Tata Steel CEO and Managing Director TV Narendran has said that the production in Jamshedpur plant will increase from 10 to 11 MT per annum. The production in Kalinganagar will increase from 3 MT to 8 MT, he said. He was addressing cake cutting ceremony at CFE on Monday.
Narendran thanked the citizens of Jamshedpur and promised to continue the company's commitment of working together with the community to make the steel city a better place to live.
Later addressing media persons he said that the successful roll out of the goods and services tax (GST) also had positive implications as it has improved the supply chain efficiency.
He lauded the Centre’s national steel policy 2017 which he said has drawn a long-term road map for steel manufacturers in India. Narendran was also all praise for the three-year-old Jharkhand government.
However, Tata Steel continued to perform and grew during this period despite the odds, he said. “Despite these challenges in the last two years, Tata Steel has continued to invest and has grown not only in the works but also in the township of Jamshedpur to improve facilities during this period,” Narendran said.
Later, talking to reporters, Narendran said there is a stability in the steel sector globally and import of steel from China has come down to five million tonnes from 10 million tonnes because of anti-dumping duty and other temporary measures taken by the government.
In his New Year message the managing director said: “2017 saw a recovery in global steel demand, prices and trade leading to better than expected performance by India’s steel sector. The year not only saw India becoming the third largest steel producer in the world, it managed to successfully reverse the trend of increasing imports as it became a net exporter. Globally, G20 through the GFSEC has been working on addressing the excess steel capacity and we expect to see more work towards this endeavor in 2017-18. Focusing on the need to improve domestic demand, Govt of India’s National Steel Policy 2017 has drawn the long-term road map for steel vision in India.In Tata Steel, we are committed to further growing our business in India and we look forward to working closely with the Government contributing positively to India’s economic growth.During the year, we had a smooth and successful roll out of GST which had positive implications across our value chain in India.
Post the successful ramp up of the 3 million tonne installed capacity at Kalinganagar, the Board has approved a further expansion to 8 million tonnes at an additional capital outlay of Rs 23,500 crore to be raised in a combination of equity and debt.”