Business Daily from THE HINDU group of publications
Thursday, Aug 07, 2008
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Business Daily from THE HINDU group of publications Thursday, Aug 07, 2008 ePaper | Mobile/PDA Version | Audio |
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Financial Performance Industry & Economy - Steel
Our Bureau Kolkata, Aug. 6 Tata Steel has been ranked 231 on the list of Global 500 companies by Fortune magazine and not 315, a clarification on the Web site of the magazine has stated. This is the first time that the company has found a place in the list of the top-500 companies in the world. Based on the consolidated nine-month financial results of Tata Steel, Fortune magazine had ranked the company at 315th position. However, post the announcement of the annual results of Tata Steel, which was after the deadline of the publication of the Global 500 companies, Fortune, in a clarification on its Web site, mentioned that the company would have been placed at the 231st position on its list and not at 315. Tata Steel, the world’s sixth-largest steel maker, ended the fiscal 2007-08 with a revenue of $32.8 billion. raw material securityMeanwhile, the Tata Steel group has ruled out immediate plans to list Tata Steel Global Resources Ltd, the Singapore-headquartered holding company, for its steel and raw material assets abroad. The immediate focus, instead, would be on ensuring raw materials security in the long term, Mr Koushik Chatterjee, Group Chief Financial Officer of Tata Steel, told newspersons on the sidelines of the ICT East 2008 conference held here on Wednesday. Mr Chatterjee said Tata Steel was scouting for global assets to ensure raw materials security. This was especially important since Corus had no captive raw material sources. Fund raisingOn the issue of raising money for greenfield projects that had been taken up, he said a decision in the matter was likely to be taken later in the current fiscal. Tata Steel net rises 22% at Rs 1,488 cr Tata Steel sets up holding co for overseas assets More Stories on : Financial Performance | Steel | Tata Steel Ltd
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