Global steel sector struggling to generate profits, demand increasing in India: Tata Steel CEO

May Be Interested In:Set in Spain, this new play tells us a lot about the ‘two Australias’


Jamshedpur, Jan 1 (PTI) Tata Steel CEO and managing director TV Narendran on Wednesday said while the global steel sector is struggling to generate profits due to factors such as China’s aggressive pricing, the demand for the metal and its consumption in India is growing.

Addressing a gathering at a New Year cake-cutting event here, Narendran said 2023 and 2024 have been difficult for the sector globally because of compression in steel margin and a continued struggle to make profits, particularly due to the curbs imposed in China during COVID.

On global conflicts, he said events happening in various parts of the world have direct or indirect impacts on India. However, the most significant challenge the country faces is the slowdown in China, where recovery is yet to materialise.

Narendran expressed concern over China’s unfair competition, urging the Indian government to take steps to safeguard domestic industries. Despite these challenges, he assured that Tata Steel is well-positioned and profitable in India due to its competitiveness and the growing demand for steel.

Claiming that several countries, including the US, Canada, and European nations, have already taken measures to protect their industries, Narendran called for India to take similar actions against unfair steel imports from China, as the steel sector holds significant potential to create wealth and jobs.

Although demand for steel in India is growing at 8 per cent, Narendran pointed out that margin compression remains a challenge and stressed the importance of value addition.

He also spoke about the opportunity to leverage the mineral-rich states such as Jharkhand, Odisha, and Chhattisgarh, urging that India should not miss the chance to convert these mineral resources into industries that will create jobs.

Narendran advocated for more incentives to attract investment into the sector, noting that the steel industry has been investing between 40,000 crore and 50,000 crore annually. He further emphasised the importance of private sector investment for the country’s growth.

Acknowledging that the past year was challenging for Tata Steel, Narendran pointed out the commissioning of the country’s largest blast furnace at Tata Steel’s Kalinganagar plant in Odisha as a major milestone. He commended the team for their efforts to ensure the safe and successful commissioning of this project.

Tata Steel has also been working on other initiatives to benefit both employees and the local community, such as the construction of staff quarters and schools.

In response to a query about the new government in Jharkhand, Narendran mentioned that discussions had taken place with the government, and Tata Group had assured cooperation for the state’s development.

He highlighted Jharkhand’s vast mineral resources, including iron ore, coal, and its potential in steel and automotive manufacturing, stressing the need to focus on value addition to create jobs.

Catch all the Business News , Corporate news , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.

Business NewsCompaniesNewsGlobal steel sector struggling to generate profits, demand increasing in India: Tata Steel CEO

MoreLess

share Share facebook pinterest whatsapp x print

Similar Content

Forget the pith helmet: What you really need to pack for a safari
Forget the pith helmet: What you really need to pack for a safari
Antoinette Lattouf v ABC LIVE updates: Broadcaster withdraws race argument; Steve Ahern, Ita Buttrose set to appear as unlawful termination case continues
Antoinette Lattouf v ABC LIVE updates: Broadcaster withdraws race argument; Steve Ahern, Ita Buttrose set to appear as unlawful termination case continues
Tensions over water extraction in Perth Hills bubble to the surface
Tensions over water extraction in Perth Hills bubble to the surface
Trump presidency LIVE updates: US President gives first speech to world leaders, judge blocks executive order
Trump presidency LIVE updates: US President gives first speech to world leaders, judge blocks executive order
Allyson Felix: Safety of women athletes ‘a real problem’
Allyson Felix: Safety of women athletes ‘a real problem’
One dead, two injured in youth brawl
One dead, two injured in youth brawl
World Alert: News that Changes the Game | © 2025 | Daily News