Tata Steel Eyes Two-Fold Surge in Indian Steel Output Capacity

The company had reported its best-ever performance in history this fiscal.

SEATTLE (Scrap Monster): Tata Steel announced plans to double its steel production capacity in India from current levels of 20 million tonnes to almost 40 million tonnes over the period of next ten years. The announcement to this effect was made by N. Chandrasekharan, Chairman on the occasion of celebration of Founder’s Day of the company.

The Tata Group of companies is committed to Tata Steel doubling its capacity over the next decade. It has already started making investments in downstream businesses. The company plans major expansions in Jamshedpur. The company had reported its best-ever performance in history this fiscal. However Chandrasekharan noted that the best of Tata Steel is yet to come.

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The company reported consolidated net profit to INR 9,598 crore during the recent quarter ended 31^st December, 2021, reporting a surge of 139% over the prior year quarter. The consolidated revenues from operations too surged higher by 45% to total INR 60,783 crore during the quarter. Also, the India operations had reported 4% jump in crude steel production to 4.81 million tonnes.

The Chairman appreciated the efforts of the employees during the past two years, amidst the pandemic.

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