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<keyword id="6357147" type="General" weightage="20" keywordseo="tata-steel" source="Orion">Tata Steel</keyword> on Tuesday announced the commissioning of a carbon capture unit at its plant in Jamshedpur. The unit can capture five tonnes of carbon per day, the company said. The company did not disclose the financial details of the project. "Tata Steel today (Tuesday) commissioned a five tonnes per day (TPD) carbon capture plant at its Jamshedpur Works, making it the country's first steel company to adopt such a carbon capture technology that extracts carbon dioxide (CO2) directly from the blast furnace gas," Tata Steel said in a statement. Tata Steel will reuse the captured CO2 on site to promote the circular carbon economy, it said. Explaining the process, the company said the carbon capture and utilisation (CCU) facility uses amine-based technology and makes the captured carbon available for onsite reuse. The depleted CO2 gas is sent back to the gas network with increased calorific value. The CCU plant was inaugurated by Tata Steel CEO and MD T V Narendran. Narendran said, "The operational experience gathered from the plant will give us the required data and confidence to establish larger carbon capture plants in future." He added that as the next step, the company aims to establish scaled up facilities of CO2 capture integrated with utilisation avenues. SEE ALSO <a href="https://www.businessinsider.in/business/news/zomato-co-founder-gaurav-gupta-exits-from-zomato/articleshow/86193568.cms" data-type="tilCustomLink">The sequence of events leading up to the exit of Gaurav Gupta from Zomato</a> <a href="https://www.businessinsider.in/business/startups/news/lenskart-vision-fund-will-invest-20-million-in-eye-technology-startups/articleshow/86188885.cms">Lenskart is setting aside $20 million for technologies like instant glasses, spectacles for the colourblind and other breakthrough ideas</a> <a href="https://www.businessinsider.in/education/news/an-indian-software-icon-says-dont-push-kids-need-not-learn-coding-early/articleshow/86190611.cms">An Indian software icon says kids need not learn coding early</a>

Tata Steel commissions first ever plant in Jamshedpur to capture carbon dioxide

As per reports, <keyword id="6357147" type="CITY" weightage="100" keywordseo="Tata-Steel">Tata Steel</keyword> has confirmed the sale of its Scunthorpe-based steel plant to investment firm <keyword id="3005006" type="UNKNOWN" weightage="100" keywordseo="Greybull-Capital">Greybull Capital</keyword>. The deal involves an investment package of 400 million pounds, the reports added. 
 
It was in December last year that Tata Steel had signed a memorandum of Intent with Greybull Capital so that it could enter exclusive negotiations for the potential sale of its long products Europe business. Prior to this, it had signed a memorandum of understanding with the Klesch Group, which couldn’t be sustained. 
 
Along with the steel plant, the deal also includes mills in Teesside and northern France, an engineering workshop in Workington, a design consultancy in York, and associated distribution facilities. 
 
Talking of the investment firm Greybull Capital, it is "a family office which makes long-term investments in private companies" based in London, and is run by financiers Marc and Nathaniel Meyohas and Richard Perlhagen. 
 
Ever since Tata Steel announced in March this year that it would have to sell its UK steel business because of poor performance, the events have unfolded rather rapidly. The reasons behind the downfall are said to be poor demand and cheap Chinese imports. 
 
<a href="http://www.newsforindia.com/wp-content/uploads/2015/10/scunthorpe-Tata-Steel.jpg">Image source</a>

Tata Steel has sold its UK plant to London-based Greybull Capital

Tata Steel has announced the completion of the sale of its European long steel business, including the giant Scunthorpe plant, to Greybull Capital LLP. 
 As per the deal, <keyword id="3387727" type="UNKNOWN" weightage="100" keywordseo="Scunthorpe-steelworks">Scunthorpe steelworks</keyword> in England, mills in Teesside and in northern France, employing a total of 4,800 people, have been sold, for a "nominal" fee, said the announcement. 
 "<keyword id="723143" type="ORGANIZATION" weightage="100" keywordseo="Tata-Steel-UK">Tata Steel UK</keyword> today announced the completion of the sale of its Long Products Europe business to Greybull Capital LLP," the statement said. 
 
"From today the Long Products Europe business, which in the UK includes the Scunthorpe steelworks, two mills in Teesside, an engineering workshop in Workington, a design consultancy in York, and associated distribution facilities, as well as a rail mill in northern France, will trade under the name of British Steel. All together the business employs 4,800 people - 4,400 in the UK and 400 in France," it added. 
 
Tata Steel UK had announced its plans to sell all its UK operations after years of losses in March this year, also saying that it was talking to Greybull, the London-based private equity firm, since December 2015. 
 
Bimlendra Jha, Executive Chairman of the Long Products Europe business and CEO of Tata Steel UK, said: "As a responsible seller, Tata Steel is delighted to have secured a buyer for this business and we hope that under Greybull ownership, the business will continue the momentum of the improvement programme that has been initiated in the last 12 months." 
 
He applauded the efforts of its employees and trade unions, who worked closely with the Long Products Europe management team so that the business' prospects can be improved and it can be placed in a more competitive position than it was in for many years. 
 
"It is through their dedication and hard work that we are in this position today in spite of continued challenges in the market," he added. 
 
<a href="http://i4.mirror.co.uk/incoming/article7703447.ece/ALTERNATES/s615/Tata-Steel.jpg">Image source</a>

Tata Steel UK sells its Europe Long Products business to Greybull

A proposal in this regard was approved by the Board of the company on Thursday, it said. "The Board of Directors of <keyword id="6357147" type="General" weightage="100" keywordseo="tata-steel" source="Orion">Tata Steel</keyword> considered and approved schemes for the proposed amalgamation of six subsidiaries into and with Tata Steel," the statement issued by Tata Steel said. The subsidiaries are <keyword id="13075126" type="General" weightage="50" keywordseo="tata-steel-long-products-limited" source="Orion">Tata Steel Long Products Limited</keyword> in which Tata Steel holds 74.91 per cent equity, The <keyword id="607748" type="General" weightage="50" keywordseo="tinplate-company-of-india-limited" source="Orion">Tinplate Company of India Limited</keyword> (74.96 per cent), <keyword id="727358" type="General" weightage="50" keywordseo="tata-metaliks-limited" source="Orion">Tata Metaliks Limited</keyword> (60.03 per cent), The Indian Steel &amp; Wire Products Limited (95.01 per cent equity holding), Tata Steel Mining Limited and S &amp; T Mining Company Limited (both wholly-owned subsidiaries). "<keyword id="1062175" type="General" weightage="50" keywordseo="tata-steel-board" source="Orion">Tata Steel Board</keyword> approves the amalgamation of strategic businesses into the company," the statement said. The Board also approved the amalgamation of <keyword id="342421" type="General" weightage="50" keywordseo="trf-limited" source="Orion">TRF Limited</keyword> (34.11 per cent equity), an associate company of Tata Steel, into <keyword id="4252143" type="General" weightage="50" keywordseo="tata-steel-limited" source="Orion">Tata Steel Limited</keyword>. Tata Steel further said the proposed amalgamation is aimed at driving synergies, simplifying the group holding and management structure, and consolidating and strategically growing downstream operations and engineering capabilities. The Board has considered the proposal based on independent fairness and valuation opinions. It followed the process laid down under the Companies Act, 2013 and Securities and Exchange Board of India Regulations. The proposed amalgamation will enhance management efficiency, drive sharper strategic focus and improve agility across businesses based on the strong parental support from the Tata Steel leadership. "On completion, there will be further opportunities towards reduction of overhead and corporate costs. Each of the proposed amalgamations will be value-accretive for shareholders," the company said. TheBoards of all the amalgamating companies have also considered the proposals following due process and have unanimously approved the merger. The proposed amalgamation is also part of Tata Steel's continuing journey to simplify the group holding structure, the company said. According to the statement, since 2019, Tata Steel has reduced 116 associated entities (72 subsidiaries have ceased to exist, 20 associates and JVs have been eliminated and 24 companies are currently under liquidation). SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/reliance-new-energy-picks-up-20-stake-in-caelux-to-shore-up-its-position-in-advanced-solar-tech/articleshow/94388449.cms">Reliance New Energy picks up 20% stake in Caelux to shore up its position in advanced solar tech</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/pepsico-to-set-up-4-plants-in-up/articleshow/94388168.cms">PepsiCo to set up 4 plants in UP</a>

Tata Steel board approves merger of six subsidiary companies

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">REUTERS/Fabian BimmerA steel-worker is pictured at a furnace at the plant of German steel company Salzgitter AG in Salzgitter, Lower Saxony on March 21, 2012.</div></div></div>Tata Steel just completed the sale of part of its struggling <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> business to family office Greybull Capital for a "nominal sum."The deal for Tata's so-called "Long Products Business" covers 4,800 jobs and assets including "Scunthorpe steelworks, two mills in Teesside, an engineering workshop in Workington, a design consultancy in York, and associated distribution facilities, as well as a mill in northern France," <a href="http://www.tatasteeleurope.com/en/news/news/tata-steel-uk-agrees-sale-and-purchase-agreement-for-long-products-europe-business">according to the initial release on the deal.</a><a href="https://next.ft.com/content/5eaa3e44-27b0-11e6-8b18-91555f2f4fde#axzz4AD5oBN6t">The Financial Times reported that the deal completed on Wednesday.</a> The paper says the deal saves 4,400 jobs in the UK.Indian company Tata has been in talks with potential buyers of its UK business <a href="http://uk.businessinsider.com/tata-steel-puts-its-entire-uk-business-up-for-sale-2016-3">since putting its business here up for sale at the end of March.</a>While this deal brings certainty to many employees, there are still many factories and jobs in limbo. Tata is still in talks with multiple parties about buying the rest of its UK steel business, most notably the Port Talbot operation in Wales.Business Secretary Sajid Javid is also involved in the discussions and it trying to lessen Tata Steel's pension deficit, <a href="http://uk.businessinsider.com/uk-steep-plants-being-bought-and-jobs-saved-2016-4">which is putting off buyers</a>. The company <a href="http://uk.businessinsider.com/uk-government-looking-to-ringfence-tata-steels-15-billion-pension-plan-2016-5">has a £485 million ($702 million) shortfall in its scheme</a> and workers face having their future payouts reduced as Javid <a href="http://uk.businessinsider.com/government-considers-moving-tata-steel-pension-plan-form-cpi-to-rpi-2016-5">considers moving the pensions from being pegged to the consumer price index (CPI) measure of inflation to the lower retail price index (RPI)</a>. This would require a change in the law.The assets Greybull bought off Tata Steel UK will be rebranded "British Steel," a name it was known by prior to its takeover by Tata. Greybull will invest £400 million in the new company, <a href="https://next.ft.com/content/b1ff7118-635e-323b-a4f6-b61be8b1fd93">according to the Financial Times</a>.Hans Fischer, Chief Executive of Tata Steel's European operations, said at the time the deal was first announced:Under these current challenging market conditions in Europe with the soaring levels of imports from China, we are happy that Tata Steel UK and Greybull Capital have entered the final stage of completion of the sale of shareholding in Longs Steel UK. This transaction will offer a future for the Long Products Europe business and its 4,400 employees in the UK. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/red-flags-goldman-sachs-interviews-2016-5">This behavior could kill your chances in a Goldman Sachs interview</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="wxbjFnMzE6KLizh2hBTQSDvLOgNQGzpH" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

4,800 jobs were just saved by a deal for part of Tata Steel

Mumbai, Jan 10 () Tata Steel on Friday said its Netherlands subsidiary has executed agreements for the refinancing of its bank debt and has raised term-loan facilities of EUR 1.75 billion from 19 banks.
 Tata Steel Netherlands Holdings B V (TSNHBV), a 100 per cent subsidiary of Tata Steel Ltd, has raised the long-term fund.
 "This represents a reduction of EUR 500 million versus the external debt outstanding in Tata Steel Europe as of March 2019, enabling the standalone European business to have a more robust balance sheet, while it is also putting in significant efforts at restructuring and improving its operating performance," the company said in a statement.
 The facilities have also been contracted at favourable terms and more efficient pricing, besides extending the maturity profile relative to the existing ones, it added.
 "The new financing has more flexible terms and better pricing that will provide greater financial headroom to the business in the coming years," said Koushik Chatterjee, executive director and chief financial officer, Tata Steel.
 The Company was able to complete this financing despite all the volatility in the financial markets, demonstrating the strong confidence enjoyed by Tata Steel in the financial community, the official added.
 Tata Steel Group is among the top global steel companies with an annual crude steel capacity of 33 million tonnes per annum.
 It is one of the world's most geographically-diversified steel producers, with operations and commercial presence across the world. NKD CS HRS

Tata Steel's Netherlands subsidiary raises Eur 1.75 bn to refinance debt

Shares of Tata Steel surged nearly 7 per cent on Tuesday, after the company confirmed that is has started talks with Sweden-based SSAB to sell its <keyword id="10285378" type="UNKNOWN" weightage="20" keywordseo="netherland-business">Netherland business</keyword>, including Ijmuiden steelworks. It surged 7.6 per cent to touch an intra-day high of Rs 529.50. Around 11.35 a.m., it was trading at 526.25, higher by 34.15 points or 6.94 per cent from its previous close. On Friday, the company said that it has also started discussions with <keyword id="10285376" type="COMPANY" weightage="20" keywordseo="the-supervisory-board-and-board-of-management">the supervisory board and board of management</keyword> of <keyword id="5910480" type="COMPANY" weightage="20" keywordseo="tata-steel-netherlands">Tata Steel Netherlands</keyword> and the process will move to the next stage including due diligence and stakeholders' consultations. The steel major has also initiated the process to separate Tata Steel <keyword id="44173" type="LOCATION" weightage="20" keywordseo="Netherlands">Netherlands</keyword> and Tata Steel UK and will pursue separate strategic paths for the Netherlands and the UK business in the future. "The company has initiated discussions with SSAB Sweden based on interest received for the <keyword id="10285377" type="UNKNOWN" weightage="20" keywordseo="potential-acquisition">potential acquisition</keyword> of Tata Steel's Netherland business including Ijmuiden steelworks," it said. It also said that it continues its dialogue with the UK government on potential measures to safeguard the long-term future of Tata Steel UK and added that it is reviewing all options to make the business self-sustaining without the need for any funding support from Tata Steel <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword> in the future. On Friday, it reported a nearly 60 per cent fall in its consolidated net profit for the July-September period at Rs 1,635 crore. During the same quarter last fiscal, the company had reported a net profit of Rs 4,043 crore. SEE ALSO:<a href="https://www.businessinsider.in/science/health/news/moderna-says-its-coronavirus-vaccine-is-94-5-effective-against-covid-19-a-crucial-victory-in-the-fight-against-the-pandemic/articleshow/79247349.cms" data-type="tilCustomLink"> Moderna says its coronavirus vaccine is 94.5% effective against COVID-19, a crucial victory in the fight against the pandemic</a> <a href="https://www.businessinsider.in/stock-market/news/dow-soars-375-points-to-near-record-as-modernas-vaccine-update-boosts-investor-optimism/articleshow/79249468.cms" data-type="tilCustomLink">Dow soars 450 points to new record as Moderna's vaccine update boosts investor optimism</a>

Tata Steel surges 7% as it starts talks with SSAB to sell Dutch unit

New Delhi, Nov 18 () Tata Steel's European arm is planning to cut jobs in the continent amid challenging market conditions, a source in the know of the matter said.
 A top Tata Steel official had earlier said that the steel major was looking to make European business stronger for which it would continue to explore various business options. The comments had come after its plans to merge European business with German steel giant Thyssenkrupp had fallen through.
 The company is now planning job cuts in Europe amid challenging market conditions, the source said without divulging further information.
 A query sent to Tata Steel seeking response remained unanswered.
 A British paper had quoted Tata Steel Europe chief executive Henrik Adam as saying that the company was considering lay offs across European operations as it as facing many problems in the region. 
In Europe, Tata Steel had plans to merge its business with ThyssenKrupp to create a 50-50 pan European joint venture company which would have formed the continent's second-largest steel company after Lakshmi Mittal's ArcelorMittal.
However, their plans of merger hit a road block as the European Commission did not give its approval saying the deal would have pushed up prices and reduced competition. ABI ABI MR
MR
MR

Tata Steel planning lay offs in Europe: Source

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">REUTERS/Fabian BimmerA steel-worker is pictured at a furnace at the plant of German steel company Salzgitter AG in Salzgitter, Lower Saxony on March 21, 2012.</div></div></div>Tata Steel has agreed to sell its struggling <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> business to family office Greybull Capital for a "nominal sum."The deal covers 4,800 jobs and assets including "Scunthorpe steelworks, two mills in Teesside, an engineering workshop in Workington, a design consultancy in York, and associated distribution facilities, as well as a mill in northern France," <a href="http://www.tatasteeleurope.com/en/news/news/tata-steel-uk-agrees-sale-and-purchase-agreement-for-long-products-europe-business">according to the release on the deal.</a>Indian company Tata has been in talks with potential buyers of its UK business <a href="http://uk.businessinsider.com/tata-steel-puts-its-entire-uk-business-up-for-sale-2016-3">since putting its business here up for sale at the end of last month.</a>There was concern that the sale process could result in the closing down of some or all of the operations, with Tata saying that the business case for making steel in Britain has "rapidly deteriorated" due to falling prices and rising costs.However, in today's release the company says that "the agreement is an important milestone on the road towards continuing steelmaking in Scunthorpe and steel processing in other locations in the UK and France."Bimlendra Jha, Executive Chairman of the stand-alone Long Products Europe business (the division being sold), says in the statement:Today marks a significant milestone in the sale of the Long Products Europe business. This sale is the best possible outcome for employees who have worked relentlessly to ensure the business's survival, and helped to make it attractive to a potential buyer.After the deal completes Tata Steel UK will be rebranded "British Steel", a name it was known by prior to its takeover by Tata. Greybull will invest £400 million in the new company, <a href="https://next.ft.com/content/b1ff7118-635e-323b-a4f6-b61be8b1fd93">according to the Financial Times</a>.The FT reports that the group has also reached an agreement with trade unions and key suppliers to "reset the cost base of the business."Paul McBean, the chairman of the Scunthorpe works multi-union committee, <a href="http://www.scunthorpetelegraph.co.uk/8203-s-unbelievable-news-8211-Greybull-Capital/story-29089086-detail/story.html">told the Scunthorpe Telegraph</a> that the deal is "unbelievable news", saying: "We have saved the local steel industry, thousands of jobs, the town and the community as a whole." Hans Fischer, Chief Executive of Tata Steel's European operations, says:Under these current challenging market conditions in Europe with the soaring levels of imports from China, we are happy that Tata Steel UK and Greybull Capital have entered the final stage of completion of the sale of shareholding in Longs Steel UK. This transaction will offer a future for the Long Products Europe business and its 4,400 employees in the UK. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/hamilton-makes-over-2-million-month-producer-jeffrey-seller-broadway-musical-theater-2016-4">Broadway's biggest hit 'Hamilton' is making over $2 million a month - here's why the producer thinks it could be making a lot more</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="hqaGdtMjE6TuOLd1QuJ1UzvqOkB9_J_a" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

STEEL SAVED: Tata sells plants to Greybull Capital

<ul><li><keyword id="393315" type="General" weightage="20" keywordseo="Jamshed-J-Irani" source="Orion">Jamshed J Irani</keyword>, known as the steel man of India, died in Jamshedpur late Monday night, <keyword id="6357147" type="General" weightage="80" keywordseo="tata-steel" source="Orion">Tata Steel</keyword> said. He was 85.</li><li> Irani was associated with Tata Steel for over four decades.</li><li> He joined the Board of Tata Steel in 1981 and was also a Non-Executive Director from 2001 for a decade.</li></ul>Jamshed J Irani, known as the steel man of India, died in Jamshedpur late Monday night, Tata Steel said. He was 85. Irani was associated with Tata Steel for over four decades. He retired from the board of Tata Steel in June 2011, leaving behind a legacy of 43 years, which won him and the Company international acclaim in various fields. Born on June 2, 1936 in Nagpur to Jiji Irani and Khorshed Irani, Dr Irani completed his BSc from Science College, Nagpur in 1956 and MSc in Geology from the Nagpur University in 1958. He then went to the University of Sheffield in UK as a J N Tata scholar, where he secured a Masters in Metallurgy in 1960, and a PhD in Metallurgy in 1963. He started his professional career with the British Iron and Steel Research Association in Sheffield in 1963, but always yearned to contribute to the Nation's progress. He returned to India to join The Tata Iron and Steel Company (now Tata Steel), as it was then known, in 1968, and joined the firm as Assistant to the Director in-charge of Research and Development. He went on to become General Superintendent in 1978, General Manager in 1979, and President of Tata Steel in 1985. He became Joint Managing Director of Tata Steel in 1988, and Managing Director in 1992 before retiring in 2001. He joined the Board of Tata Steel in 1981 and was also a Non-Executive Director from 2001 for a decade. Besides Tata Steel and Tata Sons, Dr Irani also served as a Director of several Tata Group companies, including Tata Motors and Tata Teleservices. Irani is survived by his wife Daisy Irani and his three children, Zubin, Niloufer and Tanaaz. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/bharti-airtel-reports-89-yoy-increase-in-q2-net-profit-to-2145-crore/articleshow/95207348.cms">Bharti Airtel reports 89% YoY increase in Q2 net profit to ₹2,145 crore</a> <a href="https://www.businessinsider.in/business/corporates/news/lts-q2-net-profit-grows-23-to-2229-cr-margins-soften-on-input-cost-pressures/articleshow/95209063.cms">L&amp;T’s Q2 net profit grows 23% to ₹2,229 cr, margins soften on input cost pressures</a> <a href="https://www.businessinsider.in/business/news/icertis-raises-150-million-to-boost-contract-lifecycle-management-business/articleshow/95209273.cms">Icertis raises $150 million to boost contract lifecycle management business</a>

Jamshed J Irani: The Steel Man of India passes away at 86

Facing reduction in demand due to the lockdown in the country, steel makers <keyword id="6357529" type="COMPANY" weightage="20" keywordseo="sail">SAIL</keyword> and Tata Steel have reduced their output by about 50%, according to sources. State-owned <keyword id="64877" type="COMPANY" weightage="20" keywordseo="Steel-Authority-of-India-Ltd">Steel Authority of India Ltd</keyword> (SAIL) and private player Tata Steel both contribute about 20 per cent to India's total steel <keyword id="22637" type="COMPANY" weightage="20" keywordseo="production">production</keyword>. As per industry sources, SAIL and Tata Steel have scaled down production by about 50%. The companies have taken the decision because of the reduced demand in the market after the lockdown, which has impacted logistics movement, the sources said adding that buyers are also reluctant in placing orders. Most of the staff of the companies are working from home and only important sites like blast furnaces and coke oven batteries etc at the plants, which can not be closed, are running. Tata Steel had earlier said as the outbreak of COVID-19 has impacted its business and operations, the company's integrated steel facilities in Jamshedpur and Kalinganagar and subsidiaries <keyword id="6924221" type="COMPANY" weightage="20" keywordseo="Tata-Steel-BSL">Tata Steel BSL</keyword> and <keyword id="3318681" type="COMPANY" weightage="20" keywordseo="Tata-Steel-long-products">Tata Steel Long Products</keyword> have started reducing production levels while operations in the downstream facilities have been suspended and put on care and maintenance mode. The company had however not provided any figures with respect to reduced production levels. While a SAIL official confirmed reducing output by about 50 per cent over phone, an e-mail query sent to Tata Steel remained unanswered. SAIL has five integrated steel plants in Odisha, Jharkhand and Chhattisgarh. Tata Steel has two plants in Odisha and Jharkhand.

Production at SAIL, Tata Steel plants down by 50%, amid lockdown

Kolkata, Mar 6 () Tata Steel expects its brandedsteel sales to retail and MSME sector to grow by 10 per centin the current fiscal, amid slowdown in the economy, officialssaid on Friday.The company's branded products, about 4.4 milliontonne, are sold through distributors and dealers network.Consumption is almost equally distributed among bothretail and MSMEs."Our branded steel business is growing at 10 per centeven though the sector is expanding by only 5 per cent," TataSteel chief marketing and sales (branded products) Sanjay SSahni told ."We will finish the year with a 10 per cent growth inFY'20 and we expect similar growth in the next year also," hesaid.He was speaking on the sidelines of Manufacturing &amp;MSME Conclave, organised by The Bengal Chamber of Commerce.Approximately 8,000 Tata Steel MSME customers consume2.4 million tonne of steel per year.Sahni said the total distributed (branded) steelbusiness is worth Rs 20,000 crore and the company iscontinuously deepening product portfolio to suit customerdemand."We will be adding three more products in the coatedsegment as the demand is rising," he said.Sahni said the coronavirus scare should end by March.Tata Steel offers hosts of brands for retail andMSMEs.The company also offers a platform for finance andsupply chain planning fort MSMEs. BSMSBN SBN

Tata Steel branded business to grow at 10% in FY'20

<a href="http://www.businessinsider.in/searchresult.cms?query=Tata+Steel&amp;sortorder=effectivedate">Tata Steel</a> has sold its Long Products business in Europe to investment firm <a href="http://www.businessinsider.in/searchresult.cms?query=+Greybull+Capital&amp;sortorder=effectivedate">Greybull Capital</a>. India’s biggest steel manufacturer is not exiting the UK after struggling for over a decade. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=+Greybull+Capital&amp;sortorder=effectivedate">Greybull Capital</a> will take over the whole business, including assets and liabilities, and secure a <keyword id="6357455" type="EVENT" weightage="60" keywordseo="Funding">funding</keyword> package of 400 million pounds. The deal financing, provided principally by a combination of banks and <keyword id="3005006" type="UNKNOWN" weightage="80" keywordseo="Greybull-Capital">Greybull Capital</keyword> shareholders, will be available to fund working capital and future <keyword id="6362476" type="ORGANIZATION" weightage="60" keywordseo="investments">investments</keyword> in the Long Products Business. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=+Greybull+Capital&amp;sortorder=effectivedate">Greybull Capital</a> says the deal will be completed within eight weeks, and is subject to financing arrangements and cost agreements. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=Tata+Steel&amp;sortorder=effectivedate">Tata Steel</a> is $4 billion in debt on its UK balance sheet. Last year the company wrote off Rs. 5000 crores related to the long products business. 
 
Image credit: Indiatimes

Tata Steel sells off Long Products business in Europe

<ul><li>Indian multinational <keyword id="6357147" type="DOMAIN" weightage="20" keywordseo="tata-steel">Tata Steel</keyword> is planning a massive restructuring to boost profits. </li><li>The steel conglomerate is laying off as many as 3,000 jobs across Europe — and almost two-thirds of them will be office jobs, BBC reports. </li><li><keyword id="112901" type="COMPANY" weightage="20" keywordseo="Tata-Steel-Europe">Tata Steel Europe</keyword> operations recorded a 90% drop in pre-tax profits for the financial year 2019-20. </li></ul>Indian multinational Tata Steel is planning a massive restructuring to boost profits amidst economic slowdown. The steel conglomerate is laying off as many as 3,000 jobs across Europe — and almost two-thirds of them will be office jobs, BBC <a href="https://www.bbc.com/news/business-50467071">reports</a>. However, no plants will be closed, the company said. This will primarily affect jobs across its offices in the Netherlands and Wales. “While the scale of the job cuts has not been confirmed, the axe would fall across the whole business at all its locations that collectively employ about 20,000 people, though there were no planned closures,” <a href="https://www.ft.com/content/91a74aa4-0933-11ea-b2d6-9bf4d1957a67">said</a> Chief Executive Henrik Adam. The move comes after the fluctuation in international markets with weak demand, higher costs and trade wars. Tata Steel Europe operations recorded a 90% drop in pre-tax profits for the financial year 2019-20. European steel producers witnessed a reduction in profits due to higher material costs and fall in prices. One reason is a global slowdown in auto sales. According to a Business Standard <a href="https://www.business-standard.com/article/companies/amid-slowdown-steel-companies-reduce-prices-for-automakers-by-14-119111801491_1.html">report</a>, steelmakers have lowered the contract prices by up to 14%. The impact has led to temporary shutdowns and lower output. The steel company has now set plans to close the next financial year at £750m in pretax profits. Last week, Chinese steelmaker Jingye signed a deal to buy British Steel, which was sold by Tata three years ago.

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