Tata Steel Ltd. has withdrawn its membership from the Indian Steel Association, an apex steel industry body.
Subsequent to it, the company's CEO and Managing Director TV Narendran has also stepped down from the Presidentship of the Association, tenure of which was scheduled to end in August.
An ISA President is elected for a period of two years.
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Confirming the development, a Tata Steel spokesperson said, "Tata Steel has withdrawn its membership from the Indian Steel Association owing to various considerations. Accordingly, T V Narendran, CEO & MD, Tata Steel, has stepped down from his position as the incumbent President, ISA."
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An ISA official also confirmed Narendran's resignation but said the reason for his sudden resignation is not known yet.
Leading steelmakers such as JSW Steel Ltd., Steel Authority of India Ltd., Rashtriya Ispat Nigam Ltd., Jindal Steel And Power Ltd. and ArcelorMittal Nippon Steel Ltd. are members of the ISA.
Narendran is also a member of the Executive Committee of the global body World Steel Association.
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