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Tata Steel India to produce 11.3M tonnes of crude steel in FY'17

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Tata Steel India to produce 11.3M tonnes of crude steel in FY'17

Tata Steel Ltd. expects to produce 11.3 million tonnes of crude steel this financial year, an increase of 1 million tonnes as compared to the previous fiscal year, India's Economic Times reported Sept. 29, citing the company's managing director for India and Southeast Asia, T.V. Narendran.

Some 1.5 million tonnes of targeted production will come from the steel major's newly commissioned 3-million-tonnes-per-annum Kalinganagar steel plant in Odisha state, India, where the company plans to fast track production ramp-up.

The company's Jamshedpur steel plant, meanwhile, is expected to contribute 9.8 million tonnes of crude steel output during the year.

In addition, the Tata Steel board will review a proposal for a phase-two expansion of its Kalinganagar plant within six months, Reuters reported the same day.

The expansion decision will be subject to additional land being acquired, which Narendran said will be sorted out within the next few months without explaining further.

The company requires 1,000 acres of additional land to expand the plant's production capacity to 6 million tonnes of steel per year, for which it is facing opposition from local residents.

Metals trader Liberty House Group recently put forward a bid of almost £100 million for Tata's specialty steel and pipe businesses in the U.K., according to a recent report citing an industry source.