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2018 expected to be better for steel industry - Mr TV Narendran MD Tata Steel

Steel News - Published on Tue, 02 Jan 2018

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PTI reported that Tata Steel has expressed hope that the New Year is expected to be slightly better compared to the last two years as stability has returned to the steel sector globally. Addressing a gathering on the New Year, Mr TV Narendran, CEO and Managing Director of Tata Steel said 2017 was somewhat better compared to the preceding two years despite challenges.

He said “In 2014 Tata Steel had dealt with some of the challenges relating to closure of its mines because of change in regulations, while in 2015 China had increased its export volumes globally, including India, which created a challenging atmosphere. However, Tata Steel continued to perform and grew during this period despite the odds. 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.”

Emphasizing on the need for competitiveness, he said that going forward, the competitiveness of Jamshedpur plant will get challenged after 2030, when the mines it has at its disposal today would be put up for auction.

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.

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Posted By : Nanda Koijam on Tue, 02 Jan 2018
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