Tata Steel

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Tata Steel Limited
FormerlyTata Iron and Steel Company Limited (TISCo)
Company type Public
ISIN INE081A01020
Industry Steel
Iron
Founded26 August 1907;116 years ago (1907-08-26) at Jamshedpur, Jharkhand, India
Founders Jamsetji Tata
Dorabji Tata
Headquarters Mumbai, Maharashtra, India [1]
Area served
Worldwide
Key people
Products Steel
Long steel products
Structural steel
Wire products
Steel casing pipes
Household goods
RevenueIncrease2.svg₹244,390 crore (US$31 billion) (2023) [3]
Increase2.svg₹18,121 crore (US$2.3 billion) (2023) [3]
Increase2.svg₹8,760 crore (US$1.1 billion) (2023) [3]
Total assets Increase2.svg₹288,021 crore (US$36 billion) (2023) [3]
Total equity Increase2.svg₹105,175 crore (US$13 billion) (2023) [3]
Number of employees
Increase2.svg~77,000+(2023) [3]
Parent Tata Group
Subsidiaries Tata Steel BSL
Tata Steel UK
Tata Steel Netherlands
Tata Steel Thailand
Tata Steel Long Products
Tata Tinplate
Tayo Rolls
Jamshedpur FC
Website www.tatasteel.com

Tata Steel Limited is an Indian multinational steel-making company, based in Jamshedpur, Jharkhand and headquartered in Mumbai, Maharashtra. It is a part of the Tata Group.

Contents

Formerly known as Tata Iron and Steel Company Limited (TISCO), Tata Steel is among the largest steel producing companies in the world, with an annual crude steel capacity of 35 million tonnes. It is one of the world's most geographically diversified steel producers, with operations and commercial presence across the world. The group (excluding SEA operations) recorded a consolidated turnover of US$31 billion in the financial year ending 31 March 2023. It is the largest steel company in India (measured by domestic production) with an annual capacity of 21.6 million tonnes after Steel Authority of India Ltd. (SAIL). [4] [5] Tata Steel, SAIL, and Jindal Steel and Power, are the only three Indian steel companies that have captive iron-ore mines, which gives the three companies price advantages. [6]

Tata Steel operates in 26 countries with key operations in India, the Netherlands, and the United Kingdom, and employs around 80,500 people. [7] Its largest plant (10 MTPA capacity) is located in Jamshedpur, Jharkhand. In 2007, Tata Steel acquired the UK-based steel maker Corus. [8] [7] It was ranked 486th in the 2014 Fortune Global 500 ranking of the world's biggest corporations. [9] It was the seventh most valuable Indian brand of 2013 according to Brand Finance. [10] [11] [12]

Tata Steel was listed amongst India's Best Workplaces in Manufacturing by Great Place to Work for the fifth time in 2022. [13]

History

Tata Steel's Jamshedpur plant at night Tata Steel at Night.jpg
Tata Steel's Jamshedpur plant at night

Tata Iron and Steel Company (TISCO) was founded by Jamsetji Nusserwanji Tata and established by Sir Dorabji Tata on 26 August 1907. TISCO started pig iron production in 1911 and began producing steel in 1912 as a branch of Jamsetji's Tata Group. [14] [15] [16] The first steel ingot was manufactured on 16 February 1912. During the First World War (1914–1918), the company made rapid progress.

In 1920, The Tata Iron & Steel Company also incorporated The Tinplate Company of India Ltd (TCIL), as a joint venture with then Burmah Shell to manufacture Tinplate. TCIL is now Tata Tinplate and holds 70% market share in India.

By 1939, it operated the largest steel plant in the British Empire. The company launched a major modernisation and expansion program in 1951. Later, in 1958, the program was upgraded to 2 million metric tonnes per annum (MTPA) project. [14] By 1970, the company employed around 40,000 people at Jamshedpur, and a further 20,000 in the neighbouring coal mines. [15]

In November 2021, Tata Steel was the most profitable company in the Tata Group. [17] In July 2019 Tata Steel Kalinganagar (TSK) was included in the list of the World Economic Forum's (WEF) Global Lighthouse Network. [18]

The Key Managerial Personnel (KMP) at Tata Steel Limited India are Koushik Chatterjee as CFO (KMP) and Parvatheesam Kanchinadham as Company Secretary. Koushik Chatterjee, Mallika Srinivasan, Chandrasekaran Natarajan and 7 other members are presently associated as directors. [19]

Nationalisation attempts

There have been two attempts to nationalise Tata Steel, one attempt in 1971 and another in 1979, both were unsuccessful. In 1971, Prime Minister Indira Gandhi tried to nationalise the company, but failed. In 1979, Prime Minister Morarji Desai wanted to nationalise TISCO (now Tata Steel), spurred by Minister for Industries George Fernandes, and Minister of Steel, Mines, and Coals Biju Patnaik. However, union protests prevented such nationalisation efforts. [15] [20] [21]

In 1990, the company expanded and established a subsidiary, Tata Inc., in New York. The company changed its name from TISCO to Tata Steel Ltd. in 2005. [22]

Labour welfare

Tata Steel was among the first Indian companies to provide various labour welfare benefits, such as eight-hour workdays since 1912, free medical care since 1915, school facilities for the children of employees since 1917, paid time off since 1920, formation of a provident fund and accident compensation in 1920, vocational training since 1921, maternity benefits since 1928, profit sharing bonuses since 1934, and retiring gratuity since 1937. [23]

Expansions

Acquisitions

NatSteel in 2004: Tata Steel agreed to acquire the steel making operations of the Singapore-based NatSteel for $486.4 million in cash. [24] NatSteel had ended 2003 with turnover of $1.4 billion and a profit before tax of $47 million. [24] The steel businesses of NatSteel would be run by the company through a wholly owned subsidiary called Natsteel Asia Pte Ltd. [24] The acquisition was completed in February 2005. [25] [26] At the time of acquisition, NatSteel had a capacity of about 2 million tonnes per annum of finished steel. [26] [27]

Millennium Steel in 2005: Tata Steel acquired a majority stake in the Thailand-based steelmaker Millennium Steel for a total cost of $130 million. It paid US$73 million to Siam Cement for a 40% stake and offered to pay 1.13 baht per share for another 25% of the shares of other shareholders. [28] [29] Millennium Steel has now been renamed to Tata Steel Thailand and is headquartered in Bangkok. [30] On 31 March 2013, it held approx. 68% shares in the acquired company. [7]

Corus in 2006: Tata Steel signed a deal with Anglo-Dutch company, Corus to buy 100% stake at £4.3  billion ($8.1  billion) at 455 pence per share. [31] On 19 November 2006, the Brazilian steel company Companhia Siderúrgica Nacional (CSN) launched a counter offer for Corus at 475 pence per share, valuing it at £4.5  billion. On 11 December 2006, Tata pre-emptively upped its offer to 500 pence per share, which was within hours trumped by CSN's offer of 515 pence per share, valuing the deal at £4.9  billion. The Corus board promptly recommended both the revised offers to its shareholders. On 31 January 2007, Tata Steel won their bid for Corus after offering 608 pence per share, valuing Corus at £6.7  billion ($12  billion).
In 2005, Corus employed around 47,300 people worldwide, including 24,000 in the UK. [31] At the time of acquisition, Corus was four times larger than Tata Steel, in terms of annual steel production. Corus was the world's 9th largest producer of Steel, whereas Tata Steel was in the 56th position. The acquisition made Tata Steel the world's 5th largest producer of Steel. [31]

Tayo Rolls in 2008, formerly Tata-Yodogawa Limited is a metal fabrication and processing company headquartered in Jamshedpur, India. It was founded in 1968 as a joint venture between Tata Steel and the Japan-based Yodogawa Steels. In 2008, the company made the rights issue which was subscribed for only about 50% of its total value – Rs 60 crore. Due to undersubscription, the promoters acquired them, and as a result, Tayo Rolls became a Tata Steel Subsidiary. Tata Steel owns 55.24% of the Tayo Rolls. [32] [33]

Steel Engineering and Vinausteel in 2007: Tata Steel through its wholly owned Singapore subsidiary, NatSteel Asia Pte Ltd, acquired a controlling stake in both rolling mill companies located in Vietnam: Structure Steel Engineering Pte Ltd (100% stake) and Vinausteel Ltd (70% stake). The enterprise value for the acquisition was $41 million. With this acquisition, Tata Steel got hold of two rolling mills, a 250,000 tonnes per year bar/wire rod mill operated by SSE Steel Ltd. and a 180,000 tonnes per year reinforcing bar mill operated by Vinausteel Ltd. [34] [35]

Bhushan Steel in 2018: Tata Steel acquired the entire company in 2017–18 when Insolvency proceedings were initiated against the former company on 26 July 2017 under IBC. Tata Steel emerged as the highest bidder and took over the company through its wholly-owned subsidiary Bamnipal Steel Ltd. The company was renamed as Tata Steel BSL. Later in 2021 Tata Steel amalgamated Bamnipal Steel Ltd. and Tata Steel BSL thereby the latter became a direct subsidiary of Tata Steel (72.65%). [36] [37] [38]

Usha Martin (Steel division) in 2019: Tata Sponge Iron Limited, a subsidiary of Tata Steel Limited, acquired the steel business of Usha Martin Limited in 2019 for Rs.4,094 crore. The acquisition involved UMLs 1.0 MnTPA specialty steel plant in Jamshedpur that makes alloy-based long products, a functional iron ore mine, a coal mine under development, and captive power plants. [39] [40]

Nilachala Ispat Nigam Ltd in 2022: Tata Steel through its wholly owned subsidiary, Tata Steel Long Products (TSLP), acquired controlling stake in NINL. It beat Jindal Steel and JSW Steel to acquire Odisha-based Neelachal Ispat Nigam Ltd (NINL) for ₹12,100 crore (US$1.5 billion). [41]

Joint Ventures

In 2006, Tata Steel and BlueScope Steel launched Tata BlueScope Steel Ltd, a joint venture for the manufacturing of pre-engineered steel products. [42]

In 2014, Tata Steel launched Jamshedpur Continuous Annealing and Processing Company Pvt Ltd (JCAPCPL), a joint venture with Nippon Steel to produce continuous annealed products intended for the automotive industry. The plant had a capacity of 600,000 tonnes and was setup with an investment of 2,750 Crores. Tata Steel held 51% of the joint venture. [43]

Amalgamation

In 2022, Tata Group moved the amalgamation of seven metal companies of the group into Tata Steel. Seven metal companies of Tata Group that will be merged with Tata Steel are Tata Steel Long Products Limited (TSLP), The Tinplate Company of India Limited (TCIL), Tata Metaliks Limited (TML), TRF Limited, The Indian Steel & Wire Products Limited (ISWPL), Tata Steel Mining Limited (TSML) and S & T Mining Company Limited. [44] [45]

Sports

Tata Steel has traditionally played a key role in the development of sports in India. They have been involved in the inception of Tata Football Academy, TSAF Climbing Academy, Tata Archery Academy, Naval Tata Hockey Academy – Jamshedpur and Odisha Naval Tata Hockey High-Performance Centre. [46]

Operations

Tata Steel is headquartered in Mumbai, Maharashtra, India, and has its marketing headquarters at the Tata Centre in Kolkata, West Bengal. It has a presence in around 50 countries with manufacturing operations in 26 countries including India, Malaysia, Vietnam, Thailand, UAE, Ivory Coast, Mozambique, South Africa, Australia, United Kingdom, The Netherlands, France and Canada. [47]

Tata Steel primarily serves customers in the automotive, construction, consumer goods, engineering, packaging, lifting and excavating, energy and power, aerospace, shipbuilding, rail, and defence and security sectors. [48]

Upcoming plans

Tata Steel has set a target of achieving an annual production capacity of 100 million tons by 2015; it is planning for capacity expansion to be balanced roughly 50:50 between greenfield developments and acquisitions. [49] [50] Overseas acquisitions have already added an additional 21.4 million tonnes of capacity, including Corus (18.2 million tonnes), NatSteel (2 million tonnes) and Millennium Steel (1.2 million tonnes). Tata plans to add another 29 million tonnes of capacity through acquisitions. [49] [50]
Major greenfield steel plant expansion projects planned by Tata Steel include: [49]

Issues with Europe business

Since Tata Steel's Corus acquisition in 2007, Tata Steel's Europe unit faced issues from oversupply in the market, labor unions, inexpensive imports from Chinese steel makers, and pressure from regulators for decarbonisation (green taxes) which forced Tata Steel to consolidate its businesses in Europe. [58] [59]

In 2015, Tata Steel was looking to sell its facilities in Port Talbot, Hartlepool, Rotherham, and Stocksbridge, which was put on hold due to Brexit. In April 2016, Tata Steel's Long Products Europe Division located in Scunthorpe, England was sold to Greybull Capital LLP. [60] The unit was renamed as British Steel Limited. [61] [62]

In February 2017, the company decided to sell its specialty division to Liberty House Group. [63]

In September 2017, ThyssenKrupp of Germany and Tata Steel announced plans to combine their European steel-making businesses. The deal will structure the European assets as Thyssenkrupp Tata Steel, an equal joint venture. The announcement estimated that the company would be Europe's second-largest steelmaker, and listed future headquarters in Amsterdam. [64] [65] However, in 2019, antitrust regulators of EU refused to accept deals citing reduction in competition. [66] In 2019 Tata Steel decided to sell some of its non-core business units in UK. [67]

In June 2020, the company requested £500 million in UK government support. Later in July media houses reported that the company has proposed to give away 50% of its stake in Port Talbot Steelworks to the UK Government in return for capital injections amounting to £900 million. [68] [69]

In November 2020, SSAB of Sweden announced its intention to buy Tata Steel's unit in IJmuiden, Netherlands. However, in 2021, SSAB backed out citing technical and cost issues involved with the deal. [70] [71]

In October 2021, Tata Steel Europe officially split its businesses into two independent entities Tata Steel Netherlands and Tata Steel UK. [72]

In April 2022, Tata Steel announced that they had to find alternative sources of coal for their steel production plants in the UK and Netherlands after European nations stopped doing business with Russia because of its invasion of Ukraine. [73]

Issues with South East Asia Business

In January 2019, citing debt issues and consistent losses Tata Steel, decided to sell a 70 percent stake in its S.E. Asia business (NatSteel and Tata Steel Thailand) to China's state-owned HBIS Group for $327 million. But the deal fell through citing regulatory issues. [74] [75]

Later in 2019, Tata Group signed a memorandum of understanding with the Private Equity firm, Synergy Metals and Mining Fund for divestment of 70% shareholding in Tata Steel (Thailand) Public Company Ltd. (excluding NatSteel) [76]

In 2021, Tata Steel decided against divesting the South East Asian businesses citing improvement in financials, including reduction in total debt and increase in the cash flow. This was confirmed through its regulatory filing where Tata Steel reclassified its S.E. Asians assets from 'held for sale' to 'continuing operations'. [77]

In October 2021, Tata Steel announced the sale of its subsidiary Natsteel Holdings Pte. Ltd to TopTip Holding Pte, a Singapore-based steel and iron ore trading company. The deal was valued at $172 million (₹1,275 crore). The deal included two Singapore facilities and one Malaysian facility excluding the wire business in Thailand. [78]

Shareholding

As on 29 September 2023, Tata Group held 33.90% shares in Tata Steel. Over one million individual shareholders hold approximately 10% of its shares. Life Insurance Corporation of India is the largest non-promoter shareholder in the company with 10.89% shareholding. [7] [79]

ShareholdersShareholding [7]
Promoters: Tata Group companies33.90%
Insurance Companies10.89%
Individual shareholders9.44%
Foreign Institutional Investors20.31%
GDRs5.06%
Others20.39%
Total99.99%

The equity shares of Tata Steel [80] are listed on the Bombay Stock Exchange, [81] where it is a constituent of the BSE SENSEX index, [82] and the National Stock Exchange of India, [83] where it is a constituent of the S&P CNX Nifty, [84] the Global Depository Receipts (GDRs) are listed on the London Stock Exchange [85] and the Luxembourg Stock Exchange. [86] [87]

Subsidiaries

Tata Steel Thailand

Tata Steel's subsidiary Tata Steel (Thailand) Public Company Limited (SET :  TSTH), [88] (formerly Millennium Steel Public Company Limited) is listed on the Stock Exchange of Thailand. Tata Steel Limited directly holds 67.90% through its investment arm T S Global Holdings Pte. Ltd. [89]

Tata Tinplate

The Tinplate Company of India Limited (TCIL) is a subsidiary of Tata Steel. Founded in 1920, TCIL is India's oldest and current largest tinplate manufacturer. The company is described as having "pioneered the tinplate industry in India". [90] TCIL has a 70% market share in India and exports a fourth of its products outside India. [91] [92]

In January 1920, the Burmah Oil and The Tata Iron & Steel Company (TISCO) jointly incorporated The Tinplate Company of India Limited (TCIL) to cater to the demand for tinplate that arose following World War I. Burmah contributed two-thirds of the starting capital and Tata the remainder. Burmah required a tinplate for the cans used to hold the kerosene it produced. [93]

By November 1921, structural steel for the plant and machinery had been imported from the US and UK, and the plant was established at Golmuri, Jamshedpur near the Tata Steelworks. The design was based on an Indiana rolling plant. In December 1922, the first hot dip tinning plant started rolling out finished tinplate. [90] By 1924, a total of six mills were in production and the company was producing almost 40 percent of India's tinplate needs. In 1926, the level of production exceeded the country's imports for the first time. [93] The company's main competition was from tinplate imported from South Wales. In its early years, the Company relied to a large extent on European 'covenanted' labor for supervisory and skilled roles, but this lessened over time as the skills of Indian workers developed. Just under 3,000 workers were employed in the late 1920s, and early 1930s. [94]

With the outbreak of World War II, TCIL diversified into the manufacturing of un-tinned black plates used in Jettison tanks for the Royal Air Force. Also, TCIL took over the processing of steel from the sheet mills of Tata Steel to augment production.

TCIL entered into an agreement with Wean United Canada to switch to the Electrolytic Tinning Process. In 1973, an Electrolytic Tinning Line was commissioned with a capacity of 90,000 tonnes per annum to produce tinplate and tin-free steel. In 1996, TCIL established its first Cold Rolling Mill Complex with a capacity of 110,000 tonnes per annum, as part of a backward integration to reduce dependency on imported uncoated sheet steel coils, known as tin mill black plate (TMBP). In 2005, a printing and lacquering line was introduced as part of a forward integration to reduce supply chain inefficiencies. In 2007, mill capacity was more than doubled to 379,000 tonnes by the commissioning of a second Tinning Line; a second Cold Rolling Mill facility was added a year later. Production and sales reached 360,000 tons in 2018–19. [95]

In 2012, Tata Steel increased its shareholding in TCIL to 73.44% which currently stands at 74.96% [96]

Through volumes, TCIL holds 70% market share in India and exports 25% of the production to Southeast Asia, Europe, and the Middle East. [92] [95]

In August 2021, announced its expansion plans, an additional capacity of 3,00,000 tons per annum. [97]

In September 2022, it was announced that the company would be merged into Tata Steel. [98]

Carbon footprint

Tata Steel Group reported Total CO2e emissions (Direct + Indirect) for 31 March 2021 at 25,790 Kt (−1,820 /-6.6% y-o-y). [99] There is little evidence of a consistent declining trend as yet.

Tata Steel Group's Total CO2e emissions (Direct + Indirect) (in kilotons)
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021
21,820 [100] 21,760 [101] 26,640 [102] 27,690 [103] 28,310 [104] 27,610 [105] 25,790 [99]

Controversies

In media

Documentaries

See also

Further reading

Related Research Articles

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