Tata Steel Annual Report - Focus Back On Growth But With An Eye On Leverage: Motilal Oswal
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Motilal Oswal Report
Tata Steel Ltd.’s FY21 annual report highlights the ambition of the company to maintain leadership in volumes, cost, and sustainability.
With improved cash flows, the focus is back on growing the India business, wherein it aims to double capacity to 35– 40 million tonnes by 2030.
However, it plans to tread cautiously on this path as debt repayment remains the focal point for the management.
On Tata Steel Europe, the management palpably appears concerned about the tightening emission norms in Europe, rising carbon credit costs, and the resulting lower competitiveness against imports to Europe, which pose a key challenge in the longer term.
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