Tata Steel launches FerroHaat™ App for sourcing steel scrap
~ First-of-its-kind in the world, digital initiative to organise steel scrap sourcing ~
~ A major move to boost India’s efforts towards creating a circular economy in the steel sector ~
~ Trials at the new steel recycling plant in Rohtak, Haryana already underway ~
Steel Recycling Business, a division of Tata Steel, has launched FerroHaat™, a first-of-its-kind mobile application (App) in the world, to source steel scrap from the traders. The new App is a major step by the Company to organise India’s scrap market while also providing a reliable source of scrap metal for the Steel Industry.
The successful launch of FerroHaat™ underlines Tata Steel’s commitment to foster trust, transparency and ease of doing business in the scrap industry.
The FerroHaat™ App is a LIVE 24x7 market place to sell scrap. It is user friendly and hosts different sections like Bazaar for business transactions, Khaata for a snapshot of the supplier’s account, Samachaar for vital market information and Abhaar for recognition and appreciation initiatives.
Yogesh Bedi, Chief, Steel Recycling Business, Tata Steel, said: “Scrap buying & selling is a tedious affair. The prices change by the hour, making the users apprehensive & vulnerable. The FerroHaatTM App makes the transactions easy & user friendly. The best part is, that it collaborates with the existing scrap yards & traders and provides them with a transparent platform with stability in prices. Large transactions can now be done with a click of a few buttons.”
The overriding principle behind the launch of FerroHaat™ and digitalising the scrap market is to provide an easy-to-do-business platform for traders. By providing a transparent and robust platform for trading in scrap metal, FerroHaat™ will remove element of uncertainty in this business.
FerroHaat™ App is available on the Apple App Store and Google Play Store. The downloads links are:
- Apple App store link: https://apps.apple.com/in/app/ferrohaat/id1504449104
- Google play store link: https://play.google.com/store/apps/details?id=com.tatasteel.ferrohaat
Tata Steel is setting up the first state-of-the-art scrap processing plant of 0.5 MnTPA capacity in Rohtak, Haryana. The recycling plant will primarily collaborate with local traders of scrap yards, car dismantlers other than small and medium steel industries in the National Capital Region (NCR) and Haryana region.
This initiative aims to provide the much-needed raw material fillip to the steel industry by making available quality processed ferrous scrap, streamlining the currently unorganised scrap supply chain, lowering the dependency on imports, and enhancing the transparency and efficiency in the entire value chain.
Tata Steel’s Recycling Business had also recently announced the commencement of trials at its new steel recycling plant.
About Tata Steel
Tata Steel group is among the top global steel companies with an annual crude steel capacity of 34 million tonnes per annum. It is one of the world's most geographically-diversified steel producers, with operations and commercial presence across the world. The group (excluding SEA operations) recorded a consolidated turnover of US $19.7 billion in the financial year ending March 31, 2020.
A Great Place to Work-CertifiedTM organisation, Tata Steel Ltd., together with its subsidiaries, associates and joint ventures, is spread across five continents with an employee base of over 65,000.
Tata Steel was recognised as DJSI steel sector leader in 2018 and has ranked fourth in the steel sector in 2019. Besides being a member of the worldsteel’s Climate Action Programme, Tata Steel has won several awards and recognitions including the World Economic Forum’s Global Lighthouse recognition for its Kalinganagar Plant - a first in India, and Prime Minister’s Trophy for the best performing integrated steel plant for 2016-17. The Company, ranked as India’s most valuable Metals & Mining brand by Brand Finance, received the ‘Honourable Mention’ at the National CSR Awards 2019, Steel Sustainability Champion 2019 by worldsteel, CII Greenco Star Performer Award 2019, ‘Most Ethical Company’ award 2020 from Ethisphere Institute, and Best Risk Management Framework & Systems Award (2020) by CNBC TV-18, 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.
Chief, Corporate Communications-India & SEA