Tata Steel held its 103rd annual general body meeting today in Mumbai. Speaking at the event, Ratan Tata said steel production would reach 100 million tonnes by 2014 from the current 57 million tones.
The Tata Group Chairman however raised the red flag on rising raw material prices, reports CNBC-TV18’s Swati Khandelwal Jain.
Excerpts from Reporter’s Diary on CNBC-TV18 Watch the full show »
Addressing the shareholders, Tata said that the environment is very conducive for steel. However he pointed out the international operations were badly hit in FY10.
Drawing up the road map he said that the company will launch 2.9 million tonne steel plant in Jamshepur will be launched in 2011. He said that the Orissa plant will go in stream in three to four years and work is in process to launch Chattisgarh plant.
He raised concerns on the hike in iron ore and coking coal price. On funding he said that all efforts are being made to deleverage the balance sheet.
SOURCE: http://www.moneycontrol.com
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