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☆ Tata Steel to close UK blast furnaces with loss of up to 2,800 jobs
▼ + stars: | 2024-01-19 | by ( ) www.cnbc.com time to read: +1 min

Tata Steel said on Friday it will close its two blast furnaces in Britain by the end of this year, resulting in up to 2,800 workers potentially losing their jobs at its steelworks plant in Wales. Tata Steel said it would start a consultation process as part of its restructuring plan. "The course we are putting forward is difficult, but we believe it is the right one," Tata Steel Chief Executive T V Narendran said. Tata Steel employs more than 8,000 people in the UK, but the warning that as many as 3,000 of those jobs could go came in September when the government announced a funding package to help safeguard 5,000 jobs. The electric arc furnaces are operated by fewer workers compared to the blast furnaces.

Persons: Tata Steel, V Narendran Organizations: Tata, Tata Steel Locations: Britain, Wales, India

Political Cartoons View All 253 ImagesThe news is a major blow to Port Talbot, a town of about 35,000 people whose economy has been built on the steel industry since the early 1900s. At its height in the 1960s, the Port Talbot steelworks employed around 20,000 people, before cheaper offerings from China and other countries hit production. More than 300,000 people worked in Britain’s steel industry in 1971; by 2021 it was about 26,000. Last year the U.K. government gave Tata up to 500 million pounds ($634 million) to make the Port Talbot steelworks greener. “We saw it with the coal industry and now it is happening again with the steel industry.

Persons: ”, T.V, Narendran, Port, Tata, “, Tata's, Anthony Slaughter Organizations: Tata Steel, Tata, ” Tata Steel, Unions, Port Talbot, Commons Library, Community, Green Party Locations: Port Talbot, Wales, China, Port

☆ Britain’s Largest Steel Mill to Become Greener, at a Cost of Jobs
▼ + stars: | 2024-01-19 | by ( Stanley Reed | More About Stanley Reed | ) www.nytimes.com time to read: +1 min

Although the announcement was not a surprise, unions representing workers at the plant said they were angry that their proposals to save jobs had been rejected. The plant employs around 4,000 people, and it was unclear how many of the job cuts would take place at Port Talbot; Tata employs around 8,000 people in Britain. Electric steel making, which is more common in the United States than in Europe, tends to employ fewer workers. The government says the shift would ensure that steel making continued at the site and would cut Britain’s overall greenhouse gas emissions by 1.5 percent. The unions expressed skepticism that an electric furnace would be capable of producing metal of sufficient quality for some demanding applications, including automobile body panels and food and beverage cans.

Persons: Tata Organizations: Port Talbot, Tata, Tata Steel, steelworkers, Community Locations: Port, Britain, United States, Europe

☆ Business group standards aim to help firms account for nature-related risks
▼ + stars: | 2023-09-18 | by ( Isla Binnie | ) www.reuters.com time to read: +2 min

"Some companies have told us their estimations of their nature risk are larger than their climate risks." The guidelines aim to get companies to report their nature risks in ways that mirror their financial and economic reporting that for decades have been part of regular corporate operations. Both the climate and nature frameworks urge companies to choose appropriate indicators to measure, monitor and report their risks. Climate and nature-related risks are often closely connected, Goldner said. The 14 recommendations launched on Monday include describing nature-related risks and opportunities to business models, and explaining management's role in assessing and handling them.

Persons: Jack Bertenthal, Loren Elliott, Tony Goldner, Goldner, Isla Binnie, Timothy Gardner Organizations: Tahoe Community College, Research, REUTERS, Bank, KPMG, BlackRock, HSBC, Tata Steel, United Nations, Thomson Locations: Blodgett, Georgetown , California, U.S

☆ Indian shares set for cautious start; all eyes on Fed meeting
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +2 min

Bengaluru, Sept 18 (Reuters) - Indian shares are set to begin a holiday-truncated week on a cautious note as investors digested economic data from China and looked ahead to the U.S. Federal Reserve's policy meeting this week. India's GIFT Nifty (.GIFc1) on the NSE International Exchange was up 0.1% to 20,186.5 by 0755 IST. Separately, foreign investors bought 1.64 billion rupees ($19.74 million) worth of shares on a net basis on Friday, while their domestic peers bought 19.39 billion rupees worth of equity, according to stock exchange data. STOCKS TO WATCH** Bharat Electronics (BAJE.NS): Bharat Electronics receives orders worth 30 billion rupees** Axis Bank (AXBK.NS): Investment banking unit co-CEO Chirag Negandhi resigns** HFCL Ltd (HFCL.NS): HFCL received order worth 10.15 billion rupees. ** Tata Steel (TISC.NS): Reaches deal with UK government for investment in the UK steel industry.

Persons: Chirag Negandhi, HFCL, Sridhar Kalyanasundaram, Archishma Iyer, Sonia Cheema Organizations: U.S, NSE, Exchange, Bharat Electronics, Axis, Investment, Tata Steel, Dhanlaxmi, Thomson Locations: Bengaluru, China, U.S . Federal

A British steel industry worker displays a badge on his Tata Steel work clothing during a protest over jobs, pay and conditions of work, outside of the Houses of Parliament in London, Britain, June 28, 2023. Britain said Friday's deal would help to safeguard 5,000 jobs, but Tata Steel UK currently employs more than 8,000 people, raising the prospect of 3,000 redundancies, as the lower-carbon electric furnaces are less labour intensive. India-owned Tata Steel had long warned that without government help it could close the Port Talbot site. Britain's steel industry directly employs 39,800 people according to figures released by UK Steel in May, and supports a further 50,000 jobs in the supply chain. The government said Tata Steel UK would now inform and consult with staff and unions.

Persons: Toby Melville, Friday's, Kemi Badenoch, Port Talbot, Sharon Graham, Sarah Young, Farouq Suleiman, Elizabeth Piper, Sachin Ravikumar, Jane Merriman Organizations: Tata Steel, REUTERS, Port Talbot Tata Steel, Tata, Tata Steel UK, Business, Company, European Union, Tata Group, British Steel, UK Steel, Trade, Thomson Locations: London, Britain, steelmaking, India, Talbot, United States, England, British, Scunthorpe, Port Talbot

“This proposal is a landmark moment for maintaining ongoing U.K. steel production, supporting sustainable economic growth, cutting emissions and creating green jobs,” said Treasury chief Jeremy Hunt. “With the support of the U.K. government and dedicated efforts of the employees of Tata Steel U.K. along with all stakeholders, we will work to transform Tata Steel UK into a green, modern, future-ready business," said Tata Steel’s chief executive and managing director, TV Narendran. Unions were furious about the potential job losses at Port Talbot, which at its height in the 1960s employed around 20,000 people, before cheaper offerings from around the world hit production. "The cost to local people and the wider Port Talbot community will be immense," said Gary Smith, general secretary of the GMB trade union. He noted that Germany has invested over $53 billion in decarbonising heavy industry and has committed to work with unions and protect jobs.

Persons: ”, Jeremy Hunt, Tata, Gary Smith, “, Luke Murphy Organizations: Tata, Britain’s Department for Business, Trade, “, Tata Steel, Tata Steel UK, Unions, Port Talbot, Institute for Public Policy Research Locations: Port Talbot, Wales, steelmaking, Britain, Germany

☆ Britain and Tata Agree to $1.6 Billion Package for Steel Mill
▼ + stars: | 2023-09-15 | by ( Stanley Reed | More About Stanley Reed | ) www.nytimes.com time to read: +1 min

The British government and Tata Steel on Friday announced a 1.25-billion-pound package, or about $1.6 billion, to cut emissions and financial losses at Tata’s steel mill — the country’s largest — at Port Talbot in Wales, potentially putting many of the plant’s 4,000 jobs at risk. The government said the package would help clean up a site that it said was Britain’s largest emitter, reducing the country’s overall carbon emissions by 1.5 percent, and would ultimately preserve thousands of jobs. It will provide £500 million, with Tata contributing £750 million. A union that represents the bulk of steel production workers in Britain said the arrangement risked falling short of the stated goals. While Tata says the plan would “preserve significant employment,” it is not guaranteeing jobs and has been losing money on its British operations for years.

Persons: Kemi Organizations: British, Tata Steel, Tata Locations: Port Talbot, Wales, Kemi Badenoch, Britain

☆ Britain in talks with Tata Steel over $630 million aid package -Sky News
▼ + stars: | 2023-09-02 | by ( ) www.reuters.com time to read: +1 min

The Tata Steel plant is seen in Port Talbot, south Wales, November 23, 2012. REUTERS/Rebecca Naden/File Photo Acquire Licensing RightsLONDON, Sept 2 (Reuters) - The British government is in advanced talks with Tata Steel, the country's biggest steel producer, to provide 500 million pounds ($629 million) of funding to help secure the long-term future of a key part of its steel industry, Sky News reported on Saturday. But the talks have faced difficulties over potential job losses because the new style furnaces require fewer staff. About 8,000 people are employed by Tata Steel in Britain and Sky News cited industry sources as saying the company had warned that it may need to make as many as 3,000 redundancies in the future. Tata Steel has in the past warned that without government support, it will need to consider closing its sites.

Persons: Rebecca Naden, Sarah Young, John Stonestreet, Ros Russell Organizations: Tata, REUTERS, British, Tata Steel, Sky News, Port, British Steel, government's Department for Business, Trade, Thomson Locations: Port Talbot, Wales, Britain

The Nifty 50 (.NSEI) index was up 0.4% at 19,333.85 at 11:47 a.m. IST, while the S&P BSE Sensex (.BSESN) increased 0.33% to 65,043. Foreign inflows moderated to a four-month low of 122.52 billion rupees ($1.48 billion) in August. Hindalco (HALC.NS), Tata Steel (TISC.NS) and JSW Steel (JSTL.NS) were among the top Nifty 50 gainers. The Nifty 50 and Sensex have risen marginally this week so far, including today's gains. Among individual stocks, ITD Cementation (ITCM.NS) surged 11.5% on winning a contract worth 32.90 billion rupees ($397.9 million).

Persons: Francis Mascarenhas, Ghanshyam, ITD, Bharath Rajeswaran, Manvi, Eileen Soreng, Janane Venkatraman, Sonia Cheema Organizations: Bombay Stock Exchange, REUTERS, Rights, BSE, SAMCO Mutual Fund, Tata Steel, JSW, Investors, Federal Reserve, Thomson Locations: Mumbai, India, China, Manvi Pant, Bengaluru

☆ Tata Steel CEO discusses EU carbon tax and China's slowdown
▼ + stars: | 2023-08-26 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTata Steel CEO discusses EU carbon tax and China's slowdownTata Steel CEO T.V. Narendran explains how an EU carbon tax could affect green steel efforts as well as the state of China's economy.

Persons: Narendran Organizations: Tata Steel

☆ Indian interlopers can disrupt global mining M&A
▼ + stars: | 2023-08-25 | by ( Pranav Kiran | ) www.reuters.com time to read: +3 min

BENGALURU, Aug 25 (Reuters Breakingviews) - An Indian tycoon has a powerful motive to throw himself into some global mining M&A. Sajjan Jindal is looking to pull together a consortium to take a 75% stake in the coal unit of Canadian miner Teck Resources (TECKb.TO), according to Bloomberg. Such a move would pit his $23 billion Mumbai-listed JSW Steel (JSTL.NS) against a rival $8 billion bid by Swiss commodities giant Glencore (GLEN.L). In North America, JSW already has steel plants in Ohio and Texas, and coal mining facilities in West Virginia. Anchoring a consortium bid makes sense but if push comes to shove, Indian tycoons can afford to be aggressive interlopers.

Persons: Sajjan Jindal, Jindal, JSW, Una Galani, Thomas Shum Organizations: Reuters, Teck Resources, Bloomberg, Tata Steel, Steel Authority of India, South, JSW, Elk Valley Resources, Deloitte, Chamber of Commerce, Thomson Locations: BENGALURU, Teck, Mumbai, India, JSW, Australia, Ukraine, North America, Ohio, Texas, West Virginia, Teck Resources, Elk Valley, Elk

☆ Environmental activists protest at Dutch Tata Steel plant
▼ + stars: | 2023-06-24 | by ( ) www.reuters.com time to read: +1 min

[1/5] Protesters and environmental activists with a banner reading "STOP THE POLLUTION" take part in a protest 'People vs Polluters' led by Greenpeace Netherlands against Tata Steel, in Ijmuiden, Netherlands June 24, 2023. Tengbeh Kamara/Greenpeace/Handout via REUTERSAMSTERDAM, June 24 (Reuters) - Hundreds of environmental activists wearing red jumpsuits marched with flags and banners on Saturday into the grounds of Tata Steel's plant in the Dutch city of Ijmuiden to protest over air and soil pollution in the surrounding area. Led by Greenpeace, the activists were joined by local residents who say the Indian company's facility in the coastal city is responsible for high levels of heavy metals in nearby soils. One group of protesters used boats to hang a banner reading "Tata Steel, You Sicken Us" at the port where the facility receives coal and iron ore. The facility is under scrutiny by environmental agencies and prosecutors are investigating alleged intentional pollution of nearby groundwater, which Tata denies.

Persons: Polluters, Tengbeh Kamara, Tata, Toby Sterling, Helen Popper Our Organizations: Greenpeace Netherlands, Tata Steel, Greenpeace, Handout, REUTERS, Tata, Thomson Locations: Ijmuiden, Netherlands, REUTERS AMSTERDAM, Dutch

☆ Companies Urged to Take Stock of Their Impact on Nature and Related Risks
▼ + stars: | 2023-03-28 | by ( Joshua Kirby | ) www.wsj.com time to read: +5 min

“We used to think of nature as an endless supplier of resources into our business practices,” he said. “We’re trying to shift the conversation around the nature of the relationship between nature and business.”The final framework should give priority to the end result in natural areas, said Kat Bruce, founder and director of environmental-DNA startup NatureMetrics. Some $44 trillion of global economic value is moderately or highly dependent on nature, according to the World Economic Forum. Companies and shareholders should pay more attention to the material risk of natural degradation, Mr. Goldner said. The draft framework includes sector-specific guidance for areas including agriculture, mining, energy and financial services.

☆ Adani’s buy now, pay later fundraise could sting
▼ + stars: | 2023-01-26 | by ( Una Galani | ) www.reuters.com time to read: +4 min

HONG KONG, Jan 26 (Reuters Breakingviews) - Gautam Adani is on a mission to win public acceptance for his eponymous group. The first stage of a $2.4 billion stock sale by his flagship Adani Enterprises (ADEL.NS) entity has won over anchor investors, including the well-regarded Abu Dhabi Investment Authority. They are picking up roughly $734 million of stock in India’s largest follow-on issue of new shares by a private sector company. But those of other Adani group companies including Adani Transmission (ADAI.NS) and some U.S. dollar bonds at Adani Green Energy (ADNA.NS) and Adani Ports (APSE.NS) sold off sharply. For Adani investors, buy now, pay later could take on an awkward new meaning.

☆ Steelmaking Is Trying to Make Itself Greener and Researchers May Have Found a Way
▼ + stars: | 2023-01-25 | by ( Yusuf Khan | ) www.wsj.com time to read: +3 min

Steelmaking is one of the most carbon-intensive industries in the world, but researchers may have found a way to make it greener. Newsletter Sign-up WSJ Pro Sustainable Business A weekly look at environmental, social and governance issues and strategies for corporate decision makers. The system essentially creates a closed loop where the carbon split using the perovskite is put back into the system. “After five years, this system would save the U.K. steel industry £1.28 billion [equivalent to $1.57 billion], while reducing UK-wide emissions by 2.9%,” Ms. Kildahl said. For example, H2 Green Steel in Sweden is looking to cut carbon emissions by using hydrogen as a fuel source.

☆ Indian shares set to open higher to track Asia; Q3 results eyed
▼ + stars: | 2023-01-09 | by ( ) www.reuters.com time to read: +2 min

At home, IT major Tata Consultancy Services (TCS.NS) was set to report third quarter results after market close. Analysts expect weak Q3 revenue growth for IT services firms, on the back of deteriorating macroeconomic conditions and furloughs in the quarter. Domestic investors bought 10.83 billion rupees worth of shares, as per provisional NSE data. ** Titan Company (TITN.NS): Co reported 12% YoY growth in combined sales in third quarter, driven by festive season. ** Tata Steel (TISC.NS): Company's India crude steel production stood at 5 million tonnes in third quarter, up 4% YoY.

☆ Indian shares rise in final session of 2022; IT, metals up
▼ + stars: | 2022-12-30 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Francis MascarenhasBENGALURU, Dec 30 (Reuters) - Indian shares opened higher on Friday in the final session of 2022, aided by an uptick in IT stocks, tracking gains in global equities. The Nifty 50 index (.NSEI) was up 0.32% at 18,248.85, as of 09:55 a.m. IST, and the S&P BSE Sensex (.BSESN) rose 0.32% to 61,328.04. Oil prices, which slid on concerns over demand recovery in China, also aided gains in domestic equities. Forty-three of the Nifty 50 constituents rose with Tata Steel (TISC.NS), Bajaj Finserv (BJFS.NS), Tech Mahindra (TEML.NS) gaining over 1%. ($1 = 82.7580 Indian rupees)Reporting by Bharath Rajeswaran in Bengaluru; Editing by Krishna Chandra Eluri and Janane VenkatramanOur Standards: The Thomson Reuters Trust Principles.

☆ INDIA STOCKS Indian shares seen opening higher, Fed in focus
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +3 min

BENGALURU, Nov 1 (Reuters) - Indian shares may kick off November trading on a higher note on Tuesday, after rising for three straight sessions, tracking gains in broader Asia as investors turn focus to the U.S. Federal Reserve policy meeting this week. India's NSE stock futures, listed on the Singapore exchange , were 0.61% higher as of 0203 GMT. Investors this week will be looking for the outcome of the Fed policy meeting and the outlook on future rate hikes path. The Fed is widely expected to raise interest rates by 75 basis points on Wednesday at the conclusion of its two-day policy meeting. ($1 = 82.7910 Indian rupees)Reporting by Rama Venkat in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

☆ INDIA STOCKS Indian shares seen opening higher to track Asia gains
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +3 min

BENGALURU, Oct 31 (Reuters) - Indian shares may open higher on Monday, after rising for two consecutive weeks, tracking gains in broader Asia and a fall in oil prices. India's NSE stock futures, listed on the Singapore exchange , were 0.92% higher as of 0242 GMT. The MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was up 0.8%. Stocks to watch:** Sugar stocks after India, the world's biggest sugar producer, extended restrictions for export by one year through October 2023, the government said in a notification late on Friday. ($1 = 82.2610 Indian rupees)Reporting by Rama Venkat in Bengaluru;Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

☆ BHP Group, ArcelorMittal trial carbon capture at Europe, US steel plants
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File PhotoLONDON, Oct 27 (Reuters) - BHP Group (BHP.AX) is teaming up with steelmaker ArcelorMittal (MT.LU) and two others to test a new technology to reduce carbon emissions in steel making at two plants in Belgium and North America. By discharging over 3 billion tonnes of carbon dioxide a year, the steel industry accounts for 7-9% of global greenhouse gas (GHG) emissions. BHP's partnerships, for example, also include one with India's Tata Steel (TISC.NS), which uses biomass as a source of energy. "There isn't a silver bullet, there isn't one path or technology for low-carbon emissions in steelmaking," Pant said. "We are covering many different technologies and geographies with these partnerships ... to enable lower GHG emissions steel and support the reduction of carbon intensity in blast furnaces," Pant said.

☆ INDIA STOCKS Indian shares decline as metal stocks weigh
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Oct 17 (Reuters) - Indian shares fell in early trading on Monday, dragged down by metal stocks and in line with Asian peers amid growing fears that aggressive rate hikes by central banks globally would lead to a slowdown and weigh on corporate earnings. The NSE Nifty 50 index (.NSEI) was 0.15% lower at 17,159.30 as of 0352 GMT, and the S&P BSE Sensex (.BSESN) fell 0.19% to 57,808.78. Nifty's metal (.NIFTYMET) and realty (.NIFTYREAL) sub-indexes were among the top losers, falling more than 1% each. Among other stocks, Shree Cement Ltd (SHCM.NS) fell 5% after it posted a 67.2% slump in second-quarter profit as fuel costs surged. ($1 = 82.4000 Indian rupees)Register now for FREE unlimited access to Reuters.com RegisterReporting by Rama Venkat in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ Tata’s Potential—and Problems—Are Symbolic of India Itself
▼ + stars: | 2022-09-26 | by ( Megha Mandavia | ) www.wsj.com time to read: 1 min

On Friday, Tata Steel said it is merging seven smaller metal units with itself in a bid to reduce costs, simplify corporate structure and strengthen its balance sheet. One of India’s oldest businesses, Tata is getting into shape—an ambitious task given its unwieldy scale. Both the ambition and the monumental size of the undertaking are a reflection of the Indian business environment itself. On Friday, Tata Steel said it is merging seven smaller metal units with itself in a bid to reduce costs, simplify corporate structure and strengthen its balance sheet. Four are publicly listed.

☆ Indian shares tipped to open lower on subdued global sentiment
▼ + stars: | 2022-09-23 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Francis Mascarenhas/FilesRegister now for FREE unlimited access to Reuters.com RegisterBENGALURU, Sept 23 (Reuters) - Indian shares are expected to open slightly lower on Friday as global risk sentiment remained subdued amid renewed worries over economic growth that was amplified by Russia's threat to use nuclear weapons. The NSE Nifty 50 index (.NSEI) ended 0.5% lower at 17,629.80 on Thursday, while the S&P BSE Sensex (.BSESN) dropped 0.57% to 59,119.72. read more** Tata Steel (TISC.NS) on Thursday approved the amalgamation of Tata Steel Long Products, Tinplate Co, Tata Metaliks, TRF, Indian Steel & Wire Products, Tata Steel Mining with the company. ** Bombay Dyeing And Mfg Co (BDYN.NS) approved raising of funds worth up to 9.40 billion Indian rupees on rights basis. Register now for FREE unlimited access to Reuters.com RegisterReporting by Nallur Sethuraman in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ Mukesh Ambani pulls off one shade of overseas M&A
▼ + stars: | 2022-09-19 | by ( Una Galani | ) www.reuters.com time to read: +3 min

MUMBAI, Sept 19 (Reuters Breakingviews) - Mukesh Ambani’s overseas shopping spree is so far more splash than cash. Ambani calls this the “newest growth engine” and “far more global in scope than anything Reliance has ever done before”. Earlier this month, Reliance bought a majority stake in SenseHawk, which develops software-based management tools for solar energy generation. The unknown, following the failed flutter at Boots, is where Ambani’s global ambitions stop. CONTEXT NEWSMukesh Ambani’s Reliance Industries on Sept. 5 announced an agreement to acquire a majority stake in California-based SenseHawk for $32 million.

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