Tata Steel today declared its annual financial results for the year ended 31-March-2005.The Company declared a profit after tax. This is an increase of 99 % and 33 % over last year's profit after tax and turnover, respectively. The Company also reported export revenues 37 % rise over the previous year.

As reported earlier the production performance of the Company for the year ended 31-March-2005, for saleable steel was 4.11 mtpa (previous year 4.09 mtpa).

The steel consumption in India has grown at a steady rate of about 5-6% over the last decade to a level of about 33.4 million tonnes in 2004-05. The consumption of steel is expected to increase by about 3 to 4 million tonnes per annum for the next few years, possibly exceeding 45 million tonnes by 2010.

To maintain its dominant position in the key segments in the domestic market and establish an international presence, the Company has increased its capacity of the Jamshedpur Steel Works from 4 mtpa to 5mtpa and is aiming to become a 15 million tonnes per annum steel company by 2010. This is planned by maximizing the potential of Jamshedpur Steel Works, setting up Greenfield capacity in other locations, expansion of regional footprint through NatSteel Asia and further investment in India and Overseas.

In addition to the expansion at Jamshedpur, the Company has also signed a Memorandum of Understanding on 17th November, 2004 with the Government of Orissa for setting up a six million ton Greenfield integrated steel plant at Kalinganagar in Jajpur district of Orissa.

The Company has taken the first significant step to build a global business by making investment in the steel business of NatSteel. The Company signed a definitive agreement with NatSteel Limited, Singapore on 16th August, 2004 to acquire 100% of its steel business in Singapore and its regional steel subsidiaries and associated companies in China, Malaysia, Vietnam, Thailiand, Philippines and Australia at an enterprise value. Tata Steel now owns 100% of NatSteel Asia Ltd with a cumulative capacity of 1.7 million tonnes per annum.

The Board of Directors of the company approved the change of name of the Company from The Tata Iron and Steel Company Limited to Tata Steel Limited subject to the approval of the Registrar and the shareholders of the Company.

The Board has recommended a dividend of 130 % for the financial year 2004-05.