INSUBCONTINENT EXCLUSIVE:
The company plans to double its capacity in the country in five years.Tata Steel Ltd reported an 83.6 per cent surge in third-quarter
However, the numbers were not comparable due to its recent acquisition of Tata Steel BSL Limited (formerly Bhushan Steel Ltd)In May last
year, the firm, one of the flagship companies of the giant salt-to-software Tata Group bought a 72.7 per cent stake in Bhushan Steel Ltd
which was in bankruptcy court.This was the company's first major acquisition after Britain's Corus, now called Tata Steel Europe.The
company has struck a deal with Germany's Thyssenkrupp to combine its UK business into a joint venture with the German giant.This would
allow Tata Steel to cut debt at the group level and bring focus back to India through acquisitions, Tata Steel Chairman N Chandrasekaran had
were able to maintain overall realizations and increase volumes significantly in India." Chief Executive Officer T V Narendran said.Local
producers are suffering from a double whammy of a rise in cheap imports and low domestic steel prices, which threaten to wipe out healthy
profits they have clocked in recent years.Analysts have said that due to pressure on steel prices, the third quarter could be the last good
quarter for steelmakers before a long period of muted growth.Consolidated steel production rose 11 per cent year on year, while steel
production in the country surged 34 per cent, the Mumbai headquartered company said.(This story has not been edited by TheIndianSubcontinent
staff and is auto-generated from a syndicated feed.)
