1. For the year under review (2000-2001), a richer product mix, marginally improved realisations, continuing control over costs and slightly higher volumes have contributed to the highest ever profit before tax. 
 
2. Compared to the previous year (1999-2000) the significant achievements are -   
        
   • A 78% increase in profit before extraordinary items and tax compared to the previous year.
        
   • A 31% increase in profit after tax after absorbing extraordinary expenditure compared to the previous year.
        
   • A 30% increase in earnings per share.
        
   • A 13% increase in turnover. The previous year’s turnover included the erstwhile Cement business which was divested in October 1999.
        
   • A 6% increase in sales from 3.210 million tonnes to 3.401 million tonnes.
      

3. The fourth quarter of the year under review was the best ever quarter in terms of net profit.

    
 
4. The Pickling Line and the Tandem Cold Rolling Mill, forming the main equipment of the Cold Rolling Mill Complex started operations in August 2000. The commercial sales from the Cold Rolling Mill Complex at Jamshedpur was 338,772 tonnes.The last unit in the complex, Continuous Galvanising Line – II (CGL-II) will be commencing operations on 2nd June 2001. After this unit comes on stream, the present modernisation plans of the steel company could be considered as being largely complete. 
 
5. The Board has declared a dividend @ 50 % (Rs. 5/- per share) for the year 2000-2001. (1999-2000: 40%) 
 
6. The Annual General Meeting of the Company will be held on 19th July 2001 to consider the accounts for the year 2000-2001. 
 
7. The statement of Financial results for the year is enclosed. 

The Tata Iron & Steel Company Limited
    Regd. Office : Bombay House, 24 Homi Mody Street, Mumbai  400001

Audited statement of Financial Results for the year 2000-01 

 Notes :-

1. Out of 9.25% Cumulative Redeemable Preference Shares of the face     value have been redeemed during the year. In respect of the balance number of shares with     effect from 1st June 2000, the rate of dividend has been revised from 9.25% to     8.42% and put/call option dates available to the shareholders/ the Company have been     changed to 1st July 2001, 1st August 2002 and 1st     September 2003. 
 
2. Commercial production of Cold Rolling Mill at Jamshedpur commenced on     1st August 2000. 
 
3. During the last quarter of the year, the Company acquired 1,20,98,527     equity shares of Tata SSL Limited through an open offer. Consequently Tata SSL Limited has     become a subsidiary of the Company. 
 
4. The following changes were made at the corporate level , with effect     from 1st May 2001:     

   Mr. B Muthuraman - Managing Director Designate     

   Dr. T Mukherjee - Dy. Managing Director (Steel)     

   Mr. F A Vandrevala - Dy. Managing Director (New & Allied Businesses)     

   Mr. A N Singh - Dy. Managing Director (Corporate Services)

 

 
1. The above results were approved at the Board Meeting of date.

THE TATA IRON & STEEL COMPANY LIMITED
Sd/- (RATAN N TATA)
        Chairman

Mumbai, 1st June, 2001