Mr. T.V. Narendran, MD & CEO, Tata Steel says, “2017 saw a recovery in global steel demand, prices and trade leading to better than expected performance by India’s steel sector. The year not only saw India becoming the third largest steel producer in the world, it managed to successfully reverse the trend of increasing imports as it became a net exporter. Globally, G20 through the GFSEC has been working on addressing the excess steel capacity and we expect to see more work towards this endeavor in 2017-18. Focusing on the need to improve domestic demand, Govt of India’s National Steel Policy 2017 has drawn the long term road map for steel vision in India.
At Tata Steel, we are committed to further growing our business in India and we look forward to working closely with the Government contributing positively to India’s economic growth. During the year, we had a smooth and successful roll out of GST which had positive implications across our value chain in India. Post the successful ramp up of the 3 million tonne installed capacity at Kalinganagar, the Board has approved a further expansion to 8 million tonnes at an additional capital outlay of INR 23,500 crores to be raised in a combination of equity and debt.
This will help us meet India’s rising demand in automotive, general engineering and other valued-added segments. As for Europe, we announced our plan for an equal joint venture with thyssenkrupp AG and in doing so, create Europe’s second largest steel maker.”