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Industrial Products India, Industrial Manufacturers & Suppliers
 




 
   
 
 
 

Tata Steel\'s Jamshedpur expansion..

Tata Steel's Jamshedpur expansion on course: Tata


Tata Steel said its joint venture project with Japan's Nippon Steel Corporation to auto grade steel is on schedule.
"Our joint venture project with Nippon Steel is on schedule at Jamshedpur. Our Orissa project at Kalinganagar is also being implemented. We have already rehabilitated 900 families. We have invested in Mozambique as well as in Canada to ensure security of raw material supply," Tata Steel Chairman Ratan Tata told the 104th AGM of the company here.
The joint venture will manufacture continuous anhealing, or auto grade steel, in the country.
Tata also clarified that the company has no plans to begin any project in Bangladesh, but said the project in Vietnam would be implemented.
"Our current priorities remain on the development of the Benga project in Mozambique, the ore project in Canada and Sedibing project in South Africa. Phase two of the Dhamra Port in Orissa is also under consideration. It is a build-operate and transfer (BOT) contract," he said.
Tata Steel had reported a consolidated net profit of Rs 8,983 crore in FY11, against net loss of Rs 2,009 crore in the previous year. This was mainly due to higher volumes and realisations and improved product-mix, he said and announced a dividend of Rs 12 per share for the past fiscal.
Blaming the government' slow decision-making for his project delays, Tata said this process in our country tends to be slower compared to China. "By now, we could have produced 10 million tonne steel out of Orissa, if only we had managed to be up and running."
During FY11, the company had sold a 26 per cent stake in Australia's Riversdale to Rio Tinto for USD 1.1 billion.
On European operations, Tata said the firm is investing in productivity improvement projects in Britain and European operations, besides rebuilding a blast furnace at Talbot, UK.
On domestic economic front, he said sustainable growth would depend on how the Government handles inflation and fiscal deficit. "Due to these factors,there will be challenges to sustain profitability of operations."
It can be noted that Indian economy has entered a rough patch following rising inflation and the resultant monetary policy tightening by the RBI, which increased interests 325 bps in the past 15 months to contain high inflation, which stood at 9.44 per cent in June.
Reflecting the slowdown, on Monday, the Prime Minister's Economic Advisory Council admitted that the spate of corruption-related controversies consumed the energies of the government and has led to an unintended slowing down of initiatives to restore investment and economic confidence.
It pegged GDP forecast to 8.2 per cent for the current fiscal, down from 8.5 per cent earlier.
Tata expressed concern about the global economic scenario, saying it seems to be recovering on a mixed basis. However, the emerging markets seem to be attractive more than other markets.

He also spoke about the slowdown in steel production in China, and said the world's second largest economy is gradually moving from an export-driven economy to a domestic demand-driven market.

 
     
 
   
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