- Saturday, April 27, 2024
Tata Steel's move to modernise its Port Talbot plant in south Wales, to reduce carbon emissions and trim losses, has angered steel unions as they fear thousands will lose their jobs. The Mumbai-headquartered steelmaker plans to close two old blast furnaces at Britain's biggest steel plant as part of its…
Workers at Tata Steel's facilities in Port Talbot and Newport Llanwern, Wales, have voted in favour of strike action in response to the company's proposal to close its blast furnaces and cut approximately 2,800 jobs. This decision was announced on Thursday after around 1,500 employees participated in the ballot. Tata…
TATA STEEL UK, owned by India-based Tata Group, announced the closure of the coke ovens at its Port Talbot steel plant in south Wales, with operations ceasing this week, marking an earlier shutdown than originally planned. The company on Monday (18) said that the plant is “significantly deteriorating operational stability”.…
An Instagram post by an 18-year-old Indian chess player has sparked a conversation on attitudes towards women in the sport. Divya Deshmukh, who is an International Master (the second-highest title in chess), wrote the post after taking part in the recent Tata Steel Chess tournament held in the Netherlands. She…
Tata Steel announced on Friday (19), the closure of its two blast furnaces in Britain by the end of this year, potentially leading to the loss of up to 2,800 jobs at its steelworks plant in Wales. The closures are part of India-owned Tata Steel's plan to turn around its…
INDIAN-owned Tata Steel is to cut about 3,000 jobs at a plant in Wales, a source said Thursday (18), as the industry struggles to finance greener production of the metal. The company will on Friday (19) confirm the closure of two blast furnaces at the Port Talbot steelworks, resulting in…
A NEW £10-million design and manufacturing centre has been created in partnership between Imperial College London and Indian multinational, Tata Steel, as part of efforts to help decarbonise steel production. The Centre for Innovation in Sustainable Design and Manufacturing is expected to enable the development of high-performing and sustainable products…
A NEW £10-million design and manufacturing centre has been created in partnership between Imperial College London and India’s Tata Steel as part of efforts to develop innovative processes to decarbonise steel production. The Centre for Innovation in Sustainable Design and Manufacturing is expected to enable the development of sustainable products…
BRITISH STEEL is in talks with the government about funding for a shift to cleaner manufacturing, which would include shutting blast furnaces and probable job losses. Owned by China's Jingye Group, Britain's second-biggest steelmaker on Monday (6) outlined a £1.25 billion ($1.55bn) plan to make steel in a less carbon…
TATA STEEL aims to complete decarbonisation journey at its plant in the UK in the next three years, the company's CEO, T V Narendran, said. As part of its decarbonisation plan, the company will shift to low-emission electric arc furnace (EAF) process from the blast furnace (BF) route which is…
Britain is to pump £500 million into Tata Steel to decarbonise its Wales site, in a deal aimed at securing the future of the country’s steel industry, but which puts as many as 3,000 jobs at risk. The £1.25 billion total funding package for Britain’s biggest steel works includes £750m…
BRITAIN is to pump £500 million into Tata Steel to decarbonise its Welsh site, in a deal aimed at securing the future of the country's steel industry but which puts as many as 3,000 jobs at risk. The £1.25 billion total funding package for Britain's biggest steel works includes £750m…
METALS tycoon Sanjeev Gupta’s GFG Alliance is considering selling its Clydebridge site, one of the two steel mills it acquired about seven years ago. The family-owned business group bought the mothballed steel plants at Clydebridge and Dalzell in a Scottish government-backed deal in 2016. Scottish Enterprises funded the takeover with…
TATA STEEL is believed to be close to securing a £500m funding from the UK government to modernise its plant in Wales.Whitehall officials and the steelmaker are close to agreeing a deal that would also result in the company’s Indian parent committing about £700 in capital expenditure over a period…
A DUTCH foundation representing at least 1,400 people took the first steps last Thursday (24) toward a lawsuit against steel giant Tata, alleging it is responsible for pollution near Amsterdam, with residents falling ill. Tata Steel’s massive plant at the mouth of the IJ river west of the capital has…
Tata Steel UK chairman, Henrik Adam, has urged the UK government to provide subsidies to decarbonise the Port Talbot steelworks of the company. He said that European competitors were receiving huge amounts from governments to transition to greener operations. According to reports, ministers offered Tata £300 million for decarbonisation. Port…
BRITAIN’S government has offered incentives worth £500 million to help Jaguar and Land Rover set up a new electric battery “giga-factory”.Chancellor of Exchequer Jeremy Hunt’s offer comes amid the reports that JLR is weighing up the option of having a giga-factory production facility in Spain as the UK’s largest carmaker…
Tata Steel is still pursuing its request for the financial package with the UK government, the company's CEO TV Narendran said. Narendran who is also the managing director of Tata Steel made the remarks in reply to a question on stance on exiting the UK business. "Tata Steel is still…
Air India chief Campbell Wilson has defended paying Kremlin millions as overflight charges to keep flying over Russia, the Telegraph reported. He added that the airline was open to flying over Russia to UK and US destinations as it was 'economical'. Prior to the pandemic, Russia generated £1.3 billion from…
UNCERTAINTY has gripped the UK’s steel industry amid job cuts and investment-intensive decarbonisation requirements. Traditional steel production, relying on coal to produce iron, is regarded as incompatible with the UK’s legally binding climate action commitment to reduce carbon emissions in the coming decades. The government is reported to be willing…
Chinese-owned steelmaker British Steel, currently in pursuit of UK state aid, is mulling up to 1,200 job cuts according to the Unite trade union. The company wants to "make up to 1,200 workers redundant" at its steelworks in the northern English town of Scunthorpe, Unite said in a statement on…
Britain will offer grants to help its two largest steelmakers replace dirty blast furnaces with less carbon-intensive technology, media reported. The BBC reported that grants worth £600 million ($744m) will "likely" be unveiled this week for Chinese-owned British Steel and Indian-owned Tata Steel UK, to help slash damaging emissions, cut…
Tata Steel said on Monday that it is studying the British government’s support package plans for the steel industry and will consider it carefully before arriving at strategic decisions on the future of its UK business. It comes amid British media reports that Chancellor Jeremy Hunt is set to sign…
The UK will require more than 10 million tonnes of steel in the coming years to become more energy self-sufficient, according to new figures published. Earlier this year, the country's government set out plans to secure ‘clean and affordable’ energy in its Energy Security Strategy. Achieving greater self-sufficiency has become…
Indian steel major Tata Steel is actively engaged with the UK government for financial support for its business there, a company spokesperson said, amid reports of the Tatas looking to divest their steel business in the UK. "Tata Steel is seeking support from the UK government in two forms. In…
AS many as 3,500 jobs are at stake as India's Tata Group has threatened to close down operations of Port Talbot steelworks, UK’s largest steel plant, media reports said. Tata seeks £1.5 billion in subsidies next year to shift to greener production methods. Tata's subsidiary Tata Steel UK employs about 8,000 people in…
TATA Steel on Wednesday (8) announced a plan to invest more than £7 million in a new slitting line at its Hartlepool Tube Mill in the North East. The new slitter will allow the site to process coils of steel delivered from its Port Talbot steelmaking site. Currently, wide steel…
THE British Asian landscape designer Manoj Malde has spoken of “creating connections” as part of his new role as an ambassador for the Royal Horticultural Society (RHS) with a remit for “inclusivity” that was announced at the Chelsea Flower Show on Monday (23). That was the day the Queen, who…
TATA STEEL has said it will stop doing business with Russia, making it the latest global company to cut ties with the country for invading Ukraine.The announcement comes about a week after Infosys, India's second-largest software services firm, said it would move its business out of Russia.In a statement on…
TATA STEEL said it will replace an old mill at its Corby site in Northamptonshire to improve the efficiency of steel processing and bring down carbon emission levels.There are four mills at the site and the new facility will replace one of the two cold mills.The Mumbai-headquartered steel major said…
TATA STEEL'S blast furnaces in the UK are using bacteria to convert its emissions into stock materials for other industries to make recycled products, the Indian steel major has said.A pilot project, led by the University of South Wales, has been set up at Tata Steel UK’s two ironmaking furnaces…
SCIENTISTS are using superbugs to convert emissions from Tata Steel’s blast furnaces into sustainable raw materials, according to a statement. The pilot project, led by the University of South Wales, has been set up at the two huge Port Talbot iron-making furnaces, is showing promising results. It explores how waste…
TATA STEEL'S UK arm has joined hands with the Bessemer Society as the sole metals industry sponsor of the technology and innovation forum.Britain's largest steelmaker said the tie-up is a “win-win” for the company as the new technologies which the “Society brings to the fore” could help it become a…
N CHANDRASEKARAN was on Friday (11) reappointed as the chairman of Tata Sons - the holding company of the salt-to-software Tata Group - for a second five-year term. His reappointment was backed by Ratan Tata, chairman of Tata Trusts, the majority owner of Tata Sons.Tata Sons board met on Friday…
TATA STEEL’S UK arm expects its investment of £4 million to refurbish a kiln at its Shapfell site in Cumbria will allow a sustainable supply of lime to the Port Talbot steelworks.It manufactures lime - a critical component used to remove impurities during steelmaking - at the Cumbrian facility.The relining…
TATA STEEL, the UK’s largest steel producer, said its products are being used in the ambitious Dogger Bank Wind Farm infrastructure. It said hundreds of tonnes of its products will be used in the first two phases of what will be the world’s largest offshore wind farm when completed in…
INVESTORS have lost Rs 11.45 trillion (£114.34 billion) in two days as the Indian equity market continued to face severe drubbing amid a global selloff. The BSE benchmark Sensex plunged 1,189.73 points or 2.09 per cent to close at 55,822.01 on Monday (20). During the day, the index tanked 1,879.06 points to 55,132.68. It had…
MINISTERS have admitted that Nicola Sturgeon's government may have broken state aid rules in a deal to sell steelworks to Sanjeev Gupta, reported The Telegraph. There is growing scrutiny of the SNP's ties to the industrialist as he fights to keep his empire afloat, it was reported. The Scottish business…
TATA STEEL has said it would investigate complaints that security guards at its plant in Port Talbot, Wales, were denied access to legitimate comfort breaks. Its assurance to take action comes after a media report said security guards at the plant’s main gates were disallowed toilet breaks during their 12-hour…
TATA Steel has installed a 30-megawatt generator at its Port Talbot site in South Wales, seeking to reduce its energy bills and cut carbon footprints. Installed in a new turbine hall as part of a wider £37 million investment in the site’s power station, the generator helps convert more process…
TATA Steel has signed the Sea Cargo Charter (SCC) as the world's first steel-manufacturer, re-emphasising that it's committed to sustainable operations and reducing impact on climate. The SCC, which was launched in October 2020, seeks to reduce environmental impacts of global seaborne cargo. It sets up a common, global baseline…
STEEL magnate Sanjeev Gupta’s GFG Alliance on Monday (28) replaced Liberty Steel UK’s chief executive Jon Ferriman, as part of the company’s restructuring process. Liberty Steel’s new boss is Roy Chowdhury, an industry veteran who joins from outside the business. Ferriman headed the company 13 months ago. He previously held…
GLOBAL and Indian firms are making use of their industrial resources to help the country battle the second wave of the coronavirus pandemic, as the public health system is buckling under the weight of surging infections and deaths. Amazon.com, Intel and Google, as well as Indian firms Tata Sons, Reliance…
IN order to give its business the best chance for the future, Tata Steel is transforming its Corby steel tube making site in UK's East Midlands region. Work has started at the 150-acre site, as manufacturing processes on the site will be brought closer together as part of a £25…
INDIA-BASED Tata Steel has said that the company plans to separate the UK and Netherlands arms of the business and keep the Port Talbot-based British business running without financial support from India. Responding to the plan, Wales' economy minister Ken Skates said that it is 'extremely worrying' for Tata's 8,000 UK workers.…
UK’s largest steelmaker Tata Steel will help the government to train or re-train employees to meet the demands of a new decarbonised industrial landscape under the newly announced Green Jobs Taskforce. The company will assist the government in drawing up plans which would see employees, many of whom are currently in…
INDIAN-ORIGIN British billionaire Sanjeev Gupta on Friday(16) said that his Liberty Steel Group had made a non-binding indicative offer for the steel activities of German industrial giant Thyssenkrupp. Liberty said in a statement that it "is open to intensify the dialogue with Thyssenkrupp and would like to engage in further due…
TATA STEEL has joined global steel-making standards organisation ResponsibleSteel as part of its commitment to reduce greenhouse gas emissions as well as creating jobs and protecting communities. The company in a statement said that all its operations in 26 countries have signed up for the global scheme for sustainability. "We…
AS UK plans to build modern schools, Europe's leading steel producer Tata Steel has built a framework for the next generation of schools in the country. Along with construction industry experts in the UK, Tata Steel is developing a kit of parts allowing highly energy efficient schools to be built off-site…
Tata Steel is reportedly offering the British taxpayer a 50 per cent stake in its Port Talbot steelworks in Wales as part of efforts to secure government backing to secure the future of the business in the wake of the coronavirus pandemic lockdown. According to Sky News, the Indian steel…
Tata Steel is exploring plans to close its two blast furnaces at its Port Talbot steelworks in Wales and replace them with electric arc furnaces as part of plans to acquire millions of pounds via a UK government coronavirus bailout fund, according to a UK media report. The Indian steel…
Tata Steel is helping in a big way to develop the world’s first net-zero industrial cluster in the UK. As the leading member of the South Wales Industrial Cluster (SWIC), the Tata group firm shapes regional efforts to decrease carbon emissions. Recently, the SWIC’s Roadmap and Deployment project has received…
Tata Steel's UK arm is seeking an estimated £500 million government financial package to survive through the coronavirus lockdown period, according to UK media reports. Tata Steel, which owns the UK's largest steelworks in Port Talbot in Wales, is holding discussions with the Welsh government as well as the UK…
THE EUROPEAN arm of Indian conglomerate Tata Steel is on its way to cut 1,250 jobs in a bid to improve profitability in the region. Tata Steel Europe chief executive officer Henrik Adam said in a memo seen by Reuters: “Our financial situation is serious, and there’s an urgent priority to improve…
CHINESE industrial giant Jingye Group on Tuesday (2) said it would next week finally complete on its takeover of British Steel, including its Dutch operations but not its small French unit. The announcement, which will preserve 3,200 jobs out of around 5,000, follows reports that the deal could have fallen…
By Amit Roy THE QUIP by former prime minister David Cameron that Indians living in the UK have helped to put the “Great” back into “Great Britain” may not be so far-fetched, judging by the findings of a report which focuses on some of the impressive achievements of the…
The Duke and Duchess of Cambridge, Prince William and Kate Middleton, visited Tata Steel's Port Talbot plant in South Wales on Tuesday (February 4). The Tata Group said Kate and William were shown around the integrated steel-making site (UK's largest) and explained about the importance of Tata Steel’s operations to…
by LAUREN CODLING AN AWARD-WINNING activist has called for greater disability representation in business after aiming to have 500 organisations sign up to a disability inclusion pledge ahead of the annual Davos summit later this month. Caroline Casey is the founder of the Valuable 500, a global movement seeking to…
The chairman of the Tata group N Chandrasekaran has said the steel conglomerate cannot have a situation where India keeps funding the mounting losses at its struggling Port Talbot steelworks in the UK. He emphasised that the Port Talbot steelworks in Wales, one of the largest in Europe, needed to…
By Radhakrishna N S ECONOMIC slowdown is a reality for both India and Britain. Domestic factors in Asia’s third-largest economy and Brexit uncertainties in the UK have aggravated the downturn, and affected or will impact bilateral trade between the two countries, leading financial experts have opined. Commenting on the present…
THOUSANDS of Thyssenkrupp steelworkers in Germany on Tuesday (3) protested against planned job cuts, accusing bosses at the struggling conglomerate of mismanagement after a failed merger bid with India’s Tata steel. Germany's powerful IG Metall union said 6,000 workers gathered at Thyssenkrupp's Steel Europe headquarters in Duisburg to vent their…
TRADE unions in the UK have urged Tata Steel to rethink about its latest move to axe jobs in the country. The trade union leaders have described the Indian steel giant’s plan to slash 1,000 jobs as “atrocious” when the British steel industry is moving ahead in a chaotic situation.…
TATA Steel said on Wednesday (27) that it is likely to reduce jobs across the UK. The company plans to retrench 1,600 employees in the Netherlands, 1,000 in the UK, and another 350 jobs globally. It has started discussions with the European Works Council (EWC) on proposals to transform its…
Indian group Tata Steel said on Monday (18) it would slash up to 3,000 jobs in Europe as it restructures European operations following the collapse of a planned merger. The announcement came after weeks of speculation that the steel giant, which employs 11,000 workers in the Netherlands, would cut thousands…
CHINA'S Jingye Group is in talks to buy British Steel, it said on Monday (11), in a deal estimated to be worth £70 million that could protect thousands of British jobs. Any agreement would be of major political significance in Britain as it prepares to elect a new government on…
Terming India a dangerous side at home, former captain Sourav Ganguly on Monday said they start firm favourites to win the contests against South Africa. "India are favourites. India at home is a dangerous team. They are very hard to beat and that's been the case for years," Ganguly, who…
AN Indian court on Thursday (5) cleared JSW Steel Ltd's takeover plan for debt-ridden Bhushan Power and Steel, bringing an end to a bankruptcy case that has dragged on over two years. The move paves the way for JSW Steel, which has the biggest steel capacity in India, to take…
GERMAN industrial giant ThyssenKrupp said last month it filed a complaint at an EU court against the European Commission for blocking its plan to merge with Indian group Tata Steel. “We regret the European Commission’s decision and regard it as too far-reaching and wrong. That is why we are filing…
TATA STEEL is to shut a plant in Wales but has agreed to safeguard jobs elsewhere, the Indian giant announced Monday (2), as it restructures amid the collapse of a mega-merger. Tata, Britain's biggest steel operator, said it will close its Orb Electrical Steels in Newport, South Wales, that employs…
INDIAN business conglomerate Tata, along with Neath Port Talbot council and LanzaTech, are moving ahead with a plan to use waste gasses from Tata's Port Talbot steel plant to power planes. American bioengineering firm LanzaTech and Virgin Atlantic had worked together to fly from Orlando to London in 2018. The…
By Jaimin Solanki TURKEY'S military pension fund OYAK has reached a provisional agreement to take over British Steel, it said on Friday (16), adding it planned to close the deal by year-end. Britain's second-largest steelmaker employs 5,000 workers and produces high-margin steel products used in construction and railways. It supports…
Indian steel conglomerate Tata Steel lost more than £1 million a day in the UK last year, according to the company's annual report. The Indian steelmaker, which runs the UK's largest steelworks at Port Talbot in south Wales, lost £371 million in Britain in the financial year until March end…
TATA STEEL EUROPE said its chief executive officer Dr Hans Fischer will stepdown with effect from July 1, 2019. Henrik Adam, currently chief commercial officer Tata Steel Europe, has been appointed to succeed Hans as the CEO from July 1, 2019. He will also join the Board of Tata Steel…
THE EU's powerful anti-trust authority on Tuesday (11) blocked the merger of German industrial conglomerate Thyssenkrupp with Indian steel giant Tata, an expected veto that kills the deal. "We prohibited the merger to avoid serious harm to European industrial customers and consumers," EU competition commissioner Margrethe Vestager said in a…
STEELMAKERS and private equity firms are only working on proposals for parts of collapsed British Steel ahead of a June deadline for binding bids, sources close to the process said. None of the potential buyers, which include GFG Alliance and former owner Greybull, would be willing to take on the…
BRITISH STEEL, the country's second-largest steel producer, has collapsed after failing to secure emergency government funding, jeopardising some 25,000 jobs, Britain's Official Receiver said today (22). The High Court ordered the compulsory liquidation of the company, adding its staff have been paid and will continue to be employed as the…
BRITISH STEEL, the country's second-largest steel producer, is on the brink of collapse unless the government agrees to provide an emergency £30 million loan by later on Tuesday (21), two sources close to the situation said. Owned by investment firm Greybull Capital, British Steel employs around 5,000 people, mostly in…
BRITISH STEEL said today (17) it has secured the "required liquidity" from owners and lenders to avoid its collapse, as the troubled steelmaker battles "significant" Brexit strains and sector turmoil. “British Steel has the backing of its key stakeholders, including shareholders and lenders, and operations continue as normal," a company…
TATA Steel has not given up on its plans of merging its business in Europe, a top company official said while terming the European Commission's feedback on the proposed joint venture with Thyssenkrupp as a "speed breaker". The company's aim is to make European business stronger for which it will…
THE future of the Tata Steel's main European operations, based in the UK, faced fresh uncertainty last week after German industrial conglomerate Thyssenkrupp scrapped merger plans with the Indian giant. A deal was seen as positive for Tata's Port Talbot plant in Wales that employs more than 4,000 staff but…
GERMAN industrial conglomerate Thyssenkrupp said today (10) it had abandoned plans to merge its steel business in Europe with Indian giant Tata because of expected resistance from the European Commission. "Thyssenkrupp and Tata Steel expect that the planned joint venture of their European steel activities will not go ahead due…
BRUSSELS is likely to rule against the proposed merger of steel gains, Tata and ThyssenKrupp unless there are changes to the plans, sources told the Financial Times. The EU is expected to move ahead to block the shared venture between the Indian and German steel producers as it is cautious…
EUROPEAN workers at India's Tata Steel no longer believe that a joint venture with Thyssenkrupp is in the best interests of the company, the European works council said in a statement today (1). The two companies agreed last year to combine their European steel activities, a move that would create…
TWO employees of Tata Steel in Port Talbot have been injured after three blasts were reported at the site today (26). “We can confirm two of our employees were slightly injured when there was a spillage of liquid iron while it was travelling to the steel plant. All fires have now been…
STEEL workers at Thyssenkrupp expect substantial guarantees for jobs and plants even if a planned joint venture with India's Tata Steel falls apart, the head of Thyssenkrupp Steel Europe's works council said today (3). The two companies last year agreed to combine their European steel activities, a move that would…
VEDANTA Ltd today (15) named metals industry veteran Pankaj Kumar as Sterlite Copper chief executive, amid struggles to reopen its smelter in southern India that was shut after police killed 13 demonstrators protesting against the plant. Kumar replaces P Ramnath, who led Sterlite for eight years. Under Ramnath, the smelter…
BRITISH-INDIAN engineer, educator, and government advisor Lord Kumar Bhattacharyya - who helped to save Jaguar Land Rover from 2008 global recession - passed away today (1). He was aged 78. Lord Bhattacharyya breathed his last at home after suffering from a short illness. India-born Lord Bhattacharyya was a high-profile figure…
TATA STEEL UK’s chief executive officer Bimlendra Jha has reigned, media reports said. Tata Steel UK is a unit of Tata Steel Europe, and has operations in the UK, Sweden, and Canada. Jha was at the helm of the company since 2016. He was also an executive director on the…
THREE new £10 million manufacturing research hubs in the UK will link major industry players - including India’s Tata Steel, Siemens, and Rolls-Royce - to world-class research teams. The hubs are part of a £30m research and innovation investment in British manufacturing aimed at helping the UK "seize new opportunities"…
GERMAN multinational conglomerate Thyssenkrupp on Tuesday (12) confirmed its earnings forecasts for the full year after increasing profits in its first quarter, while announcing a January 2020 vote on its split into two separate firms. Net profit at the group rose 69 per cent between October and December, to $153…
TATA Steel on Tuesday (29) relaunched a blast furnace at a cost of “tens of millions of pounds” at Port Talbot in Wales, UK. The life extension project of Blast Furnace 5, described by the Indian steel giant as the “biggest single investment” in its European operations in more than…
Tata Steel has announced its revolutionary vision for the UK housing market to meet the needs of the occupants with changing times by adopting a "cradle-to-grave" approach to design. A white paper published on Monday (21) in partnership with the Agile Ageing Alliance recommends a fundamental shift in the way…
India’s Tata Steel and Germany’s Thyssenkrupp have on Monday (17) decided on the members of the future management board for the planned European steel joint venture between the two companies. Accordingly, Andreas Goss, currently chief executive officer (CEO) of Thyssenkrupp's steel division, will be the future CEO of the planned…
The European Union on Tuesday launched an in-depth probe into the proposed creation of a joint venture between Tata Steel of India and Germany's ThyssenKrupp, saying it could reduce competition. ThyssenKrupp struck a deal in June to merge its steelmaking business with Tata in response to a flood of cheap Chinese steel…
Tata Steel on Thursday (6) announced a "ground-breaking" new sustainable technology which could save half the amount of carbon dioxide released during steelmaking following tests at its Ijmuiden site in the Netherlands. Its HIsarna technology for producing iron consists of a reactor in which iron ore is injected at the…
JSW Steel Ltd., world’s best performing steel stock has replaced major drug producer Lupin Ltd in the India’s benchmark National Stock Exchange (NSE) Nifty 50 index to join Tata Steel Ltd, the only other steel producer in the index. The change is made on period reconstruction basis and will be…
Tata Steel’s net profit for the quarter ended in June 2018 (first quarter of the fiscal year 2018-19) more than doubled to 15.32 billion GBP when compared to the last year's profit recorded in the same quarter following a higher than expected performance of the Indian steel business. Company's revenue…
THYSSENKRUPP DEAL HAS ‘INDUSTRIAL LOGIC AND STRATEGIC RATIONALE’ TATA STEEL chairman N Chandrasekaran on Monday (2) described the agreement with German steel major Thyssenkrupp to create a new joint venture company as a “historic” development that would strengthen the steel industry in Europe and India. Thyssenkrupp said last Friday (29) it…
Vedanta Ltd, the Indian unit of diversified mining group Vedanta Resources plc, said on Saturday (31) it had won in an auction to acquire bankrupt Electrosteel Steels Ltd. Electrosteel Steels, which is setting up a 2.5 million tonnes a year steel plant in eastern India, is among India’s 12 biggest…
Steel tycoon Sanjeev Gupta has been appointed by Prince Charles as an official ambassador for the Industrial Cadets programme designed to nurture manufacturing skills. Gupta was appointment to the flagship programme to give children and young people direct structured experience of industry while still at school or college. The Industrial…
BRITISH Indian industrialist Sanjeev Gupta invited Prince Charles to reignite a furnace in northern England which had been mothballed by Tata Steel, its previous owners. The N-Furnace at Liberty Speciality Steels in Rotherham, South Yorkshire, is an electric arc furnace which forms part of a multi-million-pound investment by Gupta’s Liberty…
GERMAN heavy industry giant ThyssenKrupp today (23) defended its disputed merger with India's Tata Steel, saying its restructuring plan and the tie-up would help to secure tens of thousands of jobs. The tie-up, announced end-September to form Europe's second biggest steel works after ArcelorMittal, has sparked fears for 4,000 jobs…
Tata Steel today announced that it has concluded a new agreement under which its UK business stands separated from the £15 billion British Steel Pension Scheme (BSPS). "Tata Steel UK has received confirmation from the pensions regulator that it has approved a regulated apportionment arrangement (RAA) in respect of BSPS,"…
Tata Steel Ltd has received regulatory approval for a deal to cut its UK pension scheme liabilities, it said on Friday (11), paving the way for a possible merger between its British and European steel businesses and those of Germany's Thyssenkrupp. The pensions deal "represents the best possible structural outcome…
Asia's football governing body has dealt a major boost to the Indian Super League by ruling that its franchise-based teams will be eligible for the AFC Cup from next year. The Asian Football Confederation (AFC) said in a statement late Tuesday (25) that the winners of the glitzy tournament, which…
Tata Steel employee Hemant Gupta, who was steadily progressing towards the summit in his Everest expedition, has conquered Mount Everest this morning. The 27-year-old Hemant completed his B. Tech in Metallurgical Eng & Material Science from IIT Bombay in 2011 and joined Tata Steel as a management trainee in Tata…
Indian steel giant Tata Steel today said a "process of transformation" was ongoing to ensure a "viable future" for its units that remain under the company's ownership in the UK. The company confirmed that discussions with British Steel Pension Scheme trustees and the UK Pensions Regulator will be concluded in…
Steel tycoon Sanjeev Gupta today announced 300 new jobs and multi-million- pound investments in a steel division formerly owned by Tata Steel. Gupta’s Liberty House, the industrial and commodities group that is buying up steel assets around the world, said it plans to secure the future of five sites across…
Hundreds of Tata Steel workers held a rare rally in central London on Thursday as the company’s board in Mumbai said it had yet to shortlist any bidders for the sale of its loss-making British assets. Wearing safety helmets and Tata’s yellow jackets, protesters chanted the slogan “Save Our Steel!”…
Tata Steel has selected seven bidders as potential buyers of its loss-making UK activities, the Indian group has said. “Seven expressions of interest submitted for Tata Steel’s UK business have been immediately taken forward to the next stage of the sale process,” it said in a statement released late Monday…
Britain has said it could take an equity stake of up to 25 percent in Tata’s UK steel assets as part of a package of hundreds of millions of pounds of financing to help support a potential buyer. The Indian group announced plans to exit its entire British steel operation…
INDUSTRIAL and commodity group Liberty House’s bid for Tata Steel UK’s speciality steel and pipe businesses is worth nearly £100 million ($130 million), an industry source told media outlets on September 28. Britain’s largest steelmaker paused the sale of its major UK assets in July to explore a joint venture…
BRITAIN said last Thursday (26) it had started discussions on overhauling the deficit-laden British Steel Pension Scheme, a major stumbling block for potential buyers of Tata Steel’s UK assets. With serious offers now on the table for Tata Steel UK, Britain is racing against time to find a way to…
INDIAN steel giant Tata Steel is set for what are believed to be crunch talks with trade union representatives of its UK steelworks to settle the deadlock over a £15 billion pension scheme for its workers, the main obstacle in its merger with German rival ThyssenKrupp. The company has reportedly…
Metals group Liberty House will submit a letter of intent to buy the British assets of Tata Steel on Tuesday, a spokeswoman said, in the first concrete bid since the Indian conglomerate put the business up for sale, threatening thousands of jobs. India’s Tata group announced plans to sell its…
German conglomerate ThyssenKrupp on Saturday (July 9) defended merger talks with Indian rival Tata Steel saying the consolidation of the sector in Europe was necessary due to the “difficult economic situation”. The Indian firm said the previous day it was in talks with its German competitor and other unnamed groups…
SHARES in Tata companies fell today (October 27) after the Indian giant’s ousted chairman Cyrus Mistry warned it may face $18 billion in asset write-downs and accused directors of wrongfully dismissing him. Tata Motors and Tata Power were down nearly three per cent each, while Tata Steel was nearly two…
TATA Sons accused its former chairman, Cyrus Mistry, of levelling unsubstantiated claims and malicious allegations against the Indian conglomerate as the bitter and highly public row over his sacking escalated today (October 27). The acrimonious exchange has led aides to Prime Minister Narendra Modi to urge restraint in a dispute…
Family patriarch Ratan Tata sought to reassure rattled investors of stability at India’s biggest conglomerate on Tuesday (25) after the sudden sacking of chairman Cyrus Mistry sent Tata company shares falling. Seventy-eight-year old Tata has taken interim charge of the sprawling $100 billion tea-to-steel Tata Group, after Mistry was abruptly…
Shares in Tata Sons companies fell in early trade on Tuesday (25) after India’s biggest conglomerate shocked the Indian business world and abruptly sacked its chairman Cyrus Mistry. In a statement Tata Sons, the holding company of the massive $100 billion (£82 billion) Tata Group, said Monday (24) its board…
India’s Tata Sons dumped Cyrus Mistry as its chairman in a surprise announcement Monday (24), almost four years after his appointment as the first chief of the conglomerate from outside the Tata family. “Tata Sons today announced that its Board has replaced Mr. Cyrus P. Mistry as Chairman of Tata…
INDIA’S Tata Steel said today that it has agreed to start exclusive talks for the sale of its speciality steel assets to metal processing firm Liberty House. The unit, which has activities mostly in Britain but also in China, employs 1,700 people and produces specialised steel for the aerospace and…
Indian steel giant Tata Steel is believed to be edging closer to striking a new deal over the £15-billion pension pot that stands in the way of an agreement over of its UK steelworks, according to a media report on Sunday (October 9). The Tata Group is understood to have…
Cyrus Mistry, the ousted former chairman of Indian conglomerate Tata, took his battle against former employer Tata Sons to court Tuesday (20), one of his spokesmen said. Mistry filed a suit against Tata Sons in the National Company Law Tribunal, a quasi-judicial body that hears corporate grievances, a day after…
Indian conglomerate Tata removed Cyrus Mistry as chairman of IT giant Tata Consultancy Services (TCS) on Thursday (November 10), weeks after dumping him as group chief in a move that stunned the country’s business world. Mistry was unceremoniously sacked last month as chairman of Tata Sons, the holding company of…
Prime minister Theresa May won’t meet any executives from Tata Steel Ltd during her two-day trip to India but talks about the future of its British steel operations are still going on, she said. In March, Tata Steel put its British steel operations on sale following heavy losses linked to…
India’s Tata has ousted Cyrus Mistry as a director of its cash cow IT business Tata Consultancy Services as the Indian conglomerate steps up its purge of its former chairman. TCS said in a statement late on Tuesday (13) that shareholders had voted overwhelmingly at an extraordinary general meeting in…
Prime minister Theresa May will use her first bilateral trade trip since taking office to try to boost ties with India before leaving the European Union. May’s office said the visit starting on Sunday (6) night would focus on breaking down barriers to trade and investment and paving the way…
India’s Tata Steel pledged on Wednesday (7) to stay in Britain, ending months of uncertainty over the future of its operations including at the sprawling Port Talbot plant. “Tata Steel UK today reached an agreement with trade unions on a number of proposals that would structurally reduce risks and help…
UK Steel workers’ unions have given their backing to Indian conglomerate Tata Steel UK’s pension plan in a bid to rescue thousands of jobs and allow a merger with German major ThyssenKrupp to go ahead. Union representatives held a meeting on Thursday (27) to discuss the changes announced, which would…
Tata Steel UK has signed a £100 million ($126 million) deal to sell its speciality steel business to Liberty House Group, part of Indian owner Tata Steel Ltd’s drive to restructure its European operations. The deal, which is subject to regulatory clearances, secures 1,700 jobs, mostly in South Yorkshire in…
India’s salt-to-steel conglomerate Tata Sons Friday (6) cranked up its legal tussle with ousted chairman Cyrus Mistry by calling for a shareholders’ meeting to remove him from its board. “Tata Sons has called for an EGM on February 6th to remove Cyrus Mistry as the director after receiving numerous complaints…
INDIA’S Tata Steel said today that it has agreed to start exclusive talks for the sale of its speciality steel assets to metal processing firm Liberty House. The unit, which has activities mostly in Britain but also in China, employs 1,700 people and produces specialised steel for the aerospace and…