Tata Steel secures ore supply
Tata Steel plans to double iron ore output from captive sources over the next decade as the company shifts focus to fully integrating its rapidly expanding Indian operations after hiving off its overseas facilities into joint ventures. Though the company sourced 25 million tonnes of iron ore from its mines in Odisha and Jharkhand in the recently concluded fiscal, internal demand outpaced supply as the Tatas acquired Bhushan Steel under a bankruptcy process. The company had to buy ore from the market for Tata Steel BSL (formerly Bhushan Steel), moderating profitability, even as existing operations were fully serviced by captive iron ore mines.
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