Steel demand stays strong in India as Europe falters

Addressing shareholders of Tata Steel at the company's 104th annual general meeting, he said Tata Steel would deploy the cash it earned from Riversdale stake sale to expand capacity globally. The world's seventh largest steel maker has sold 26.27 per cent stake in Australia's Riversdale to Rio Tinto for A$1.06 billion (Rs 5,055.29 crore).

He said the company was investing in productivity and improvement of projects in the UK and Europe. “The company has already announced rebuilding of a blast furnace at Talbot with a capital cost of 185 million euros.

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