Tata Steel to up auto steel sales by 20% by fiscal-end

Mumbai : Tata Steel today said it planned to increase its auto steel sales by 20% to 1.2 million tonne by end-this fiscal as the Indian automobile industry was growing at a fast pace. "We plan to increase our auto steel sales by 20% to 1.2 million tonne from the present 1 million metric tonne by end-this fiscal," Tata Steel Managing Director HM Nerurkar told reporters on the sidelines of an event here.

Asked about the possibility of a hike in steel prices, he said, "we have not decided anything yet. I can say it is a challenging time for steel companies at every scenario." Tata Steel Group Chief Financial Officer Koushik Chatterjee said the company's net debt stood $9.5 billion after selling its stake in Riversdale Mining. "Tata Steel's net debt stood at $9.5 billion after selling stake in Riversdale Mining and they have around $3 billion in cash," Chatterjee said.