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Hang Seng
Taiwan Weighted
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MCX GOLD DEC 05
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Tata Steel evaluating exit options for SE Asia operations, says CEO

Updated : November 14, 2018 01:54 PM IST

Operationally, Q2 for Europe was bad but the market was strong and so got better prices: TV Narendran

Macro-economically as well the demand is strong in steel consuming marke: TV Narendran

Tata Steel Ltd reported a more than three-fold rise in second quarter net profit on Tuesday, handily beating market estimates, helped by strong sales in India. CNBC-TV18 spoke with TV Narendran, MD and CEO of Tata Steel, about the company's business plans and growth outlook.

"Operationally, Q2 for Europe was bad but the market was strong and so got better prices. Q3 is showing some improvement operationally and expect Q4 to be better," Narendran said on Wednesday.

Talking about the global steel prices, he said, "In the last few weeks, there has been softness in South East Asian markets because of what was happening in China. The Chinese steel prices corrected by USD 30-40 per tonne in recent past. The prices should be in USD 550-650 per tonne range."

"Macro-economically as well the demand is strong in steel consuming market", he said.

When asked if the company would consider exiting South-East Asian business, he said, “We are always evaluating different option and South-East Asia is also part of that portfolio evaluation.”

When asked if they had plans to merge Tata Steel with Tata Sponge, Narendran said, "As of now it is between Tata Sponge and Usha Martin. We would look at other subsidiaries and see if there a need to put some of them together. As of now the thinking is to keep it as a separate vehicle and decide later."

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