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The Tata group firm exports no steel from its Indian operations to the United States, and the company expects any secondary impact- from exporter-manufacturers using its steel, to be limited, MD and CEO TV Narendran told Moneycontrol
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China has emerged rapidly during the last 30-40 years and the next 30 years are important for India, which is the fastest growing economy of the world, Narendran said while addressing the members of Singhbhum Chamber of Commerce and Industry (SCCI) here on Tuesday evening.
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The UK government has already agreed to a 500 million pound package to support the loss-making steel plant which was facing shutdown over high carbon emission. The plant employs around 8,000 people.
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Narendran who is also the Managing Director of Tata Steel made the remarks in reply to a question on stance on exiting the UK business.
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The company produced 19.87 Million Tonnes (MT) of steel in the last fiscal as against 19.06 MT in 2021-22.
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Replying to a question on the continuous fluctuations in prices of steel, he said industry members, both producers and consumers, can not wish away the price volatility and instead should look at how it can be managed.
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"We welcome the government's decision to roll back the export duty on steel products and iron ore, imposed to deal with the inflationary situation, and we acknowledge the same," Narendran told PTI.
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Speaking at 'Being Future Ready Business Summit 2022’, the CII President observed that a responsible and conscious industry must think beyond its own priorities to drive positive change for the nation.
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The acquisition of NINL is critical for Tata Steel to build a dedicated long products complex.
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The report recommends finalising free trade agreements with large markets, extending RoDTEP to all exports, attracting global firms and addressing domestic manufacturing issues to achieve the target.
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The amount will be spent mainly towards completion of the expansion of the Kalinganagar plant, and expansion of mining operations and recycling business, he told PTI replying to a question related to Tata Steel's plans for India business in the financial year 2022.
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RINL, under the Ministry of Steel, owns and operates a 7.3 million tonnes plant in Visakhapatnam, Andhra Pradesh. It holds the distinction of being India's first shore-based integrated steel plant.
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On the demand for fiscal stimulus to reinvigorate the domestic economy, CII is not asking for a big check for industry, Narendran told Moneycontrol. Instead, the stimulus should be directed towards economic revival through GST rate cuts and support for those sectors seeing highest volume of job shedding, he said.
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The focus of opening up in the immediate run, he said, should be on economic activities including restarting the supply chains as they are essential for reviving the growth and ensuring livelihoods to the vast majority of the workforce.
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T V Narendran takes over from Uday Kotak, Managing Director, and Chief Executive Officer, Kotak Mahindra Bank Ltd.
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Tata Steel Ltd has withdrawn its membership from the Indian Steel Association (ISA), an apex steel industry body.
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Also some relief in the duty on steel making raw materials can help Indian steel industry become more competitive, Tata Steel CEO and Managing Director T V Narendran said in an interview to PTI.
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"As the government has focused on ease of doing business, it should also focus on 'cost of business' to make industries, particularly the manufacturing sector, more competitive in the prevailing market," Narendran told reporters on Wednesday.
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“The FM has presented a Budget which is both balanced and positive. Focus on rural infrastructure, agricultural output and farmer income will help reduce the agrarian distress and boost the rural economy," says T V Narendran , CEO & MD Tata Steel India Limited.
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Narendran, 52, a company veteran who joined the Tata ranks in 1988, was serving as managing director (India and South East Asia) for the past four years.
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"Tata Steel had plans to produce six million tonne in two phases originally, but we are now discussing to enhance the capacity to eight million tonne," Tata Steel Managing Director (India and South East Asia) T V Narendran said.
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Steel makers like Tata Steel and Visa Steel have sought removal of import duty and clean energy cess on coking coal and giving thrust to domestic infrastructure forecasting tepid global demand next year.
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"Sometime in next six months a proposal will be sent to our board for its approval to start the second phase work at Kalinganagar, while the focus now is to achieve full 3 mtpa capacity in first phase fast," Tata Steel MD (India and South East Asia) T V Narendran said.
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The forecast comes as the industry is roiled by a collapse in prices, the fear of cheap Chinese steel flooding markets, and the social impact of cutbacks to production.
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Referring to steel prices, Narendran said he did not wish to predict their range for the next few months, but said domestic steel price was still lower than minimum import price (MIP) imposed by the government in February.
