Tata Steel says sites available to double its manufacturing capacity
In India, Tata Steel largely operates in Jamshedpur and Gamharia in Jharkhand, as well as in Kalinganagar and Meramandali in Odisha.
ANI
Jul 15, 2024 16:43 IST
New Delhi [India], July 15 (ANI): In a bid to capitalise on the growth opportunity available in India, Tata Steel on Monday said it has sufficient manufacturing sites available to double its manufacturing capacity.
The steelmaker currently produces 21 million tonnes per annum in India, and doubling it could take it to around 40 million tonne per annum. In India, Tata Steel largely operates in Jamshedpur and Gamharia in Jharkhand, as well as in Kalinganagar and Meramandali in Odisha.
As it approaches 40 MTPA, its share of India-manufactured steel vis-a-vis its overall output would come at over 75 per cent (from 62 per cent now), as per a presentation made by the company today during its 117th Annual General Meeting showed.
With a vision to double its capacity in India, Tata Steel is actively investing in expanding capacities through organic and inorganic means.
Tata Steel group is among the top global steel companies with an annual crude steel capacity of 35 million tonnes per annum. Tata Steel has announced its major sustainability objectives including Net Zero Carbon by 2045.
The group recorded a consolidated turnover of around USD 27.7 billion in the financial year that ended in March 2024. The Company's manufacturing assets are spread across India, the Netherlands, the UK, and Thailand.
The company's goal is to become "one of the most respected and valuable steel companies globally".
The Group had signed a joint agreement with the UK government for investment in low-CO2 steelmaking, at Port Talbot with a capital cost of Euro 1.25 billion inclusive of a grant from the UK government of up to Euro 500 million.
"Sustainability is at the core of our strategy," said the steelmaker in its presentation today, as it also laid out its green goals.
It said its route and pace of decarbonization to be calibrated across geographies. For India, it pledged to pursue multiple initiatives and committed to responsible growth, without getting into much specifics.
In the UK, it is pursuing decarbonization to reduce 50 million tonnes of carbon dioxide emission over a decade. It aims to set up 3 MTPA EAF with the UK government's support of Euro 500 million.
In the Netherlands, it committed to achieve 35 to 40 per cent carbon dioxide emission reduction by 2030, but asserted that government support was key. (ANI)
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