Tata Steel has set aside INR 120bn ($1.5bn) for capital expenditures on its Indian and European operations during the current fiscal year. The CEO, T V Narendran elaborates that INR 85bn ($1.1bn) is meant for India, specifically on the Kalinganagar project expansion and mining activity. The Indian steel major will use the remainder to invest in European operations, where the focus is on sustainability and product mix enrichment-related capex. This is on top of the INR 120bn ($1.5bn) that Tata Steel had already spent on the acquisition of NINL earlier this month. Narendran said, “This allows us to run Tata Steel as one integrated company with five major sites, three in India and two in Europe. This brings greater focus on each of our operating sites. The European sites have been tasked with becoming self-sufficient.”
Tata Steel’s 4.45% 2023s are currently trading lower at 100.16, down by 0.28pts, at a yield of 4.28%.
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