Tata Steel Chief Says It is Unenthusiastic on Fresh Acquisitions

SEATTLE (Scrap Monster): Tata Steel- the leading steelmaker announced that it is not so keen on fresh acquisitions. The remarks came in response to queries on whether the company is interested to acquire the steel assets of Vedanta Limited. It must be noted that Vedanta had recently decided to explore various possibilities, including strategic divestment of a portion or the whole steel enterprise portfolio.

According to TV Narendran, CEO, Tata Steel, the company has been in an expansion mode for quite some time. However, it is not interested to pursue any more acquisitions immediately.

Furthermore, he noted that the company is currently focused on what it can do with the existing steelmaking sites. It has already proposed a strategy to boost its stabilised steel production capacity in India to 40 million metric tonnes per annum (mtpa) by 2030, compared with its existing capacity of 22 mtpa.

The comments by the company executive has put an end to all speculations around a possible deal between Tata Steel and Vedanta Limited.

Commenting on the prospects of Tata Steel UK operations, Narendran noted that the company is engaged with the government to reach a consensus on funding to implement carbon emissions reduction. The aged upstream assets and reliability of certain equipment have been a worry, he added.