SEATTLE (Scrap Monster): Leading steelmaker Tata Steel Limited announced plans to diversify its business into three verticals- composites, graphene, and medical materials and devices. This was disclosed by the company’s top management in its recently published annual report.
N. Chandrasekharan, Chairman, Tata Steel noted that the company aims to build its business in knowledge and intellectual property intensive and non-cyclical new materials. During FY23, the company’s largest capital allocation will be towards the acquisition of assets of Neelachal ispat Nigam Limited (NINL).
Tata Steel has already developed grapheme production capacity of around 100 tonnes per annum. Also, the company has been investing in the production of medical materials at scale. Incidentally, the medical materials segment is projected to witness market growth in India during the forthcoming years. Last week, the company signed a Memorandum of Understanding (MoU) towards developing a grapheme research centre in the South Indian state of Kerala.
The company targets to deliver world-class quality bio-ceramics to customers at a competitive cost and scale. Tata Steel expects Indian steel industry growth to remain stable, largely driven by robust domestic demand.
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