Tata Steel reported an 8% increase in sales in India for the December 2024 quarter, reaching 5.29 million tonnes (mt), compared to 4.88 mt in the same period last year. The growth was attributed to fresh capacity additions and higher export volumes.
Internationally, sales in the Netherlands grew to 1.53 mt from 1.30 mt, while sales in the UK declined to 0.56 mt from 0.64 mt due to operational changes. In Thailand, sales rose to 0.28 mt from 0.25 mt.
Production in India increased by 6% to 5.68 mt, supported by new capacity at the Kalinganagar facility, which added 5 million tonnes per annum (MTPA) in September. The new blast furnace is currently producing 8,000 tonnes daily and is being ramped up to full capacity. In the Netherlands, production rose to 1.76 mt from 1.19 mt, while UK production ceased as the company transitions to an electric arc furnace for cleaner steelmaking. The UK Government has approved duty-free slab imports for Tata Steel from various countries, including India. Production in Thailand was marginally lower at 0.26 mt compared to 0.27 mt.
Tata Steel also commissioned a Continuous Annealing Line in December, part of the 2.2 MTPA Cold Rolling Mill (CRM) complex at Kalinganagar, with approvals from major original equipment manufacturers (OEMs).
Sales in the automotive and special products segment rose 3% to 2.3 mt. The Tata Tiscon brand, focused on the real estate sector, saw a 20% year-on-year increase in sales, while Tata Steelium, catering to small and medium enterprises (SMEs), reported a 7% rise.
The company’s e-commerce platform for individual home builders, Tata Steel Aashiyana, posted a 37% growth in revenues, reaching Rs 21.54 billion.
Additionally, Tata Steel Netherlands’ liquid steel production included 0.12 mt from the UK operations, according to the company.
(Business Line)

Brijendra Pratap Singh took charge as the chairman-cum-managing director (CMD) of National Aluminium Company Limited (NALCO) at its corporate office here. Prior to joining NALCO, Singh was director-in-charge of Burnpur and Durgapur Steel Plant and a member on the board of SAIL, a statement by NALCO said.

With over 35 years of experience in the mines and steel sectors, Singh’s strategic vision and deep industry expertise have been instrumental in advancing SAIL’s modernisation goals, driving the growth and sustainability of India’s steel sector in alignment with the National Steel Policy, the statement added.

JSW Cement, a part of the Sajjan Jindal-led JSW Group, has received approval from the Securities and Exchange Board of India (Sebi) for its ?40 billion initial public offering (IPO). The company had submitted its draft red herring prospectus (DRHP) on August 17.

The IPO will comprise a fresh equity issue of Rs 20 billion and an offer-for-sale (OFS) of Rs 20 billion from existing shareholders, including Apollo Global Management, Synergy Metals Investment Holding, and SBI.

Industry Milestone
This marks the first significant cement sector IPO since Nuvoco Vistas’ Rs 50 billion offering in 2021. It also follows the JSW Group’s IPO for JSW Infrastructure in October 2023, breaking a 13-year gap for the conglomerate in Dalal Street listings.

Expansion and Utilization Plans
Proceeds from the IPO will fund key projects, including Rs 8 billion for a new integrated cement unit in Nagaur, Rajasthan, ?7.2 billion for debt repayment, and the remainder for general corporate purposes. JSW Cement, known for its focus on green cement, aims to double its installed grinding capacity to 40.85 MMTPA and clinker capacity to 13.04 MMTPA in the coming years, with a long-term target of 60 MMTPA.

Market Context
The approval comes amid fierce competition in the cement sector, with M&A battles between UltraTech Cement and the ACC-Ambuja combine. The sector’s dynamics make JSW Cement’s listing a notable development.

Investment banks, including JM Financial, Kotak Mahindra Capital, and Goldman Sachs, are managing the IPO. Khaitan and Co is the legal advisor.