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Key Developments: Tata Steel Ltd (TISC.BO)

TISC.BO on Bombay Stock Exchange

27 May 2016
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Latest Key Developments (Source: Significant Developments)

India's Tata Steel evaluating bids for UK assets
Wednesday, 25 May 2016 11:32am EDT 

: Tata Steel exec says we are in the process of evaluating bids for UK assets . Exec says all 7 shortlisted bidders for UK assets are there, some have submitted final bids and some have sought clarity . Exec says net debt of company at 740 billion rupees ($11.00 bln) . Exec says positive that south east Asia steel business will be in green in FY17 . Exec says FY17 capex will be lower than 100 billion rupees . Exec says 30 percent of company's FY17 capex will be spent in Europe . Exec says total debt on Tata Steel Europe is 3 billion euros . ($1 = 67.2888 Indian rupees) ((suvashree.dchoudhury@thomsonreuters.com;)).  Full Article

Tata Steel advises Tata Metaliks to refile fresh merger with Tata Metaliks DI Pipes
Tuesday, 17 May 2016 04:55am EDT 

Tata Steel Ltd : Tata Steel Ltd.- scheme of amalgamation between Tata Metaliks Limited and Tata Metaliks DI pipes limited with TATA Steel Limited . Tata Metaliks will continue to operate as a unit company of Tata Steel . Tata Metaliks been advised to consider withdrawing scheme with leave to re-file fresh scheme for merger with Tata Metaliks di pipes . Decision is based on careful consideration of various factors including inordinate delay in obtaining requisite regulatory and statutory approvals" . Directors' panel approve proposal to file application before bombay high court seeking recall of scheme of amalgamation of units with co .  Full Article

TATA Steel Ltd says cooperating fully with UK's SFO on their criminal investigation - Reuters News
Friday, 8 Apr 2016 09:22pm EDT 

TATA Steel Ltd:Says cooperating fully with UK Serious Fraud Office on their investigation - RTRS.  Full Article

TATA Steel Ltd to sell entire UK operation -BBC - Reuters News
Tuesday, 29 Mar 2016 07:38am EDT 

TATA Steel Ltd:Tata Steel Ltd is expected to announce the sale of its entire UK business, BBC reported citing union sources. - RTRS.Tata Steel's decision was made at Tuesday's board meeting in Mumbai, BBC said.Britain's steel industry has been struggling since European Union steel prices hit their lowest since 2004.Earlier in January, Tata Steel said it would cut 1,050 UK jobs including 750 jobs at Port-Talbot-based operations in Wales.About 4,000 British steel jobs were lost in October 2015 alone, equivalent to about a fifth of the sector's workforce.  Full Article

TATA Steel Ltd to cut 726 jobs from its South Wales plant -Sky News - Reuters
Monday, 25 Jan 2016 07:53am EST 

TATA Steel Ltd:Sky News understands that the firm is proposing a total reduction of 726 from the 4,000-strong workforce at the South Wales plant - Sky News.Meetings with employees have been taking place to set out the plans though individuals were unlikely to have been told their specific circumstances yet, according to Sky sources - Sky News.Proposals seen by Sky News show that of the total number of cuts, 332 will come from the "blue collar" part of the workforce, or 13% of that part of the staff. There are expected to be 394 reductions among "white collar" employees, or 26% - Sky News.  Full Article

Tata Steel UK Ltd announces cost reductions at its UK businesses to improve competitiveness
Monday, 18 Jan 2016 06:13am EST 

Tata Steel UK Ltd:Tata Steel UK Ltd, indirect subsidiary of Tata Steel Ltd, has announced cost-saving proposals to improve the competitiveness of its UK business.Says plans would lead to the loss of 1,050 jobs – 750 jobs at its Port Talbot-based Strip Products UK business, 200 jobs in support functions and a further 100 jobs at steel mills in Trostre, Corby and Hartlepool.Says proposed changes follow continued falls in the European steel price caused by a flood of cheap imports, particularly from China.Says a full consultation process with employee representatives will begin immediately.  Full Article

TATA Steel Ltd to cut 1,050 jobs in Britain - Sky News - Reuters
Sunday, 17 Jan 2016 05:07am EST 

TATA Steel Ltd:Tata Steel will axe 1,050 jobs in the country, Sky News reported on Sunday, on top of the 1,170 cuts it announced last year due to low steel prices - RTRS.The steelmaker said in October it would cut 900 jobs in Scunthorpe in Northern England and 270 in Scotland - RTRS.On Sunday, Sky News reported the firm would cut 750 jobs at its Port Talbot plant in Wales and 300 at other British sites - RTRS.British steelmakers pay some of the highest energy costs and green taxes in the world and are also struggling to compete with record Chinese steel imports. Tata Steel did not immediately respond to a request for comment when contacted by Reuters - RTRS.Sky News said the company would announce the cuts on Monday - RTRS.  Full Article

TATA Steel Ltd - UK steelworkers march against Tata job cuts, demand govt action - Reuters
Tuesday, 10 Nov 2015 06:46am EST 

TATA Steel Ltd:Hundreds of steelworkers marched through Scunthorpe in northeast England on Tuesday to protest against Tata Steel's planned job cuts and restructuring, calling on the government to do more to help the beleaguered steel sector - RTRS.Nearly 4,000 UK steel jobs were lost in October alone equivalent to about one fifth of the sector's workforce - as Tata Steel, SSI UK and Caparo Industries buckled under pressure from decade-low steel prices - RTRS.Tata Steel, the UK's largest steelmaker, said last month it will cut some 1,200 jobs in Scunthorpe and Scotland. Last week, it said it will press ahead with restructuring and will "look at all options" for its European steel business - RTRS.  Full Article

Talga Resources says partnership with Tata Steel
Sunday, 8 Nov 2015 04:27pm EST 

Talga Resources:Talga graphene partnership with Tata Steel.Says formal collaboration agreement executed with UK steel arm of global conglomerate tata group.Agreement to jointly explore opportunities across graphene supply, processing and development of graphene applications.  Full Article

TATA Steel Ltd to cut 1,200 jobs at Scunthorpe -UK union source - Reuters
Thursday, 15 Oct 2015 08:00pm EDT 

TATA Steel Ltd:Tata Steel is expected to cut around 1,200 jobs at its Scunthorpe plant, a union source said on Friday as the government convened a crisis summit on the sector - Reuters.Scunthorpe, which produces steel mainly used in construction and infrastructure projects, is part of Tata Steel's loss-making long products unit, which the company is trying to sell. The unit employs about 6,500 people - Reuters.A Tata Steel spokesman said: "We've made a number of structural changes to our UK business over the last months and years to make us more competitive - Reuters.British media reports on Friday said jobs were also at risk at Tata Steel operations in Scotland - Reuters.Commenting, the Unite union said: "Time is ticking on the UK’s steel industry and the news of yet more job losses should jolt the government out of its laissez-faire approach to this vital part of the UK economy." - Reuters.The sector employs fewer than 20,000 people, down from 200,000 in the 1970s - Reuters.  Full Article


Britain plans steel pensions overhaul to ease sale of Tata assets

LONDON Britain's government said on Thursday it had started discussions on overhauling the deficit-laden British Steel Pension Scheme, a major stumbling block for potential buyers of Tata Steel's UK assets.