Tata Steel to spend $1.18 billion to increase iron ore production

Indian steelmaker Tata Steel will spend approximately $1.18 billion on its Noamundi, Joda and Katamati iron ore mines to increase its total annual production to 55 million tons from the current 40 million tons. This is reported by Steel Orbis with reference to the company’s statement.

“Tata Steel is preparing to meet the global challenges in the steel sector by strengthening its raw material base and modernizing operations,” said Atul Bhatnagar, CEO of the company’s Ores, Mines and Quarries (OMQ).

According to him, the company will also participate in the upcoming mining auctions in three states, including Odisha. In addition, Atul Bhatnagar said that the company is in the process of patenting two technologies related to mining.

Tata Steel increased its steel production in India by 5% year-on-year – to 16.2 million tons in April-December 2024 (9 months of FY2024/2025). Supplies in the period increased by 5.9% y/y – to 15.3 million tons, while domestic supplies increased by 4%.

As GMK Center reported earlier, Tata Steel India increased steel production by 4% year-on-year to a record 20.8 million tons in FY2023-2024 (ended March 2024). Steel shipments for the year increased by 6% y/y – to 19.9 million tons. The figure also exceeded the previous year’s record. At the same time, domestic sales grew by 9% y/y, driven by rising demand for steel in India and a flexible business model.