Stolen Tata Steel branded Products recovered in Raid
In a joint raid conducted by the Jharkhand Police Department along with the Tata Steel CIW team, stolen Tata Steel materials like. Tata Tiscon Rebars, Ferro Niobium , steel sheets and more than four tons of Tata Tiscon products and other materials were recovered from a scrapyard (TAAL) on the National highway near Bhilai Pahari A First Information Report (FIR) has been lodged.
It appears that some of the scrapyard owners (Taal) on the highway between the (Tata Steel) manufacturing plant and project sites, on the way to West Bengal, Sikkim and other parts of North East conspired with the truck and trailer drivers to pilfer materials like rebars, steel plates, Ferro Niobium, aluminium notch bars and tubes etc.
Scrapyard owners along with the agents and the drivers steal the Company’s property from the parked trailers. The scrap yard owners pay the drivers and others associated in the theft about 50% of the market value. These stolen products are worth crores and these are sold in the local market at a discounted price varying from 70-80% without any invoice and payment of taxes. Such theft leads to losses to the Company and also to the exchequer by way of evasion of taxes and creates black money.
Tata Steel appreciates the support and prompt action taken by Police Department in containing this organised crime. In the past, similar such raids were conducted at the Marine Drive in Jamshedpur, Namkum and Ormanjhi in Ranchi and Cyberbad in Telangana. The Company is committed to stop such organised theft of it's branded products and will continue to support such concerted raids in collaboration with the Police and Government agencies.
About Tata Steel
Tata Steel Group is among the top global steel companies with an annual crude steel capacity of 27.5 million tonnes per annum (MTPA) as on March 31, 2017. It is a geographically-diversified steel producer, with operations in 26 countries and a commercial presence in over 50 countries. The Group recorded a consolidated turnover of US $18.12 billion (INR 117,420 crore) in FY17. Tata Steel Group is spread across five continents with an employee base of nearly 70,000 employees as of March 31, 2017. Tata Steel has been felicitated with several awards including the Deming Grand Prize for continuous improvement in 2012, Prime Minister’s Trophy for the best performing integrated steel plant for 2015-16, ‘Greenco Platinum Rating’ by CII Green Building Council for environmental performance at Jamshedpur Works (2016), ‘Best Place To Work’ in the core sector (steel, oil, power and minerals) by Business Today (2017), ‘World’s Most Ethical Company’ award from the Ethisphere Institute (2018), among several others.
Statements in this press release describing the Company’s performance may be “forward looking statements” within the meaning of applicable securities laws and regulations. Actual results may differ materially from those directly or indirectly expressed, inferred or implied. Important factors that could make a difference to the Company’s operations include, among others, economic conditions affecting demand/ supply and price conditions in the domestic and overseas markets in which the Company operates, changes in or due to the environment, Government regulations, laws, statutes, judicial pronouncements and/ or other incidental factors.