In an interview, Chief Executive Officer TV Narendran said that demand in India remains strong, though Europe will take until next year to pick up. He expects a decision from the UK government ‘in weeks on a proposal to fund the transition to greener steel production. He is upbeat on prices as Chinese steel exports decline.
Tata Steel Sees Lower China Exports, Higher Prices bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.
Tata Steel has built an iron ore chest of nearly 600 million tonnes (mt) and will look for more as it prepares for life beyond 2030 when its legacy captive mines come up for auction.
The lease for four of its existing iron ore mines Joda East, Noamundi, Katamati, and Khondbond that feed the domestic operation with low-cost iron ore is going to expire in 2030, following changes in mining regulations.
The year will also coincide with Tata Steel s ambitious target of doubling steelmaking capacity in India to 40 mt, increasing the need for iron ore.
The company is pushing the pedal to ensure that it has enough resources to meet enhanced needs.