Tata Steel on Monday said the unit set up in joint venture with Japan’s Nippon Steel Corporation (NSC) would start production from February 2014.
Tata Steel and Nippon are setting up Rs 2,300 crore unit in Jamshedpur to produce 600,000 tonnes a year of automotive cold-rolled steel. Tata Steel holds 51 per cent and NSC share 49 per cent of the equity capital of the joint venture company.
The company on Monday unveiled Tata Astrum, a new brand of its hot rolled products range.
The private steel manufacturer plans to add two million tonnes flat product capacity by 2014, T.V. Narendran, Vice-President (Safety and Flat Products), Tata Steel, told media persons.
Tata Steel targets to garner Rs 4,000 crore revenue from new hot-rolled products by 2014, Narendran added.
The size of the domestic market for hot rolled products in the small and medium enterprise (SME) segment is pegged at six million tonnes a year. Tata Astrum hopes to garner a market share of 17-18 per cent in this segment in 2013-14, the company said in a statement.
Tata Astrum products would be produced from two of Tata Steel’s mills at Jamshedpur, the statement said.