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A new pension fund backed by Tata Steel UK (TISC.NS), a unit of India's Tata Steel, will be set up after meeting minimum size and funding criteria, paving the way for the firm's merger with Germany's Thyssenkrupp (TKAG.DE). The trustee of the British Steel Pension Scheme (BSPS), a 124,000 member final salary scheme from previous owner British Steel, said in a statement the new BSPS would go ahead on March 28 as planned. "This is very good news for the 83,000 members who wanted to receive their benefits from the New Scheme and chose to switch to it," said Alan Johnston, who will now act as chairman to the trustee of the New BSPS.
The Dutch arm of Tata Steel said on Friday the United States should exempt it from new import tariffs on steel and aluminium, as it products were vital for the American economy. "We don't dump our steel on the American market, our products are no threat to American national security and many American companies depend on our products," Tata Steel Netherlands director Theo Henrar said in a statement. Tata also caters for carmakers and the packaging and bottling industry in the United States with products it says no domestic steel producer makes.
India's Tata Steel is concerned about U.S. plans to impose tariffs on steel imports, a senior executive at the group's European unit said on Wednesday. "We need appropriate measures against a negative influence on the European market," Henrik Adam, chief commercial officer at Tata Steel Europe, told an industry conference.
Britain's steel industry is vulnerable despite recovering from a 2015 crisis, with many challenges that led to thousands of job cuts still not resolved and risks related to Brexit looming, the chief executive of Tata Steel UK said on Tuesday. "Currently our nose is above water but our lips are below.Any additional burden can still take us down," said Bimlendra Jha, speaking at a conference in London organised by EEF, Britain's largest manufacturing industry representative. The UK steel industry is emerging from a crisis that led to the loss of about 7,000 steel jobs, about a quarter of the workforce, between September 2015 and March 2017.
Tata Steel will finance the repair of a blast furnace at Britain's largest steelworks in Port Talbot, Wales, extending its life by seven years and soothing concerns about its commitment to Europe's steel sector, four sources told Reuters. India's Tata Steel signed a preliminary deal last year to merge its European steel assets with those of Germany's Thyssenkrupp in a move driven chiefly by a need to address steelmaking overcapacity in Europe. Fully relining a blast furnace typically costs over 150 million pounds ($200 million) and gives the furnace an additional 20 years of life approximately, while the repairs Tata is looking at will cost about half of that, the industry sources said.
(Reuters) - Tata Steel Ltd on Friday posted a five-fold rise in third-quarter profit, boosted by strong volume growth in India and increasing steel prices. "Global steel prices have been buoyant with ...
(Reuters) - India's Tata Steel Ltd has approved a rights issue to raise up to 128 billion rupees ($2 billion) to fund capacity expansion at a plant in the eastern state of Odisha, and to cut debt. The ...
REUTERS - Tata Steel Ltd (TISC.NS) has promoted T.V. Narendran as chief executive officer and managing director globally, the company said on Tuesday. Narendran, 52, a company veteran who joined the Tata ...
(Reuters) - India's Tata Steel Ltd posted a Sept-quarter profit, boosted by strong volume growth following the ramp-up of its Kalinganagar plant in India. Consolidated quarterly total steel deliveries ...
The works council of Tata Steel Netherlands said on Friday it opposed preliminary plans by Tata Steel and Thyssenkrupp to combine their European steelmaking operations into a joint venture (JV) and would fight to block it if necessary. Works council chairman Frits van Wieringen said that, after viewing the two companies' memorandum of understanding, he was concerned they intend to dissolve the Dutch subsidiary, which would strip away legal protections, and then lay off workers.
Tata Steel (TISC.NS) and Thyssenkrupp (TKAG.DE) have no plans to spin off their pending European steel joint venture within the next two to three years, Tata's managing director said on Monday. Markets widely expect the longer-term aim of the merger is an initial public offering that would give the two companies a way to exit the volatile European steel business, but Tata Steel ruled that out in the near term. "Definitely no IPO in the next two to three years," T.V. Narendran, Tata's managing director for India and South East Asia, told Reuters at the World Steel Association general assembly in Brussels.