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Tata Steel Update on COVID-19 Outbreak

Steel News - Published on Fri, 03 Apr 2020

Image Source: financialexpress.com
As the novel Coronavirus COVID-19 outbreak continues to spread rapidly across the world, Tata Steel said “In line with the increased action taken by national governments to contain the spread of COVID-19, Tata Steel will be reducing operations at some sites. We have already stepped up measures to reduce risk to our employees across all our sites as well as the communities around. Strict travel restrictions have been implemented and majority of our employees have been asked to work from home. Additional resources are being put in place to increase hygiene standards at all locations and enforce strict social distancing norms for employees and other stakeholders who have to attend to essential activity at workplace. These are unprecedented times and the situation on the ground is evolving very rapidly and we are working closely with customers and suppliers and various Government agencies to mitigate these impacts as far as possible. We are monitoring the situation closely and stand ready to review these decisions based on the developments on the ground.”

India - Based on the specific guidance and approvals received from the relevant District Administration, the company’s mining operations have been operating normally but the integrated steel facilities in Jamshedpur, Kalinganagar Angul (Tata Steel BSL) and Gamahria (Tata Steel Long Products) have started reducing production levels and operations in the downstream facilities have been suspended and put on care and maintenance mode. In view of the restrictions in the despatch of finished goods and poor market conditions due to the shutdown of customer operations in automotive, construction and other segments, shipments to customers have been curtailed. The company is focused on conserving cash and liquidity and are reducing the cost base to align with the operating and market situation with strong focus on working capital management. All payments to MSME vendors and contract workers are being done on due dates.

Europe - Tata Steel Europe is cooperating with national guidelines of the relevant countries and has updated measures to reduce risk to employees across all sites. We are committed to continue to supply steel products vital for society, including for food packaging, where demand has increased for canned food. However, overall European steel demand has sharply reduced compared to the normal conditions and many of our customers have paused production, including European car manufacturers. Tata Steel Europe has therefore reduced production at some of the European mills to match this lower demand. The business is focused on preserving cash and liquidity to tide over the challenging period. Tata Steel Europe is currently operating all four blast furnaces at a reduced level across the two steelmaking hubs – in Ijmuiden in the Netherlands, and Port Talbot, Wales and despatches to customers is currently continuing at the revised levels. The situation is under continuous review and the management is prepared to take swift actions depending on the trading conditions.

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Posted By : Rabi Wangkhem on Fri, 03 Apr 2020
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