Responsible Growth. Sustainable Future.

At Tata Steel, we further strengthened our balance sheet by generating strong cash flows while continuing to pare down debt. This is also reflected in our investment grade credit rating. We delivered the highest ever EBITDA and PAT. Our European operations too made improved EBITDA contribution of ~£1.2 billion. We believe Tata Steel today is in a strong position to fund its growth ambitions and continue with its deleveraging strategy while rewarding shareholders at the same time. Our record proposed dividend and share sub-division indicate our focus on capital returns.

Tata Steel continues to deploy industry-leading solutions to reduce its carbon footprint. We commissioned India’s first plant for CO₂ capture from blast furnace gas at Jamshedpur and conducted a first-of-its-kind trial for continuous injection of Coal Bed Methane (CBM) in blast furnace to reduce emissions. Further, we became the first steel producer globally to join the Sea Cargo Charter (SCC) to reduce Scope 3 emissions in ocean trade. We also deployed our first biofuel-powered ship to transport imported raw materials and pioneered the deployment of electric vehicles (EVs) for transportation of finished steel in India.

We joined the World Economic Forum’s Global Parity Alliance to accelerate our diversity, equity and inclusivity (DE&I) agenda. We continued to undertake focussed interventions to achieve greater gender diversity through initiatives like Women@Mines and onboarding more transgender employees across various roles and sites. In recognition, Tata Steel was certified ‘Great Place to Work’ and was amongst India’s Best Workplaces in Manufacturing for 2022 for the fifth time. We were also ranked amongst the Top 30 companies for our people first approach and pioneering initiatives on DE&I and Agile Working Model.

We continue to develop innovative digital solutions to support our business. We developed ‘Digital Twins’ for sinter plants equipped with artificial intelligence techniques to achieve benchmark CO₂ emissions. We also scaled up our Aashiyana and DigEca platforms for individual home builders (IHBs) and small businesses, respectively. Tata Steel Aashiyana – early engagement and inspiration platform for IHBs grew 100% Y-o-Y in gross merchandise value (GMV) across seven Tata brands

At Tata Steel, we continue to develop innovative solutions and breakthrough technologies across the steel value chain, by leveraging our R&D strengths and collaborating with research and industrial organisations. We filed our highest new patents during the year and signed MoUs with the Council of Scientific and Industrial Research (CSIR), Indo-German Science and Technology Centre (IGSTC) and the Indian Navy. Our MaterialNEXT platform incubates young minds in the advanced materials space while the ‘Mat-e-reality’ convention was launched to promote technology thought leadership. Further, Tata Steel and HSBC successfully executed a blockchain‑enabled, paperless trade transaction – a global first in the industry.