Steel Demand To Grow Despite Current Global Geopolitical Scenario: Tata Sons Chairman

Steel demand will continue to grow despite the current global geopolitical situation, according to Tata Sons Chairman N Chandrasekaran.

"The best way to face such a situation is to be prepared by maintaining efficiency and cost-management, and increase productivity," Chandrasekaran said while speaking at the 186th birth anniversary celebration of Tata Steel founder JN Tata in Jamshedpur on Monday.

He also said the company would need help from the government, its policies, employees and workers' unions for technology adoption.

"The management has to be bold to expand, maintain efficiency, manage cost and enhance productivity, while assuring to continue investing, including in Jamshedpur," Chandrasekaran said.

On the raging debate of tariffs, he said there was "no point in talking about what will be the price/tariff; we have to focus on our productivity". Tariffs are import duties imposed and collected by the government, and paid by foreign companies to bring their goods into a country.

As for the semiconductor industry, Chandrasekaran said that companies will depend on chips, which will be significant for various sectors, including electronics, healthcare, defence and aerospace. "We have to be self-sufficient in this field, and the Tata Group has invested in Assam and Gujarat to set up semiconductor plants."

Earlier, Chandrasekaran along with Tata Steel Chief Executive Officer and Managing Director TV Narendran, and Executive Director and Chief Financial Officer Koushik Chatterjee, paid homage to JN Tata on his birth anniversary.

(With PTI inputs)