Key Points
Narendran, who will start his new term as Tata Steel Ltds chief executive and managing director, highlighted the challenges the company faces in Europe, even as he emphasized that the Indian operations remain structurally the strongest part" of the steelmakers portfolio..
The first five years were all problems, the second was more inorganic growth, and these five years, hopefully, will be more organic growth," he said.. Having successfully weathered the ups and downs of a cyclical industry, Narendrans tenure was extended by five years starting in September..
On European operations, he said the companys operations in the Netherlands would be able to sustain itself through its earnings and support from the government, but the UK operations remain a concern..
So, its like this; we are comfortable that the Netherlands business can support its transformation from the cash flows that it generates from the support that I expect to get from the government..
So, pretty much, European steel companies are going to their local governments seeking support and getting support because all these governments have also committed to a significant reduction in the carbon footprint of the economy by 2030...
