Strategic Analysis and Recommendation for TATA Steel

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TATA Steel - Strategic Analysis and Recommendations August 31, 2012

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Strategic Analysis and Recommendationfor

Under the aegis of

Indian Institute of Management

Bangalore

PGSEM 2012

Submitted to Prof. Deepak.K.Sinha

Submitted by

SANDIP JALAN(1212047)

SANTHOSH EDUKULLA (1212048)

SHARMASH DUDEKULA (1212051)

SUPRIYATHENGDI(1212062)


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ContentsIntroduction .................................................................................................................................................. 3

Key problems and strategic issues for Tata Steel ......................................................................................... 3

Fall in Demand ...................................................................................................................................... 3

Limited supply ....................................................................................................................................... 4

Increasing costs of inputs ...................................................................................................................... 4

Industry Attractiveness for Tata Steel .......................................................................................................... 4

Entry barriers: High attractiveness ....................................................................................................... 4

Bargaining power of suppliers: High attractiveness ............................................................................. 5

Threat of substitutes: Low attractiveness ............................................................................................. 6

Bargaining power of Consumers: Mixed attractiveness ....................................................................... 6

Rivalry among competitors: High attractiveness .................................................................................. 6

Competition Analysis ............................................................................................................................ 7

Key Recommendations ................................................................................................................................. 7

We recommend: Cost optimization ...................................................................................................... 7

We recommend: Production changes, innovation and growth ............................................................ 8

Financials ..................................................................................................................................................... 11

ROE: Decreasing Trend........................................................................................................................ 11

Financial Projections ........................................................................................................................... 11

Market Share & Competitors .............................................................................................................. 12

Appendix 1: Total Revenue and Profit growth for Tata Steel ..................................................................... 13

Appendix 2: Porters 5 forces model for Tata Steel.................................................................................... 13

Appendix 3: Ke ratio calculation .................................................................................................................. 14

Appendix 4: Consolidated Financial Ratios ................................................................................................. 14


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IntroductionEstablished in 1907, Tata Steel is among the top ten global steel companies with an annual crude steel

capacity of over 28 million tonnes per annum (mtpa). It is now one of the world's most geographically-

diversified steel producers, with operations in 26 countries and a commercial presence in over 50

countries. The Tata Steel Group, with a turnover of US$ 22.8 billion in FY '10, has over 80,000

employees across five continents and is a Fortune 500 company.

Tata Steels vision is to be the worlds steel industry benchmark through the excellence of its people, its

innovative approach and overall conduct. Underpinning this vision is a performance culture committed to

aspiration targets, safety and social responsibility, continuous improvement, openness and transparency.

Tata Steels larger production facilities include those in India, the UK, the Netherlands, Thailand,

Singapore, China and Australia. Operating companies within the Group include Tata Steel Limited

(India), Tata Steel Europe Limited (formerly Corus), NatSteel, and Tata Steel Thailand (formerly

Millennium Steel).

For our analysis we consider Tata Steel Limited (India). All financials are reported for Tata Steel Limited

independent of the financials of the Tata Steel group and we refer to the same for our analysis. Also the

recommendations are to be applied to this subsidiary.

Key problems and strategic issues for Tata SteelSteel is a highly commoditized industry with challenges unique to its demand and supply structure. Steel

industry depends upon supplies that are natural and limited. The demand is cyclical and depends heavily

on the economic situation of the consumers. Most applications of steel can be deferred in time for the

short run. Due to fixed availability of supply and varying nature of demand the problems faced by it

continue to change over the years, however we have highlighted the current list of problems. The current

challenges faced by Tata steel in brief are:

Fall in Demand

Steel is used in various industries like construction, infrastructure, automotive, aviation, household

articles, etc. Demand for Steel has fallen in recent years due to the availability of substitutes like plastic

and aluminum. Pipes, furniture parts, automotive parts, etc fall into this category. Financial crisis in

Eurozone, China has impacted world growth hence the demand for steel has fallen. World GDP growth is

also moderate.


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Limited supply

Major raw materials for Steel are iron ore and coal. Since quality of these heavily affects the quality and

strength of steel, sources cannot be substitutes easily. Also they are natural hence limited in supply. There

is fierce competition in the industry to acquire exclusive rights to the best quality of coal and iron ore. The

coking coal supplies in India are not of high quality hence Tata steel sources most of its coal from

Australia. Rising costs of freight also is affecting Tata Steel.

Increasing costs of inputs

Freight and handling charges increased for Tata steel in 2011 by 11% from 1541 Crore rupees. Power

charges went up by 28%, royalty for coal and iron ore in India increased by 48%. Overall there was

16.7% increase for FY 2011-12 (Total increase was 1069 crs Rs. for a PAT of 6696 Crs. Rs.) Due to these

factors the Return on Equity for Tata Steel for 2011-2012 was 13% against the market returns of 21.82%.

See Appendix 1 for the growth trend, Appendix 2 for cost of capital calculations.

Industry Attractiveness for Tata Steel

Entry barriers: High attractiveness

Capital Requirement: Steel industry is a capital intensive business. Tata Steel has a lineup of Greenfield

projects which it plans to establish not only in domestic markets (Jharkhand, Orissa & Chhattisgarh) but

also internationally (Bangladesh, Iran & Vietnam). Besides, it has already completed its expansion

capacity of its existing plant from 5 mtpa to 6.8 mtpa at Jamshedpur with an investment of Rs. 5,000

crore, while it is in the process of expanding the capacity from 6.8 mtpa to 10 mtpa with an estimatedinvestment of Rs 15,000 crore. It would prove to be very difficult for any new entrant to come up with

such huge investment outlays.

Economies of scale: As far as the sector forces go, scale of operation does matter. Tata Steel being an

integrated steel company has its own mines for key raw materials such as iron ore and coal and this

protects them for the potential threat for new entrants to a significant extent. Tata Steel owns raw material

assets such as coal and limestone mines through joint ventures or completely, with the assets spread

across countries such as Australia, Oman and Mozambique.

Government Policy: The government has a favorable policy for steel manufacturers. However, there are

certain discrepancies involved in allocation of iron ore mines and land acquisitions. Furthermore, the

regulatory clearances and other issues are some of the major problems for the new entrants. Tata Steel

being a century old company under the flagship Tata Sons which is known for its Corporate Social

Responsibility already enjoys a respectable position in front of the Indian Government. The Jharkhand


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government on May, 24th 2009, has granted a prospecting licence (PL) to Tata Steel for the Ankua iron

ore mines.

Product differentiation: Steel has very low barriers in terms of product differentiation as it doesn t fall

into the luxury or specialty goods and thus does not have any substantial price difference. However, Tata

Steel still enjoys a premium for their products because of its quality and its brand value created more than

100 years back. Tata Steel has introduced brands like Tata Steelium (the world's first branded Cold Rolled

Steel), Tata Shaktee (Galvanized Corrugated Sheets), Tata Tiscon (re-bars), Tata Bearings, Tata Agrico

(hand tools and implements), Tata Wiron (galvanized wire products), Tata Pipes (pipes for

construction)and Tata Structure (contemporary construction material).

Currently two Global Steel majors namely Arcelor- Mittal and POSCO, are posed to be the biggest threat

as they plan to enter the Indian Steel Industry very soon.

Bargaining power of suppliers: High attractiveness

Since domestic raw material sources are insufficient to supply the Indian steel industry, a considerable

amount of raw materials are imported. For example, iron ore deposits are finite and there are problems in

mining sufficient amounts of it. Indias hard coal deposits are of low quality. India is the world s sixth

biggest coal importer. In order to safeguard itself from the high bargaining power of the buyers, Tata

Steel has forayed much earlier into the strategy of Backward Integration. Ownership of raw materials

and a continuous improvement in production has been the key to Tata Steel s profitability. Tata Steel and

state-owned SAIL have largely been able to withstand raw material price fluctuations due to captive iron

ore mines. Tata Steel is also one of the least cost markers of steel in the world.

The company is dependent on imports for a major portion of its raw material iron ore and coking coal

requirements. Tata Steel is self-sufficient to the extent of 25 per cent for iron ore needs. With supplies

coming in from its mines at New Millennium Corporation in Canada and potentially from the Ivory Coast

over a longer term, its iron ore security would gradually increase to around 62 per cent by 2015. Overall,

raw material security would reach 50 per cent by 2015 and go up to about 60 per cent by 2018. It is also

evaluating several other mineral projects in Brazil and Australia.

Progressing towards the goal of achieving logistics control, Tata NYK Shipping Pte Ltd, the Singapore-

based joint venture (50:50) between Tata Steel and Nippon Yusen Kabushiki Kaisha (NYK Line) was

floated to handle ocean transportation of bulk cargoes such as coal, iron ore, limestone as well as finished

steel, both imports and exports, for Tata Steel and also for other Tata Group companies.


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To achieve coal security by way of imports, the company has formed a joint venture with an Australian

company for producing coal in Mozambique, acquired strategic interest of five per cent with 20% of take

rights in the coal mining project in Australia in partnership with several other foreign companies and

formed a 50:50 joint venture with Steel Authority of India Ltd (SAIL). For limestone, Tata Steel has

entered into a joint venture with the Al Bahja Group of Oman for a 70% stake. The joint venture will

undertake mining of limestone in the Uyun region in Salalah province of Oman.

By undertaking such long term strategies to increase its raw material security, Tata Steel is making it

difficult for the suppliers of raw material to bargain exorbitant prices.

Threat of substitutes: Low attractiveness

Plastics and composites pose a threat to Indian steel in one of its biggest markets automotive manufacture.

For the automobile industry, the other material at present with the potential to upstage steel is aluminum.

Stainless producers themselves are offering their customers a range of alternatives in an effort to prevent

business being lost to non-ferrous or carbon steel materials. Such options include lower-nickel duplex

grades and ferritic types. In the meantime, nickels fluctuations will continue to create problems for the

stainless industry worldwide.

However, at present in India the high cost of electricity for extraction and purification of aluminum

weighs against viable use of aluminum for the automobile industry. Steel has already been replaced in

some large volume applications: railway sleepers (RCC sleepers), large diameter water pipes (RCC

pipes), small diameter pipes (PVC pipes), and domestic water tanks (PVC tanks). The substitution is more

prevalent in the manufacture of automobiles and consumer durables.

Bargaining power of Consumers: Mixed attractiveness

Some of the major steel consumption sectors like automobiles, oil & gas, shipping, consumer durables

and power generation enjoy high bargaining power and get favorable deals. However, small and retail

consumers who are scattered and consume a significant part do not enjoy these benefits.

Rivalry among competitors: High attractiveness

The steel industry is truly global in terms of competition with large producing countries like China

significantly influencing global prices through aggressive exports. Steel, being a commodity it is,

branding is not common and there is little differentiation between competing products. The 4 major

domestic rivals are SAIL, JSW, ISPAT & ESSAR STEEL. Rest is all small mills which together accounts

for 30% of the total market share.


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Competition Analysis

In Economics the concentration ratio of an industry is used as an indicator of the relative size of firms in

relation to the industry as a whole. This may also assist in determining the market form of the industry.

One commonly used concentration ratio is the four-firm concentration ratio, which consists of the market

share, as a percentage, of the four largest firms in the industry. In general, the N-firm concentration ratio

is the percentage of market output generated by the N largest firms in the industry. The 4 firm

concentration ratio of the Iron and Steel Industry is 71%. This implies that there is oligopoly in the

industry as it is dominated my few major players. Major percentage of market output is generated by the 4

largest firms in the industry.

Key RecommendationsTata Steel is currently stuck in the middle from the business strategy point of view. We recommend Tata

steel to increase its market share and reduce costs. Total crude steel production in India for 2010-11 was

around 69 million tonnes. TATA Steel Share is 11%, SAIL 32% and JSW 19%. At a broad level, Tata

Steel should focus on optimizing the utilization of its current production capacity (reduce downtime,

wastages, etc), boost quality perception to lure customers away from competitors, reduce costs to increase

margins and invest in expansion plans to keep up with the growth rate of the Indian economy.

We recommend: Cost optimization

Operating Costs in any steel manufacturing concern can be broadly divided in these categories, to reduce

costs, Tata steel should focus on each of these areas and look to reduce or optimize costs.

1. Raw material, stores and supplies (32% of total expenses for Tata steel in 2011-12, 28%

increase from 2010-11)

a. Backward integration:Tata steel relies heavily on imports of raw materials which added

to increase in costs after the rupee depreciation. Tata Steel is self-sufficient to the extent

of 25 per cent for iron ore needs. We recommend the strategy of continued backward

integration to reduce dependence on external suppliers to an even greater extent. Tata

steel should continue to focus on captive mines which would guarantee a continuous

supply of iron ore and coke at stable costs.b. Price fluctuation and interest costs:To safe guard against price volatility due to rupee

fluctuation and reduce forex losses Tata steel should negotiate long term contracts with

price protection, reduction in inventory levels would also protect against price changes

and provide benefits of spot price reduction in absence of long term price contracts.


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c. Wastage:Company can reduce raw material and wastage costs by employing efficient

recycling measures and adopting latest innovations in technology and processes.

2. Employee and labor costs(7% increase from 2010-11)

Reduce downtime:Tata is known for its employee friendly policies across the world. This

image helps Tata group in negotiating contracts with government and win special deals

with regard to price subsidies. The wages costs cannot be reduced unless the company

decides to cut down its workforce. We recommend optimization of the employee and

labor output without actual reduction in labor force. The company must invest in safety

measures to reduce employee and labor downtime due to accidents or illness.

3. Freight and handling(11% increase from 2010-11)

Better deals:Freight and handling charges increased for Tata steel in 2011 by 11% from

1541 Crore rupees. Freight costs for steel makers vary according to proximity to sources

and existing contracts between the steel makers and the miners. The freight costs for Tata

steel can be reduced by having exclusive deals with mines that provide for raw materials.

Also Tata steel should look at mines for iron ore and coal closer to India and reduce

dependence on mines that are across the globe. Backward integration strategy would also

help to reduce these costs.

4. Machinery maintenance and repairs

Tata group can look at in house innovations to improve process efficiency and reduce

production costs. The company should set up a dedicated work force comprising of

employees from various expertise groups to relook at the processing techniques, waste

management, emissions and suggest improvements and cost saving measures. The

employees that closely work with these operations are best suits to optimize them and

increase cost savings.

5. Power, government duties including royalty ,etc

Leverage reputation via CSR initiatives to gain better deals from government, ask for

subsidies, waivers, etc.

We recommend: Production changes, innovation and growth

Tata Steel is a 105 year old company with large expenses on repairs and maintenance (9%

increase from 2010-11). It should build a reputation of having the latest technological updates in

production techniques, machinery and personnel.

All the major domestic competitors like SAIL, ESSAR, JSW, JSPL have announced massive

expansion plans recently: SAIL has announced that it will achieve production capacity of 40

Million Tons by 2020. JSW plans to expand its production to 32 Million Tons by 2020. Other


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players such as JSPL, ESSAR have similar production expansion plans which will contribute in

overall achievement of 200 Million Tons steel production by the year 2020. Tata Steel should

continue its growth plans for the Jamshedpur and Orissa plants to maintain and grow its market

share.

Company should try to see that so much of production doesnt create over supply of steel in the

market as it will drive down the prices, rather it can aim at making Specialty Steels products like

stainless steels, Tool Steels, Die Steels, Valve Steels etc.

TATA Steel should focus on R&D and increase its expenditure on R&D to be able to assimilate

the technology faster. Resource utilization must be more effective to improve on the productivity.

It should invest in innovation to increase labor productivity from 100Tn/MY to 250Tn/MY.

TATA Steel can look at exploring the rural markets where it can source replacing the

conventional agricultural tools with low cost steel products. TATA steel can introduce cost

effective fencing, housing products and other possible applications.

Steel production processes are energy dependent and price movements in the energy market

would accordingly affect Tata Steels bottom line . Invest in energy conservation techniques like

boiler efficiency improvement, reduce CO2 emissions, install waste heat recovery mechanisms,

etc.

Expand in the Avenues of Energy and Power Sector - Steel is the main material used in delivering

renewable energy. TATA Steel along with wind mill power generation companies can tie out

with Indian government on the wind power generation which benefits all three.

Explore avenues in Infrastructure development

The major investments required in infrastructure are expected to be a significant driver of steel

consumption in the domestic market as infrastructure and construction combined account for 80%

of Indias steel consumption. TATA Steel should tie out with TRIL to invest in infrastructure

development activities.

Plan and implementationSteel demand in India is mainly driven by the construction sector, which consumes about 60% of

the total production. The automobile sector consumes about 11%. Indian Government is investing

hugely on Infrastructure development projects like construction of national highways, flyovers

and metro rail in metropolitan and cosmopolitan cities. This is a biggest opportunity before

TATA Steel for increasing consumption of steel in almost all sectors in India. Indias per capita


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consumption of steel is underrated and is about 42Kg per head against global average per capita

consumption of 150 kgs. There is long way ahead and to go for India.

Contingency plans

Access the export market to improve its sales - It is estimated that world steel

consumption will double in next 25 years. Tata Steel -India exports only 12% of their

Steel output. In case TATA steel cant capture Indian market, it can focus more on

exports.

Converting Scrap into Steel - Rely on scrap steel for production rather than iron ore

All steel created as long as 150 years ago can be recycled today and used in new products

and applications. By sector, global steel recovery rates for recycling are estimated at 85%

for construction, 85% for automotive, 90% for machinery and 50% for electrical and

domestic appliances. Leading to a global weighted average of over 70%.

2013

Identify , upgrade and modernize old plants through brownfield projects.

Implement the best practices from Nippon and Posco to increase labor productivityfrom 100Tn/MY to 250Tn/MY.

Innovate on production improvement methodologies like TPM and KM to increase laborproductivity and Steel quality

2014

Expansion for current plants productive capacity.

Acquire and development of Mining projects for its raw material security for iron oreand coking coal.

Invest in R&D in improve production of superior quality of steel

2015

Along with Wind power generation companies tie out with Indian govt to generate windpower to secure power and increase production sales by catering steel supply to windmill machinery and equipment.

2016

Tie out with TRIL to invest in Infrastructure development to create demand for steel inInfrastructure and construction sector.

Innovate to create Specialty Steels products

Explore rural markets to source replacing conventional agricultural tools with low coststeel products.


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Market Share & Competitors

In India 70% of the Steel market is captured by the four major players SAIL, TATA Steel, JSW & VISA

Steel. TATA Steel has a market share of 11% in India. The table compares TATA steel with its competitor

on various parameters.

Parameters Tata Steel SAIL JSW VISA Steel

Production

Capacity

(mtpa)

7.4 13.5 8.4 3.5

Market Share 11% 32% 19% 8%

Year of

establishment

1907 1954 1984 1996

Products Construction Bars,

Hot rolled sheets

& coils, Cold roll

sheets & coils,

wires and rods

Rods, pipes, rails, Hot

rolled sheets & coils,

Cold roll sheets &

coils

Hot rolled sheets

& coils, Cold roll

sheets & coils,

galvanized

sheets & coils

Alloy & steel metals

catering to

automobile, railway,

infrastructure,

defense sector etc

Net Worth

(crores)

46,944.63 37,069.47 17,225.27 353.29

Revenue/

Turnover

Rs 118.75 billion Rs 430.34 billion Rs 30 billion Rs 13.32 billion

Global

Presence

Operations in 24

countries &

commercial

presence in over

50 countries

Export to over 20

countries, JV to

acquire coal mines

abroad, expansion

plan with emphasis on

state of the art

technologies

Acquisition of

steel mill in US,

tie up in Japan

for high grade

automotive steel

Presence in India,

China, Australia,

Indonesia, South

Africa & Singapore


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Appendix 3: Keratio calculation

Beta () 1.41 http://beta.bseindia.com/indices/betavalues.aspx

Rf 8.00

http://www.tradingeconomics.com/india/interest-rate

Avg return for government bonds over 10yrs

E(Rm) 17.8

http://www.lifins.in/attachment/MutualFund_SensexPerformance.html

Avg return on BSE for 10 yrs

For above data, Keis 21.82

http://en.wikipedia.org/wiki/Capital_Asset_Pricing_Model

Appendix 4: Consolidated Financial Ratios

Consolidated Financial Ratios

2011-

12

2010-

11

2009-

10 2008-09 2007-08

2006-

07 2005-06 2004-05 2003-04

2

0

EBITDA/Turnover 10.18% 14.40% 9.12% 12.55% 13.90% 30.73% 32.23% 39.35% 31.19% 2

PBT/Turnover 4.26% 8.35% 1.78% 7.43% 7.65% 25.09% 27.20% 34.08% 24.27% 1

Return on Avg Capital

Employed 8.62% 13.98% 5.69% 15.57% 21.13% 23.31% 39.47% 48.31% 27.71% 1

Return on Avg Net

Worth 13.14% 29.88% -8.01% 16.19% 51% 34.19% 43.57% 62.02% 45.96% 3

Asset Turnover (S/A) 93.06% 93.04% 98.12% 128.56% 108.27% 76.65% 120.89% 107.44% 100.15% 7

nventory Turnover in

days 68 66 72 55 37 46 45 42 40

Debtors Turnover in days 41 40 44 39 28 21 23 24 30

Gross Block to net block 2.15 2.18 2.33 2.39 2.51 1.65 1.67 1.65 1.7

Net Debt to equity 1.16 1.55 1.77 1.65 1.99 0.84 0.06 0.22 0.42

Current ratio 1.68 1.77 1.46 1.78 1.87 2.45 1.35 1.11 1.07

nterest cover ratio 2.69 4.58 1.6 4.32 3.46 16.38 35.21 28.52 21.89

Networth per share 467.57 409.02 278.28 330.49 472.03 223.08 181.53 128.95 81.52

Earnings per share 54.28 99.03 -24.92 66.07 176.81 64.66 67.62 65.27 32.4

Dividend payout 25% 15% -45% 30% 11% 26% 22% 23% 23%

P/E ratio 8.67 6.27 -25.36 3.12 3.92 6.95 7.93 6.14 11.84
http://beta.bseindia.com/indices/betavalues.aspxhttp://beta.bseindia.com/indices/betavalues.aspxhttp://www.tradingeconomics.com/india/interest-ratehttp://www.tradingeconomics.com/india/interest-ratehttp://www.lifins.in/attachment/MutualFund_SensexPerformance.htmlhttp://www.lifins.in/attachment/MutualFund_SensexPerformance.htmlhttp://en.wikipedia.org/wiki/Capital_Asset_Pricing_Modelhttp://en.wikipedia.org/wiki/Capital_Asset_Pricing_Modelhttp://en.wikipedia.org/wiki/Capital_Asset_Pricing_Modelhttp://www.lifins.in/attachment/MutualFund_SensexPerformance.htmlhttp://www.lifins.in/attachment/MutualFund_SensexPerformance.htmlhttp://www.tradingeconomics.com/india/interest-ratehttp://www.tradingeconomics.com/india/interest-ratehttp://beta.bseindia.com/indices/betavalues.aspx


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2011-12 2010-11 2009-10 2008-09 2007-08 2006-07 2005-06

Net profit (PAT) 6696.42 6865.69 5046.8 5201.74 4687.03 4222.15 3506.38

Sales 33933.46 29396.35 25021.98 24348.52 19652.53 17458.39 15135.41

Total assets 78317.08 75519.64 63365.25 57122.68 45328.07 23741.49 12271.45

Shareholders'

Equity 52621.53 46945.24 36961.94 30176.5 27306.38 14096.16 9755.3

ROE, % 13.00% 15.00% 14.00% 17.00% 17.00% 30.00% 36.00%

ROS, % 20.00% 23.00% 20.00% 21.00% 24.00% 24.00% 23.00%

S/A 0.43 0.39 0.39 0.43 0.43 0.74 1.23

A/E 1.49 1.61 1.71 1.89 1.66 1.68 1.26

Total ShareHolder Return:

Below are the Dividends, Share prices for TATA STEEL at the beginning and closing for the respective

years.

YEAR D% DividendsPriceBeg

PriceEnd TSR

2012 120 12 440 366 -0.51667

2011 120 12 608 324 -2.26667

2010 80 8 596 648 0.75

2009 160 16 153 578 2.75625

2008 160 16 596 180 -2.5

2007 155 15.5 367 756 2.6096772006 130 13 311 381 0.638462

2005 130 13 287 293 0.146154

2004 100 10 292 289 0.07

2003 80 8 104 318 2.775

According to which TSR stands value stands at 117%.

=(((366+123.5)/104)^0.5)-1

For TATA STEEL, Ke Value stands at 21% and as such TSR > Ke, this particular organization is doing

effectively with respect to its profitability.


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ReferencesSteel Sector Analysis Report - http://www.equitymaster.com/research-it/sector-

info/steel/Steel-Sector-Analysis-Report.asp

Ministry of Steel, India - Annual Report 2011-12 - http://steel.gov.in/Annual%20Report%20(2011-

12)/English/Annual%20Report%20(2011-12).pdf

IRON AND STEEL INDUSTRY IN INDIA March, 2012 -http://www.cci.in/pdf/surveys_reports/iron-

steel-industry.pdf

Sustainable steel - http://www.worldsteel.org/media-centre/key-facts.html
http://www.equitymaster.com/research-it/sector-info/steel/Steel-Sector-Analysis-Report.asphttp://www.equitymaster.com/research-it/sector-info/steel/Steel-Sector-Analysis-Report.asphttp://www.equitymaster.com/research-it/sector-info/steel/Steel-Sector-Analysis-Report.asphttp://steel.gov.in/Annual%20Report%20(2011-12)/English/Annual%20Report%20(2011-12).pdfhttp://steel.gov.in/Annual%20Report%20(2011-12)/English/Annual%20Report%20(2011-12).pdfhttp://steel.gov.in/Annual%20Report%20(2011-12)/English/Annual%20Report%20(2011-12).pdfhttp://www.cci.in/pdf/surveys_reports/iron-steel-industry.pdfhttp://www.cci.in/pdf/surveys_reports/iron-steel-industry.pdfhttp://www.cci.in/pdf/surveys_reports/iron-steel-industry.pdfhttp://www.cci.in/pdf/surveys_reports/iron-steel-industry.pdfhttp://www.worldsteel.org/media-centre/key-facts.htmlhttp://www.worldsteel.org/media-centre/key-facts.htmlhttp://www.worldsteel.org/media-centre/key-facts.htmlhttp://www.cci.in/pdf/surveys_reports/iron-steel-industry.pdfhttp://www.cci.in/pdf/surveys_reports/iron-steel-industry.pdfhttp://steel.gov.in/Annual%20Report%20(2011-12)/English/Annual%20Report%20(2011-12).pdfhttp://steel.gov.in/Annual%20Report%20(2011-12)/English/Annual%20Report%20(2011-12).pdfhttp://www.equitymaster.com/research-it/sector-info/steel/Steel-Sector-Analysis-Report.asphttp://www.equitymaster.com/research-it/sector-info/steel/Steel-Sector-Analysis-Report.asp

Strategic Analysis and Recommendation for TATA Steel

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