:: TATA STEEL NEWS :: Issue

INTERNATIONAL GROWTH

First Quarter
unveil a great year ahead

“Go as far as you can see; when you get there you’ll be able to see further”.

Thomas Carlyle.

Isn’t this entirely true of Tata Steel? Every time we believe we are close to a target, we find that there’s much more that we can set our sights on. The first quarter results for FY08 have truly shown us that the courageous are always rewarded. Even as Tata Steel was expected to reel from the acquisition of Corus, the Company posted outstanding results. The Consolidated Net Turnover of the Company amounted to Rs. 31,155 crores (USD 7551 million) as compared to Rs. 5,748 crores (USD 1264 million) during the corresponding period of the previous year. The Consolidated Operating Profit increased to Rs. 4,904 crores (USD 1189 million) as compared to Rs. 1,712 crores (USD 376 million) (during the corresponding period of the previous year) while the Profit Before Tax and exceptional items increased to Rs.3,157 crores (USD 765 million) as compared to Rs.1,498 crores (USD 329 million) during the corresponding period of the previous year. The consolidated interest expense for the quarter ended June 30, 2007 was Rs.892 crores (USD 216 million) which included interest charge of Rs.725 crores (USD 176 million) on loans taken for financing acquisition of

Consolidated Operating Profit

Corus. The financial results also include extraordinary item of Rs.4,121 crores (USD 999 million) primarily representing actuarial gains due to increase in the yield rates on Bonds held by various Pension Funds of Corus.

Warming up for the CHALLENGE

With the capacity expansion of the Jamshedpur Steel Works on track and poised to touch 6.8 MT, the top management is also ensuring that raw materials, especially iron ore production, keeps pace with the growth plans. On March 15 and 16, a two-day workshop on iron-ore was held at Noamundi. Presided over by Dr T Mukherjee, Deputy Managing Director (Steel), the workshop was attended by Mr H M Nerurkar, now Chief Operating Officer, Mr R P Singh, Vice President (ES & P), Mr A M Mishra, Vice President (RM), Mr H C Kharkar, Vice President (TQM & CSI), as well as Dr R Srikant, G M (OMQ) and other senior executives of the Division. During the workshop, Dr Srikant presented a paper on iron ore production.