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Tuesday, May 21st 02:41 PM IST
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Tata Steel GALLERY.
Balasubramanian Muthuraman, vice chairman of TATA Steel,one of the world's largest steelmakers, gestures during an interview on March 28, 2013 in Rennes, western France. Muthuraman said the global steel industry should be facing drop in sales in 2013. Europe accounts for about two-thirds of sales and production for the steelmaker, which has an annual capacity of 28 million tonnes. Balasubramanian Muthuraman, vice ch
strongNew Delhi:/strongA senior executive of Tata Steelhas been questioned by CBI in connection with an iron oremining contract given by former Jharkhand Chief Minister MadhuKoda to the company. CBI sources said the Partha Sengupta, Vice-president (RawMaterials) of Tata Steel was questioned yesterday inJamshedpur, Jharkhand in connection with the deal. [caption id=attachment_652368 align=alignleft width=380 strongNew Delhi:/strongA senior exe
strongMumbai:/strong Tata Steel's consolidated net loss has gone up by 26.61 percent to Rs 763.06 crore in the October-December quarter as weak steel demand, particularly in the European markets, squeezed margins and led to decline in sales. The Tata group company had reported a net loss of Rs 602.67 crore in the corresponding period of the previous fiscal. Consolidated net sales of the company went down by 3.47 per cent to Rs 31,821.50 crore during the quarter vis-a-vis Rs 32964.15 crore of the Q3 of FY12.[caption id=attachment_624487 align=alignleft width=380 strongMumbai:/strong Tata Steel's c
strongNew Delhi:/strong Tata Steel is investing 2.3 million (Rs 16.5 crore) to develop next generation variant of steel for automotive use at Ijmuiden plant in the Netherlands. The 2.3 million investment at company's IJmuiden site in the Netherlands will allow Tata Steel to develop next-generation steels which are lighter, stronger and better able to withstand crashes, it said in a statement.[caption id=attachment_618850 align=alignleft width=380 strongNew Delhi:/strong Tata Steel
Participants compete during the the seventh round of the Tata Steel Chess Tournament in Wijk aan Zee, the Netherlands, on January 19, 2013. Participants compete during the the
The Tata Steel plant is seen in Port Talbot, south Wales, November 23, 2012. India's Tata Steel said on Friday it would cut 900 jobs across Britain as part of a restructuring plan aimed at stemming losses in weak European markets. The group said 580 jobs would go at its Port Talbot plant in south Wales as part of proposals to restructure its management and administrative functions. It also plans to close 12 steel finishing and processing sites in England and Wales. The Tata Steel plant is seen in Por
strongLondon:/strong Tata Steel said on Friday it would cut 900 jobs across the UK as part of a restructuring plan aimed at improving its performance in changing markets. The group said 580 jobs would go in south Wales with the rest being cut in England as part of proposals to restructure its management and administrative functions and reduce the number of steel finishing and processing sites by 12. [caption id=attachment_533461 align=alignleft width=380 strongLondon:/strong Tata Steel sai
Tata Steel today reported a consolidated loss of Rs 363.90 crore for the July-September quarter, as against net profit of Rs 212.40 crore in the same quarter of last fiscal. Total income of the company, the world's twelfth largest steel producer, however, was up at Rs 34,334.50 crore during the quarter, from Rs 33,133.90 crore in the year-ago period. [caption id=attachment_520725 align=alignleft width=380 Tata Steel today reported a consoli
A labourer works at a Tata steel iron godown in the northern Indian city of Chandigarh November 9, 2012. India's Tata Steel reported on Friday a surprise quarterly loss of 3.64 billion rupees ($66.8 million), as weakening demand and prices in its main European market offset a solid performance at home. A labourer works at a Tata steel ir
Tata Steel said on Wednesday it expects to amicably resolve the issue of a large fine imposed by the Odisha government for failing to adhere to mining norms in that state, insisting it has always acted within the law. Media reports have said the Odisha government has levied a fine of Rs 5500 crore against India's largest private steelmaker for exceeding the annual limit on iron ore extraction from its mines in the state. Tata has not disclosed the amount of the fine. [caption id=attachment_517967 align=alignleft width=380 Tata Steel said on Wednesday it exp
strongNew Delhi: /strongTata Steel is looking to invest 400 million pounds in its European unit during the current financial year amid subdued demand in the European continent, a top company official said today. We will be investing 400 million pounds in 2012-13... We plan to invest to improve performance of the operations in Europe and in areas which can provide quick returns, Tata Steel's Managing Director H M Nerurkar told reporters here on the sidelines of a CII conference. [caption id=attachment_479484 align=alignleft width=380 strongNew Delhi: /strongTata Steel
An interministerial group (IMG) will review Tata Steel and Reliance Power coal blocks on Friday. Apart from these two groups the coal blocks of Bhushan steel is also up for review. The IMG may finalise recommendations on 10 blocks of coal on Friday, according to a report by CNBC TV-18's Anshu Sharma. A discussion of the Nerad Malegaon & new Patrapara coal blocks is also likely to be held along with a discussion on Kotre Basantpur & Panchmo block. [caption id=attachment_454880 align=alignleft width=380 An interministerial group (IMG) wil
Citi has upgraded Tata Steel to 'buy' from 'neutral', on the back of attractive valuations, after a 32 percent underperformance versus the Sensex over the past year. It said that the stock deserves a premium to global peers due to its raw material integration leading to steadier earnings. [caption id=attachment_449877 align=alignleft width=380 Citi has upgraded Tata Steel to 'bu
Tata Steel has raised its stake in associate firm Tata Sponge Iron to 51 percent following purchase of 11.26 percent stake or 17.34 lakh shares through a voluntary open offer. Tata Steel had launched a voluntary open offer on July 27 at a price of Rs 375 per share. The offer closed on August 9. Tata Steel had 39.74 percent stake before the start of the offer, the steel maker said in a filing to the BSE. On July 15, Tata Steel had said that total funds required for implementation of the offer (assuming full acceptance) would be Rs 65.02 crore. Tata Steel had earlier said that it has no plans to merge Tata Sponge Iron with itself, at the moment. Tata Sponge Iron has manufacturing facility at Bilaipada in Odisha. [caption id=attachment_433991 align=alignleft width=380 Tata Steel has raised its stake in
Ratan Tata, chairman of Tata Steel, said the company needs to take hard decisions to restructure its operations as 2011-12 was a difficult year due to slackening of steel demand globally. The comments came just a day after Tata Steel reporting a 89 percent plunge in its June quarter net profit to Rs 598 crore. In 2011-12, company's profits had gone down by 2.46 percent to Rs 6,696.42 crore. Describing the financial performance of the company in the last quarter as a matter of concern, he said that Tata Steel has been through the bad times before and it has the fortitude to see itself through. [caption id=attachment_418679 align=alignleft width=380 Ratan Tata, chairman of Tata Steel,
Vice Chairman of Tata Steel, Cyrus Mistry, smiles during the annual general meeting (AGM) of Tata Steel shareholders in Mumbai, India, Tuesday, Aug. 14, 2012. Vice Chairman of Tata Steel, Cyrus
Chairman of Tata group, Ratan Tata, looks on during the annual general meeting (AGM) of Tata Steel shareholders in Mumbai, India, Tuesday, Aug. 14, 2012. Chairman of Tata group, Ratan Tata,
Tata Group Deputy Chairman Cyrus Mistry attends the annual general meeting of Tata Steel Ltd., in Mumbai August 14, 2012. Shares in Tata Steel gained 2.7 percent, despite reporting April to June net profit that missed estimates, as operating profit came in above expectations. Tata Group Deputy Chairman Cyrus Mi
Tata Steel has missed quarterly profit expectations, hit by weakening demand and prices in its main European market which offset a solid performance at home. The steelmaker, whose European operations account for two thirds of its capacity, said on Monday consolidated net profit for the quarter to end-June fell to Rs 598 crore from Rs 535 crore in the 2011 period which included one-time gains of about Rs 4,000 crore. Excluding the gains, profit declined about 55 percent. [caption id=attachment_417251 align=alignleft width=380 Tata Steel has missed quarterly pro
Tata Steel posted a sharp decline in first-quarter profit, hit by weak demand and prices in its main European market. [caption id=attachment_416768 align=alignleft width=380 Tata Steel posted a sharp decline i
strongNew Delhi:/strong Moody's today downgraded the rating of Tata Steel UK Holdings Ltd by one notch stating the operating environment of the European steel industry will weaken further in the coming months. Tata Steel has now been given B3 rating by the rating agency, which said in a statement that the steel maker's debt coverage metrics are no longer consistent with its previous rating B2.[caption id=attachment_411117 align=alignleft width=380 strongNew Delhi:/strong Moody's tod
Tata Steel has commenced the feasibility study on two Canadian iron ore mines, with estimated 5.6 billion tonne reserves, for possibly buying a stake in them to feed its European operations. A feasibility study has been commissioned by the Board with regards to the LabMag and Kemag projects, results of which are awaited by the end of this year or early 2013. It is on the basis of this study we would decide the course ahead, Tata Steel's Chief, Corporate Affairs and Communications, Charudatta Despande said. The steel major has joined hands with Canadian firm New Millenium Capital Corp (NML) for conducting the study, a very preliminary step to assess the potential of the mines. Tata Steel is the largest stakeholder in NML with around 27 percent stake. [caption id=attachment_408657 align=alignleft width=380 Tata Steel has commenced the feasib
strongKolkata:/strong Tata Steel today said though the company was consolidating its holding in Tata Sponge Iron Ltd (TSIL) and Tinplate Company of India Ltd (TCIL) for synergy, there was no current and active plans to merge these companies with itself. There are no current and active plans to merge these companies with TSL in the foreseeable future, Tata Steel managing director HM Nerurkar said in a statement.[caption id=attachment_394146 align=alignleft width=380 strongKolkata:/strong Tata Steel to
strongKolkata:/strong Tata Steel has planned to merge Tinplate Company of India Ltd and Tata Sponge Iron Ltd with itself. A company like Tinplate is like an extension of our steel plant. Tata Steel's cold rolling and coating is done there. But for some historical reasons they have remained as separate companies, Tata Steel managing director H M Nerurkar said on Thursday. Such plants remained as divisions the world over, he said citing examples of Nippon Steel and Arcelor Mittal. [caption id=attachment_393049 align=alignleft width=380 strongKolkata:/strong Tata Steel ha
Tata Steel's net debt increased 5 percent to Rs 52,400 crore in 2011-12, despite the company witnessing free cash flows of Rs 2,200 crore, Motilal Oswal said in a note that maintained a sell rating for the stock as outlook is not very encouraging. The net worth of the Tata Steel group increased by Rs 7700 crore to Rs 43300 crore largely due to equity infusion, asset sales, goodwill and asset translation gains. Core profit from India business after paying dividend contributed Rs 4700 crore, but this was offset by Rs 4200 crore of after tax loss in overseas operations, the report said. emOther points from the report are as follows:/em [caption id=attachment_388530 align=alignleft width=380 Tata Steel's net debt increased 5 p
strongNew Delhi:/strong Tata Steel Group's plant capacity will go up to 33.5 million tonnes per annum (mtpa) by 2014 with the 2.9 mtpa expansion of Jamshedpur plant and commissioning of the first phase of 3 mtpa Odisha unit, chairman Ratan Tata said. Tata said the ongoing 2.9 mtpa expansion in Jamshedpur is expected to go on stream this financial year, taking the company's production capacity in India to 9.7 mtpa.[caption id=attachment_382187 align=alignleft width=380 strongNew Delhi:/strong Tata Steel
strongNew Delhi:/strong Tata Steel's European operations will continue under stress for a couple of years in view of the economic crisis and sharp rise in raw material costs, its chairman Ratan Tata said. Tata Steel's operations in India are expected to remain strong, its operations in Europe will continue to be under enormous stress for the next year or two until the Western European economy recovers, Tata said in the company's annual report.[caption id=attachment_380885 align=alignleft width=380 strongNew Delhi:/strong Tata Steel'
Tata Steel, the world's no. 7 steelmaker, said on Monday it has agreed to sell its 50 percent stake in Dutch recycler HKS Scrap Metals Co to a unit of Germany's TSR for an undisclosed amount. [caption id=attachment_379230 align=alignleft width=380 Tata Steel, the world's no. 7 steel
strongNew Delhi:/strong Tata Steel's sales in the first quarter of current fiscal remained unchanged at 1.59 MT, as power cuts impacted downstream production. According to a company statement, sales were a tad lower compared with the immediate previous quarter (January-March), when it touched 1.79 MT.[caption id=attachment_377215 align=alignleft width=380 strongNew Delhi:/strong Tata Steel'
The brokerage house has downgraded Tata Steel to underperform from neutral. Reuters The brokerage house has downgraded