According to analysts in India Ratings, Tata Steel's investment in its European unit has not delivered returns according to the management's expectation. This prompted the firm to writedown $1.6 billion asset in its European unit, Rakesh Valecha, Senior Director at India Ratings feels. Tata Steel attributed the writedown to "weak economic and market conditions" in Europe and it expects this situation to continue "over the near- and medi
Tag: Tata Steel
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Odisha govt rethinks leasing land for port project
Odisha government reportedly considers whether to postpone the handing over of land for the Rs 10,000-crore expansion of Dhamra port following reports of the promoters reducing their holding in the port venture. Earlier there were reports that Larsen and Toubro (L&T) and Tata Steel , which own 50 per cent each in Dhamra Port Co (DPCL), were planning to sell their entire stak
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Tata Steel to reline blast furnace in UK plant
Tata Steel plans to reline the Queen Anne blast furnace at its Scunthorpe, UK, plant at a cost of $77 million, or over Rs 400 crore. The project may be completed before the plantÂ’s 60th anniversary in April 2014. Relining will raise efficiency and capacity of the furnace as it involves replacement of the brick and refractory lining, replacement of copper mantle plates and copper stack cooling plates
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Rating agencies raise concern on margin pressure for Tata Steels
Rating agencies are not optimistic about the domestic operation of Tata Steel as its margins are under pressure because of low pricing power in the Indian market. Owing to slowdown in the economy and the resultant weakness in steel consumption, the pricing power of the company is restricted. Therefore, rating agencies like Fitch and Moody's assig
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Tata Steel expects demand to expand 6-8 % in FY14
Agency reports indicate that Tata Steel expects the country's demand for steel to grow 6-8 per cent in 2013-14 assuming the economy to expand 6 per cent. The company expects major steel consuming sectors to grow well in the ongoing fiscal year, unlike last year when the growth was
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Tata Steel posts best output, sales performance in FY13
Production of hot metal and crude steel by Tata Steel expanded 14 per cent to 8.85 million tonne (mn t) and 8.13 mn t during 2012-13, the company said in a press release. During the year, the firm achieved 14 percent growth in the output of saleable steel at 7.94 mn t. The company posted 13 per cent growth in sales at 7.48 mn t
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Output of Tata Steel expands 27%
The aggregate saleable steel output of Tata Steel expanded 27 percent to 2.26 million tonne (mn t) in January-March 2013 from the year-ago period. The company said this in a communication to the stock exchange. The company sold 29 percent more steel in January-March 2013 at 2.28 mn t compared to 1.77 mn t
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Tata Steel to issue dollar bonds to raise $1 bn
Media reports indicate that Tata Steel plans to rise $1 billion through issue of foreign currency bonds mainly to refinance loans. November 2009 was the last time the company raised dollar-denominated bonds. Besides this, the company would raise Rs 130 billion for its 6-million metric-tonne steel plant project in the eastern state of Odisha. The plant would be built in phas
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Tata Steel despatches rails for metro project
L&T Metro Rail Hyderabad received the first consignment of rails despatched by the French unit of Tata Steel. Tata Steel's unit in France is said to be having a proven record of supplying rails to major railway projects in the world and also to the Indian market. These rails were transported by road on 60-feet special trailers to the Metro Rail Uppal depot after they were
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Tata Steel’s 6 mn tpa project may be operationally beneficial
According to analysts, the proposed 6 mn tpa (million tonnes per annum) steel plant by Tata Steel in Odisha would be operationally beneficial for the company. This is because the proposed plant would have captive iron ore reserves, efficient logistical infrastructure reducing costs and technologically efficient plan