Tata Steel

Tata Steel

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Company type	Public (BSE: 500470)
Industry	Steel
Founded	1907
Headquarters	Mumbai, India
Key people	Ratan Tata, Chairman B Muthuraman, Managing Director
Products	Hot and cold rolled coils and sheets Wire and rods Construction bars Pipes Structurals and forging quality steel
Revenue	रू.274 billion or $6.89 billion (converted on 3rd Oct 2007) BSE India
Number of employees	82,700 (2007)[1]
Parent	Tata Group
Website	http://www.tatasteel.com/

Tata Steel, formerly known as TISCO (Tata Iron and Steel Company Limited), is a steel company based in Mumbai, India. It is part of Tata Group of companies.

Its main plant is located in Jamshedpur, Jharkhand, though with its recent acquisitions, the company has become a multinational with operations in various countries. The registered office of Tata Steel is in Mumbai. In the year 2000, the company was recognised as the world's lowest-cost producer of steel. The company was also recognised as the world's best steel producer by World Steel Dynamics in 2005. The company is listed on BSE and NSE; and employs about 82,700 (2007) people [2].

Ratan Tata is the Chairman and B. Muthuraman is the Managing Director of the company. Dr. Tridibesh Mukherjee and Mr. Arun Singh are Deputy Managing Directors of the company

Tata Steel is a limited company registered in India under the Companies Act, 1956.

Tata Steel was established by Indian Parsi businessman Jamshedji Nusserwanji Tata in 1907 (he died in 1904, before the project was completed). Tata Steel introduced an 8-hour work day as early as in 1912 when only a 12-hour work day was the legal requirement in Britain. It introduced leave-with-pay in 1920, a practice that became legally binding upon employers in India only in 1945. Similarly, Tata Steel started a Provident Fund for its employees as early as in 1920, which became a law for all employers under the Provident Fund Act only in 1952. Tata Steel's furnaces have never been disrupted on account of a labour strike and this is an enviable record of sorts.

Tata Steel has set an ambitious target to add 50 million tonne per annum capacity by 2015.

• Overseas acquisitions have already added up to 21.4 million tonne, which includes Corus production at 18.2 million tonne, Natsteel production at two million tonne and Millennium Steel production at 1.2 million tonne. Tata is looking to add another 29 million tonnes through the acquisition route.

• Tata Steel has lined up a series of greenfield projects in India and outside which includes

1. 6 million tonne plant in Orissa
2. 12 million tonne in Jharkhand
3. 5 million tonne in Chhattisgarh
4. 3-million tonne plant in Iran
5. 2.4-million tonne plant in Bangladesh
6. 5 million tonne capacity expansion at Jamshedpur
7. 4.5 million tonne plant in Vietnam (feasibility studies underway)

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The company is facing increasing criticism that the drive for growth and profits is completely overshadowing its once famed philanthropy and causing lasting social and environmental damage at various locations.^[1] In response, Tata cites its programs for environment and resource conservation, including a reduction in greenhouse erosion, raw materials and water consumption. The company has increased waste re-use and re-cycling, and reclaims land at its captive mines and collieries through forestation. Mr. R. P. Sharma, Tata Steel's chief, environment and occupational health, says, "Our capital investment in pollution-abatement solutions was in the vicinity of Rs 400 crore in 2003-04."^[2].

Dhamra Port: The Dhamra Port, a Joint Venture between Larsen & Toubro and Tata Steel, has come in for criticism from groups such as Greenpeace, Wildlife Protection Society of India and the Orissa Traditional Fishworkers' Union. The port is being built within five kilometres of the Bhitarkanika Sanctuary, a Ramsar wetland of international importance, home to an impressive diversity of mangrove species, saltwater crocodiles and an array of avian species. The port will also be approximately 15 km. from the turtle nesting beaches of the Gahirmatha Sanctuary, and turtles are also found immediately adjoining the port site. Aside from potential impacts on nesting and feeding grounds of the turtles, the mudflats of the port site itself are breeding grounds for horseshoe crabs as well as rare species of reptiles and amphibians. One such species, the amphibian Fejervarya cancrivora, is the first record for the Indian mainland.^[3]

Tata Steel annually produces 9 million tonnes of steel in India and 21.4 million tonnes overseas, making it the fifth largest steel producer in the world. It produced a record-breaking 5.0 million tonnes of salable steel in its Jamshedpur works in 2006-07.

The company's gross revenue in that financial reporting year was Rs. 20196.24 crores. Its PBT was Rs.6261.65 crores and PAT was Rs.4222.15 crores in the same year.

• On October 20, 2006, Tata Steel announced that it had agreed to pick up a 100% stake in the Anglo-Dutch steel maker Corus Group at 455 p. per share in an all cash deal, cumulatively valued at GBP 4.3 billion (USD 8.04 billion).

• On November 19 2006, the Brazilian steel company CSN launched a counter offer for Corus at 475 pence per share, valuing it at $8.4 billion.

• On December 11 2006, Tata preemptively upped the offer to 500 pence, which was within hours trumped by CSN's offer of 515 pence per share, valuing the deal at $ 9.6 Billion. The Corus board promptly recommended both the revised offers to its shareholders.

Wikinews has related news:

• Steel Industry: Tata buys Corus

• On January 31 2007 Tata Steel won their bid for Corus after offering 608p per share, valuing Corus at £6.7 bn ($11.3bn); as a result and pending acceptance and completion of the takeover, the joining of the two will create the fifth largest steel company in the world.

Tata Steel completed 100 years of existence on August 26, 2007 following the ideals and philosophy laid down by its Founder, Jamsetji Nusserwanji Tata way back in 1907.

To commemorate the completion of 100 years of operations, a milestone achieved by few, there is a host of events and activities lined up for the citizens of Jamshedpur. In this occasion, Tata Steel has also launched its micro website – www.tatasteel100.com which has many interactive features like "Share Your Story" and "Impressions", where a viewer can share his memories and experiences about the company, "People", a section on leaders of past and present, "Snapshots", focusing on some historic moments of the company, "Advertisements", a section comprising of print and electronic advertisements of the company over these ten decades. The site will also have updates on the Centenary Projects that will be undertaken during the year. There will be an events guide section which will inform viewers of forthcoming events and contain reports on functions that have taken place in the past.