Will improve exports in South East Markets: Tata Steel
The Dollar Business Bureau
Tata Steel today revealed that it is pursuing business-prospects in South East Asian markets since they offered better prices. TV Narendran, MD at Tata Steel India and South East Asia suggested around the side-lines of the India Steel Expo, that the market prices in steel have stabilized and South East Asian markets provided better prices.
He further added that investments would fuel the steel sector’s growth in the country. The industry would have to either generate such funds or find specific investors willing to invest. As such he found the sector growing, and offering opportunities for capital equipment markets.
The $25 bn, Mumbai headquartered Tata Steel is the tenth largest steel producer in the world with an annual capacity of over 25 million tons. The steelmaker has an international presence owing to its production number and more importantly acquisitions and stakes such as NatSteel in Singapore, Millenium Steel in Thailand and the Anglo-Dutch Corus in UK.
Although steel in the domestic market has been subjected to many challenges such as Minimum Import Price, as well as capacity concerns over availability of coking coal and mining concerns, Tata has been able to tide over these issues. The steelmaker won the PM’s best performing integrated steel plant award for 2013-14, the steel ministry trophy for 2012-13 and a certificate of excellence for 2011-12 for being the best performing integrated steel plant.