Tata Steel to Boost Capacity of Value-Added Steel Products

SEATTLE (Scrap Monster): Leading steelmaker Tata Steel confirmed that it will go ahead with its previously announced plans to expand capacity in value-added steel products. This was announced by N. Chandrasekharan, Chairman, Tata Steel Group while addressing shareholders at the company’s annual general meeting (AGM).

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He noted that the impacts of the industry-specific policy measures taken by the government to tackle inflation are likely to be short-term. The company considers the current situation as a defining moment in history. The domestic steel industry in India is poised to leverage its competitive position and export its products to different countries across the world. Tata Steel plans to invest in sustainable technology and create value for the long term, Chandrasekharan added.

Tata Steel eyes major expansion of its steelmaking capacity in India. The company targets to reach a capacity of 30-40 mt, compared with the current capacity of 20 mt. The committed expansion at Kalinganagar will boost the capacity to around 25 mt. The organic expansion plans in NINL will further supplement the expansion drive. The company plans to raise its capital expenditure budget significantly so as to achieve faster capacity expansion.