Tata Steel bags the Prime Minister’s Trophy for the Best Performing Integrated Steel Plant for the performance year 2016-17
~ The steel giant wins the prestigious recognition for the fourth consecutive year taking the total to 13 including 11 PM’s trophy and two Certificates of Excellence ~
Tata Steel Limited has been declared as the winner of the Prime Minister's Trophy for the 'Best Performing Integrated Steel Plant' in the country for the performance year 2016-17. This makes it the fourth consecutive year for Tata Steel being honoured with this coveted award.
Since the inception of this award in 1992-93, Tata Steel has been recognised as the best integrated steel plant 13 times, having won the PM’s Trophy (PMT) 11 times and received the Certificate for Excellence twice.
During the PMT assessment for 2016-17, the Company went through a rigorous assessment by a panel of distinguished judges covering various aspects such as efficiency of operation, leadership & strategy, safety, sustainability and choice of technology, financial prudence and CSR, to name a few. An independent agency (CII) led assessment was also carried out on the Company’s systems & processes.
Tata Steel’s efforts towards creation of strong systems, building steadily on a robust foundation with an eye on sustainable future through forward looking interventions on innovation, digitalization etc. were appreciated by the panel of judges. The judges lauded Tata Steel’s efforts in setting new benchmarks in efficiency and productivity for the domestic steel industry and striving towards international benchmarks in select areas. The Company also recorded the best financial performance amongst all plants in 2016-17 due to high efficiency levels and thrust given on product development. The panel of judges noted that the Company had been able to create a strong brand image for its products through focus on quality, high degree of reliability and constant engagement with customers. Costs, techno-economics, demonstrating best practices on several fronts including HR and IR were some of the areas identified as hallmark of Tata Steel.
The Prime Minister's trophy, instituted in 1992-93 by the Government of India, recognises the outstanding performance of integrated steel plants. The award is intended to spur steel plants to achieve international standards of efficiency, quality and economy in their operations. The primary objective of the scheme is to generate a sense of competition among the steel plants so that they can continuously benchmark themselves with the best and improve their performances. The Prime Minister’s Trophy for excellence in performance of integrated steel plants entered its 25th year of evaluation during the performance year 2016-17.
As per the recommendations of the Expert Committee and amendments carried out by the Government of India, parameters considered for evaluating the performance of the integrated steel plants are: Objective Parameters (Steel capacity utilization, Efficiency of operations, Financial performance, Product quality, Environment Management, Gender diversity, Safety, Thrust on R&D etc.), Enabling Parameters (assessment of systems & processes) by independent agency and Observation by the Panel of Judges based on senior management interactions and plant visits.
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, 2018. It is one of the world's most geographically-diversified steel producers, with operations in 26 countries and a commercial presence in over 50 countries. The Group recorded a consolidated turnover of US $20.41 billion (INR 133,016 crore) in FY18. Tata Steel Group is spread across five continents with an employee base of over 65,000. Tata Steel retained Industry Leader position in FY18 and ranked second overall in the DJSI assessment, 2017. The Company has been recognised as the Climate Disclosure Leader in ‘Steel category’ by CDP (2017). Besides being a member of the World Steel Climate Action Programme, Tata Steel was felicitated with several awards including the Prime Minister’s Trophy for the best performing integrated steel plant for 2014-15 and 2015-16, Best Risk Management by CNBC TV18 (2018) and ‘Corporate Strategy Award’ by Mint (2018). The Company also received the ‘Most Ethical Company’ award from Ethisphere Institute for the sixth time (2018), Steel Sustainability Champions (2017) by the World Steel Association, Dun & Bradstreet Corporate Awards (2017 & 2018), Golden Peacock HR Excellence Award by Institute of Directors (2017) as well as 'Asia's Best Integrated Report' award by the Asia Sustainability Reporting Awards (2017), 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.