Tata Steel’s CEO cites struggling global steel sector, offset by growing demand in India as a rare source of solace.

Tata Steel CEO TV Narendran expressed concerns about the global steel sector’s struggles, citing China’s aggressive pricing and compression in steel margins. Despite this, he noted that India’s demand for steel is growing at 8% and the country’s steel sector has significant potential to create wealth and jobs. Narendran urged the Indian government to take steps to safeguard domestic industries from unfair competition from China, citing measures taken by other countries such as the US, Canada, and European nations. He also emphasized the importance of value addition and private sector investment for the country’s growth. Tata Steel has been investing heavily in India, with plans to commission a new blast furnace in Odisha and is working on initiatives to benefit employees and the local community. Narendran also highlighted Jharkhand’s vast mineral resources and potential in steel and automotive manufacturing, stressing the need to focus on value addition to create jobs.