PINAKI MAJUMDAR
Jamshedpur, July 6: Tata Steel chairman Natarajan Chandrasekaran said the steel major is focused on its simplification journey to have a simpler governance structure.
“Tata Steel continues to scale up its business in India by way of both organic capital expansion and inorganic acquisitions and is steadfast in its objective of achieving its 2030 target of an overall 40 MnTPA capacity in India”, said Chandrasekaran during the 116th Annual General Meeting (AGM) of shareholders for the financial year 2022-23 held virtually from Mumbai on Wednesday.
In his speech to shareholders, Chandrasekaran highlighted the company’s financial performance and future plans.
“We endeavour to attain a leadership position in the long products segment. In this context, we acquired the Neelachal Ispat Nigam Limited (NINL). The ramping up of production at NINL to its rated capacity has augmented the capacity. Further, NINL being part of the Kalinganagar eco-system is well positioned to grow synergistically in the future,” he said.
The chairman said that the company is also investing in circularity and deploying capital towards low-carbon steel making.
Notably, Tata Steel has signed a Memorandum of Understanding with the government of Punjab to establish a state-of-the-art scrap utilising electric arc furnace based long products steel plant in Ludhiana, with a capacity of 0.75 MnTPA. The plant is expected to be operational within two years.
He further said, “The future holds many opportunities for Tata Steel, and the company is well positioned to capitalise on them. As we embark on the journey, the Management team will continue to focus on customer centricity, technology, digital and sustainability initiatives to enhance the company’s competitive position in the global steel industry. The company will be financially prudent while executing its growth strategy so that it can generate sustainable free cash flows and create long-term stakeholder value.”
From a standalone performance perspective, Tata Steel India delivered revenues of Rs 1,29,007 crore, which was in line with the previous year’s revenues. The profit after tax for FY2022-23 was Rs 15,495 crore.
For the financial year ended March 31, 2023, the Board of Directors of the company has recommended a dividend of Rs 3.60 per equity share.
