Tata Steel Facing Adverse Operating Environment in Europe: Cyrus Mistry
The global steel industry is encountering structural issues as the world readjusts itself to lower commodity prices and slower economic growth, Cyrus Mistry, chairman of Tata Steel said in a letter to his shareholders.
Mistry pointed to challenges faced by the European steel industry in financial year 2015-16, including a sharp drop in the market spread between steel prices and raw material prices, and volatile currency movements. The adverse European operating environment has had a deep impact on the consolidated financial performance of Tata Steel, he added.
Mistry noted that certain structural decisions, undertaken by the board, were critical to “the future of the UK business”.
...theBoard of Tata Steel advised its Europeansubsidiary to undertake several structuraldecisions, most notably, the restructuringand divestment of the Long Productsbusiness in Europe and restructuring theoperating sites of the Bar business and thedownstream operations in Llanwern in theUK.Cyrus Mistry, Chairman, Tata Steel
Consolidation in Global Steel Industry
For countries where the oversupply is structurally acute, Mistry says that it would be vital for the steel industry to look at the ‘supply side restructuring to rebalance' the demand-supply equation. “As the world adjusts to structurally lower commodity prices for a longer period of time, consolidation of the steel industry would remain a key theme, especially in geographies where the demand is unlikely to grow structurally in the near future.” Mistry said
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