• Monday, November 28, 2022

Business

Tata Steel stops business with Russia

Tata Steel’s plant in Hartlepool in north east England (Photo by LINDSEY PARNABY/AFP via Getty Images)

By: Chandrashekar Bhat

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 Wednesday (20), a Tata Steel spokesperson said the company does not have any operations or employees in Russia.

“We have taken a conscious decision to stop doing business with Russia”.

To ensure business continuity, the company’s all steel manufacturing sites in India, the UK and the Netherlands have sourced alternative supplies of raw materials to end its dependence on Russia, the Mumbai-headquartered company said.

It sourced a limited amount of coal from Russia for its operations across geographies.

Tata Steel is among only a handful of Indian companies that have halted business with Russia, with the move coming even as India abstains from condemning the invasion and has not imposed sanctions on Moscow.

Western allies have called for India to speak out against the war. Several Western companies have withdrawn from Russia.

“They (EU) will end their business ties and our businesses in UK and Netherlands are a part of this decision,” said a senior Tata Steel executive who declined to be named.

The executive said sourcing coal from Russia was “minuscule”.

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