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Tata Steel Ltd will continue to reduce debt by around $ 1 billion a year but the company does not aim to reduce it to net debt zero levels given its expansion plans, Chairman N Chandrasekaran told shareholders at the company’s 115th Annual General Meeting on June 28. The company aims to spend Rs 10,000 crore-Rs 12,000 crore a year on capital expenditure going ahead, but may spend more if an acquisition opportunity arises, he said. The capex would be focused on India, and the company has no plans to spend more on adding capacity at its overseas plants. “The main thing is to have the right capital structure, and not blindly go for zero debt. Currently our debt to equity ratio and the debt to EBITDA ratio are both less than one. The company has a capital structure which is very strong and taking to zero debt can make the company's capital structure inefficient,” said Chandrasekaran. This was Chandrasekaran’s first Tata Steel AGM after he was reappointed as the Tata Group's...

  ​ ArcelorMittal Nippon  Steel  India (AM/NS India), a joint venture between ArcelorMittal and Nippon Steel, reported a 16.62 per cent year-on-year (YoY) increase in EBITDA at $470 million in the March quarter, backed by sale of pellets from the newly commissioned pellet plant. The YoY EBITDA was higher even as crude   steel   production decreased by 5.2 per cent to 1.7 million tonne (mt) compared to 1.8 million tonne mt in the year-ago period. The company said that the contribution from external sale of pellets from the newly commissioned Odisha plant offset in part a negative price cost impact. The AM/NS figures were disclosed as part of ArcelorMittal’s Q12022 financial results; the global steel major follows a January-December fiscal year. In AM/NS India, ArcelorMittal has a 60 per cent equity interest. ArcelorMittal mentioned that plans to debottleneck AM/NS India’s existing operations (steel shop & rolling parts) and achieve 8.8 mt capacity by end 2023...

 Narendran said that the Jamshedpur-based behemoth will fuel its growth ambitions to more than double its output, relying on organic growth at its existing sites Tata Steel Ltd will look to grow organically, and the steel giant is under no pressure to look at fresh acquisitions during this decade, Chief Executive Officer and Managing Director T V Narendran said. Narendran said that the Jamshedpur-based behemoth will fuel its growth ambitions to more than double its output, relying on organic growth at its existing sites. Most of our growth in the last few years has been through the inorganic route (acquisitions). Currently, we are in a position where all our growth ambitions can be met through organic growth in our existing sites. We don't really need to acquire any new assets to grow (output) to 40-50 MTPA (million tonnes per annum) from the present level of 20 MTPA We will rely more on organic growth during this decade, Narendran told PTI in an interview.  Tata Steel had rep...