar eco-system, is well-positioned to grow synergistically in the future,” he said.
He said the company was investing in circularity and deploying capital towards low-carbon steel making.
“Tata Steel has signed a Memorandum of Understanding with the Government of Punjab to establish a state-of-the-art scrap utilising electric arc furnace-based long products steel plant in Ludhiana with a capacity of 0.75 MnTPA. The plant is expected to be operational within two years,” he said.
Tata Steel Nederland and Tata Steel U.K. would continue to focus on expanding steel deliveries, improving yield performance, optimising commercial mix, and reducing operating costs, he added.
He said the company was focussed on its simplification journey to have a simpler governance structure.
“As you may be aware, the Board has approved the amalgamation of seven subsidiaries and one associate company into and with Tata Steel. These amalgamations are at different stages of regulatory approval. We will strive to complete this process at the earliest to avail the benefit of the synergies,” he said.
He said India would continue to remain a major consumer within the global steel industry owing to infrastructure development, rapid urbanisation, and supportive policy reforms.
“We expect the steel demand growth to keep pace with the GDP growth over the next decade,” the chairman added.
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