Tata Steel Chairman expressed concerns about the effects of excessive capacities of the metallurgical sector

Turning to the shareholders of Tata Steel at an annual meeting, Chairman Cyrus Mr. said that world capacities in metallurgy had a serious impact on the company's development strategy. Mr. Mister, 44 years old, is also the chairman of all the main companies of the Tata group, namely, Tata Industries, Tata Steel, Tata Motors, Tata Consultance services, Tata Power Company, Tata Teleservices, Indian Drinks, Tata Chemicals and others.

Summing up, he said that 2013 was difficult for the steel industry, which overcomes the consequences of slowing down the growth rate of the world economy, but Tata Steel is expected to take all the necessary measures that will help to pass through all the difficulties of this period.

Mr. Mr. said that due to instability of raw materials and weakness of demand in key markets, the next 18-24 months will be difficult for Tata Steel. At the same time, the presence of excess capacities in China and low demand in Europe are key problems for the company.

Cyrus Mr. said that, despite the difficult conditions in the metallurgical sector, the company expanded production capacities at the Jamdesdopur facility by three million tons per year, bringing their capabilities to 9.7 million tons of products per year. He noted that the implementation of a new project in Calcanagar will significantly strengthen the grocery portfolio of orders of Tata Steel, inspiring optimism regarding future development.