Tata Steel's Global Transformation: Targeting Cost Efficiency and Sustainability
Tata Steel aims for Rs 11,500 crore in cost savings globally, focusing on controllable expenses to enhance efficiency. In India, savings of Rs 4,000 crore are planned through supply chain optimization and employee productivity. The company shifts toward sustainable practices in Europe with job cuts and government support.
- Country:
- India
Tata Steel is taking bold steps to enhance its financial efficiency by aiming for cost savings of Rs 11,500 crore across global operations. Executive Director and CFO Koushik Chatterjee emphasized the focus on controllable factors to optimize profitability.
In India, Tata Steel plans to save Rs 4,000 crore by improving operating KPIs, supply chain management, and employee productivity. A key strategy is reducing conversion costs, translating to increased effectiveness and reduced waste.
The company is transitioning to green steelmaking in Europe, where it faces a tough restructuring with job cuts. Tata Steel's UK plant, receiving government support, plans to implement scrap-based manufacturing processes, aligning with sustainable practices.
(With inputs from agencies.)
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