Latest news with #T.V.Narendran
Time of India
12 hours ago
- Business
- Time of India
Tata Steel to explore new markets as tariffs hit US shipments
Tata Steel plans to tap markets in the Middle East and Latin America to offset the impact of U.S. tariffs. CEO T.V. Narendran said U.S.-bound exports from the Netherlands face 50% duty, while U.K. exports benefit from a separate deal. Though India's exports to the U.S. are limited, the company aims to reduce dependency and build stable demand elsewhere. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads India's Tata Steel Ltd. is planning to explore new markets in regions such as the Middle East and Latin America, as President Donald Trump's tariffs impact shipments to the US.'We are looking at other markets where there is a requirement for high-end steel and where we are not impacted by these kinds of tariffs,' Chief Executive Officer T.V. Narendran told Bloomberg Television in an interview with Haslinda Amin, without elaborating on fallout from US 10% of its exports from the Netherlands and 5% from the UK go to the US, but these sales contribute up to 20% of its overall profit, he said. The metal from the Netherlands faces a steep 50% tariff, while the UK benefits from a lower rate following a separate trade deal, Narendran threat of a US levy of at least 25% on India's exports is unlikely to significantly affect Tata Steel, as its export volumes from the South Asian nation remain relatively low, he company's move to explore new markets shows how US tariffs are pushing global firms to rethink their trade strategies. By targeting other markets, the producer aims to cut risk and find stable demand for its high-end steel products. The company operates in more than two dozen nations.'Some of these products require customer approval so it's not a switch that can happen overnight,' Narendran said. 'Once we develop other markets, it's not necessary that we may want to go back to the US if the tariffs come down.'This is the risk with these tariffs because people may develop alternative sources and markets and might not want to switch back easily, he said.
Time of India
14-07-2025
- Business
- Time of India
Tata Steel begins construction of £1.25 billion Electric Arc Furnace in UK, aims to cut 5 million tonnes CO₂ annually
New Delhi: Tata Steel UK commenced construction of a £1.25 billion Electric Arc Furnace (EAF) at its Port Talbot site, with an aim to reduce carbon emissions by approximately 90 per cent or 5 million tonnes per year. The green steel project is supported by a £500 million investment from the UK government and is expected to be commissioned by the end of 2027. The groundbreaking ceremony was attended by Tata Group Chairman Natarajan Chandrasekaran, Tata Steel CEO and MD T.V. Narendran, and Tata Steel UK CEO Rajesh Nair, along with UK government ministers. 3 million tonnes of annual production capacity Once operational, the new EAF will melt UK-sourced scrap steel to produce up to 3 million tonnes of steel per year. It will be one of the largest electric arc furnaces globally. The project also includes new ladle metallurgy facilities and infrastructure upgrades, with partnerships from technology providers including Tenova, ABB and Clecim. Sir Robert McAlpine has been appointed as the main contractor, supported by a regional supply chain including Darlow Lloyd & Sons, Mii, Skelton Thomas, Wernick Buildings, Andrew Scott Ltd and Systems Group. 'A new era for sustainable manufacturing' 'This is an important day for Tata Group, Tata Steel and for the UK. Today's groundbreaking marks not just the beginning of a new Electric Arc Furnace, but a new era for sustainable manufacturing in Britain,' Tata Group Chairman Natarajan Chandrasekaran said. 'At Port Talbot, we are building the foundations of a cleaner, greener future, supporting jobs, driving innovation, and demonstrating our commitment to responsible industry leadership.' Government reiterates support for steel sector UK Business Secretary Jonathan Reynolds said the project was part of the government's Industrial Strategy and reaffirmed support for the domestic steel industry. 'This government is committed to a bright future for our steel industry, which is why we provided £500 million of funding to make this project possible,' he said. Secretary of State for Wales Jo Stevens said, 'The UK Government acted decisively to ensure that steelmaking in Port Talbot will continue for generations to come, backing Tata Steel with £500 million to secure its future in the town, along with £80 million to support workers and the wider community.' Welsh First Minister Eluned Morgan added, 'Seeing spades in the ground today provides a tangible sign of Tata's intention to continue producing steel in the area.' The UK Government has also announced a £2.5 billion investment under its Steel Strategy to support the domestic industry, maintain employment, and drive industrial growth. The groundbreaking at Port Talbot marks a key milestone in Tata Steel UK's decarbonisation strategy and long-term commitment to sustainable steel production.>
Time of India
14-07-2025
- Business
- Time of India
Tata Steel begins construction of £1.25 billion Electric Arc Furnace in UK, aims to cut 5 million tonnes CO₂ annually
New Delhi: Tata Steel UK commenced construction of a £1.25 billion Electric Arc Furnace (EAF) at its Port Talbot site, with an aim to reduce carbon emissions by approximately 90 per cent or 5 million tonnes per year. The green steel project is supported by a £500 million investment from the UK government and is expected to be commissioned by the end of 2027. The groundbreaking ceremony was attended by Tata Group Chairman Natarajan Chandrasekaran, Tata Steel CEO and MD T.V. Narendran, and Tata Steel UK CEO Rajesh Nair, along with UK government ministers. 3 million tonnes of annual production capacity Once operational, the new EAF will melt UK-sourced scrap steel to produce up to 3 million tonnes of steel per year. It will be one of the largest electric arc furnaces globally. The project also includes new ladle metallurgy facilities and infrastructure upgrades, with partnerships from technology providers including Tenova, ABB and Clecim. Sir Robert McAlpine has been appointed as the main contractor, supported by a regional supply chain including Darlow Lloyd & Sons, Mii, Skelton Thomas, Wernick Buildings, Andrew Scott Ltd and Systems Group. 'A new era for sustainable manufacturing' 'This is an important day for Tata Group, Tata Steel and for the UK. Today's groundbreaking marks not just the beginning of a new Electric Arc Furnace, but a new era for sustainable manufacturing in Britain,' Tata Group Chairman Natarajan Chandrasekaran said. 'At Port Talbot, we are building the foundations of a cleaner, greener future, supporting jobs, driving innovation, and demonstrating our commitment to responsible industry leadership.' Government reiterates support for steel sector UK Business Secretary Jonathan Reynolds said the project was part of the government's Industrial Strategy and reaffirmed support for the domestic steel industry. 'This government is committed to a bright future for our steel industry, which is why we provided £500 million of funding to make this project possible,' he said. Secretary of State for Wales Jo Stevens said, 'The UK Government acted decisively to ensure that steelmaking in Port Talbot will continue for generations to come, backing Tata Steel with £500 million to secure its future in the town, along with £80 million to support workers and the wider community.' Welsh First Minister Eluned Morgan added, 'Seeing spades in the ground today provides a tangible sign of Tata's intention to continue producing steel in the area.' The UK Government has also announced a £2.5 billion investment under its Steel Strategy to support the domestic industry, maintain employment, and drive industrial growth. The groundbreaking at Port Talbot marks a key milestone in Tata Steel UK's decarbonisation strategy and long-term commitment to sustainable steel production.>
Economic Times
23-05-2025
- Business
- Economic Times
Tata Steel shares in focus after company unveils Rs 27,000-crore Kalinganagar expansion, boosts capacity to 8MT
Tata Steel shares will be in focus on Friday after the company launched the second phase of its Kalinganagar plant in Odisha, increasing its annual crude steel capacity from 3 million tonnes (MT) to 8MT with an investment of Rs 27,000 crore. With this move, Odisha has become Tata Steel's largest investment destination. ADVERTISEMENT Located in Jajpur district, the expanded facility will produce advanced high-strength steel for sectors such as automotive, infrastructure, power, shipbuilding, and defence. Tata Steel CEO & MD T.V. Narendran said, "Kalinganagar is more than a manufacturing site for us. It symbolises what is possible when communities, government, and industry work together. This expansion reflects our deep belief in Odisha's potential and our long-term commitment to this state." Earlier this month, Tata Steel reported a consolidated net profit of Rs 1,201 crore for the quarter ended March 2025, beating Street estimates of Rs 1,062 crore. Revenue from operations came in at Rs 56,218 crore, down 4.2% from Rs 58,687 crore in the same quarter last year, but up 5% sequentially from Rs 53,648 crore in for the quarter came in at Rs 6,762 crore, up from Rs 6,631 crore in Q4FY24 and Rs 5,994 crore in Q3FY25. However, adjusted EBITDA per tonne fell to Rs 7,810, compared to Rs 9,263 in Q3FY25 and Rs 8,735 in Steel also announced plans to invest up to $2.5 billion in its Singapore-based subsidiary, T Steel Holdings Pte Ltd, as part of its ongoing international strategic initiatives. ADVERTISEMENT Also Read: RIL, SBI among 10 stocks with more than 32 buy calls According to Trendlyne, the average target price for Tata Steel is Rs 161. Out of 30 analysts covering the stock, the consensus rating is 'Buy'. ADVERTISEMENT Tata Steel shares closed at Rs 161.20 on Thursday, down 0.22% on the BSE. The stock is up 18% year-to-date and has gained 54% over the past two years. Its current market capitalisation stands at Rs 2,01,295 crore. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times) ADVERTISEMENT (You can now subscribe to our ETMarkets WhatsApp channel)
The Print
22-05-2025
- Business
- The Print
Tata Steel completes 5 MT expansion project at Kalinganagar; India capacity crosses 26 MT
With the completion of the 5 million tonne expansion project undertaken at an investment of Rs 27,000 crore, the capacity of Kalinganagar plant stands at 8 MT from 3 MT earlier, the steelmaker said in a statement. New Delhi, May 22 (PTI) Tata Steel on Thursday announced the completion of the phase II expansion project at Kalinganagar in Odisha, taking its overall capacity to 26.1 million tonnes (MT) in the country. T. V. Narendran, CEO and Managing Director, Tata Steel, said: 'This expansion reflects our deep belief in Odisha's potential and our long-term commitment to this State. Kalinganagar is more than a manufacturing site for us. It symbolises what is possible when communities, government, and industry work together.' Tata Steel aims to target supply advanced high-strength steels for sectors like automotive, infrastructure, power, shipbuilding, and defence with the expansion. Odisha has emerged as the single largest investment destination for Tata Steel. Earlier Tata Steel had said it has made a total cumulated investment of over Rs 100,000 crore in the last 10 years in the state. Besides Kalinganagar, the capacity of Tata Steel Meramandali (erstwhile Bhushan Steel) is 5.6 MT, Tata Steel Jamshedpur 11, Tata Steel Gamharia and NINL 1 MT each. The company commenced the Rs 27,000-crore second phase of expansion of its Kalinganagar project in Odisha in November 2018. The new blast furnace at Kalinganagar, with a volume of 5,870 cubic meteres of inner volume is the largest in India. The expansion project includes raw material capacity expansion, upstream and mid -stream facilities, infrastructure and downstream facilities including a cold rolling mill complex. PTI ABI ABI MR This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
