Construction Industry News
Tata Steel is standing strong post its Riversdale stake sale. Not only does it now have a cash kitty of USD 3 billion for future growth, but its net debt is also down to USD 9.5 billion. The company is now looking to use the available funds to ramp up existing operations.
Tata Steel is also moving to ensure long-term coal security for Corus.
Koushik Chatterjee, chief financial officer of Tata Steel, said, "I guess we will conversations in the future to understand how this project can become bigger, larger and more meaningful. That conversation has not happened. So as of today for the 10 million tonne the outlays are couple of USD 100 million over the next few years."
There are some rough patches though with the company set to close some facilities in Europe but Tata Steel says these measures will ensure it meets its EBITDA target of USD 100 per tonne on a sustainable basis.
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