tata export finance

Ramnarain Ruia Autonomous College, Matunga, Mumbai 400019
Class TYBA Sem VI Commerce Assignment RUACOM603 2021-22
Name/s of the student Vihaan Sachin Vadnere Roll No.3625
1
Commerce Assignment for Year: 2021-22
Class: TYBA
Semester: VI
Paper Code: RUACOM603
Paper Title: Export Management
Topic of Assignment Study of Tata Steel Ltd.’s Export Policies and
Challenges
Roll No. 3625
Email ID: vihaanvadnere1@gmail.com
Date of Submission:15th
January 2022

2
Sr no. Index Page no.
1 Introduction 3-4
2 Export Finance Sources 5-6
3 Pricing Policies 7-8
4 Tata Steel’s Export Promotion Practices and Challenges 9-10
5 Impact of Covid-19 Pandemic on Tata Steel Ltd’s Export Management 11
6 Government Incentives for Export Promotion of Indian Steel Sector 12-13
7 Conclusion 14
8 Bibliography 15

3
Introduction
The Indian steel industry is more than 100 years old now. The first steel ingot was rolled on 16th
February 1912 - a momentous day in the history of industrial India. Steel is crucial to the
development of any modern economy and is considered to be the backbone of the human civilization.
The level of per capita consumption of steel is treated as one of the important indicators of socio-
economic development and living standard of the people in any country. It is a product of a large and
technologically complex industry having strong forward and backward linkages in terms of material
flow and income generation. All major industrial economies are characterized by the existence of a
strong steel industry and the growth of many of these economies has been largely shaped by the
strength of their steel industries in their initial stages of development India is the 7th largest steel
producer in the world, employing over 1/2 million people directly with a cumulative capital
investment of around Rs.1 lakh crore. It is a core sector essential for economic and social
development of the country and crucial for its defense.
Tata Steel Limited (formerly Tata Iron and Steel Company Limited (TISCO)) is an Indian
multinational steel-making company headquartered in Mumbai, Maharashtra, India, and a subsidiary
of the Tata Group. It was the 11th largest steel producing company in the world in 2013, with an
annual crude steel capacity of 25.3 million tons, and the second largest private-sector steel company
in India (measured by domestic production) with an annual capacity of 9.7 million tons after SAIL
(Steel Authority of India) The Tata Group is almost 100 years old. It currently comprises 96
operating companies, which together employed some 357,000 people worldwide and had revenues of
US$ 72.5 billion (Feb 2009) billion in 2008-09. Tata is active in seven major business lines:
information systems and communications, engineering, materials, services, energy, consumer
products and chemicals. Its 28 publicly listed companies have a combined market capitalization of
US$47.6 billion that is the second highest among Indian business houses in the private sector, and a
shareholder base of over 2 million. Tata Steel has manufacturing operations in 26 countries,
including Australia, China, India, the Netherlands, Singapore, Thailand and the United Kingdom,
and employs around 80,500 people. Its largest plant is located in Jamshedpur, Jharkhand. In 2007
Tata Steel acquired the UK-based steel maker Corus which was the largest international acquisition
by an Indian company till that date. It was ranked 486th in the 2014 Fortune Global 500 ranking of
the world's biggest corporations. It was the seventh most valuable Indian brand of 2013 as per Brand
Finance. On 12 February 2012 Tata Steel completed 100 years of steel making in India. The Tata
Steel Group’s vision is to be the world’s steel industry benchmark in “Value Creation” and
“Corporate Citizenship” 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. In 2008, Tata Steel
India became the first integrated steel plant in the world, outside Japan, to be awarded the Deming
Application Prize 2008 for excellence in Total Quality Management. In 2012, Tata Steel became the
first integrated steel company in the world, outside Japan, to win the Deming Grand Prize 2012
instituted by the Japanese Union of Scientists and Engineers.

4
Tata Steel Thailand is the largest producer of long steel products in Thailand, with a manufacturing
capacity of 1.7 MTPA. Tata Steel has proposed a 0.5 MTPA mini blast furnace project in Thailand.
NatSteel Holdings produces about 2 MTPA of steel products across its regional operations in seven
countries. Tata Steel, through its joint venture with Tata BlueScope Steel Limited, has also entered
the steel building and construction applications market. The iron ore mines and collieries in India
give the Company a distinct advantage in raw material sourcing. Tata Steel is also striving towards
raw materials security through joint ventures in Thailand, Australia, Mozambique, Ivory Coast (West
Africa) and Oman. Tata Steel has signed an agreement with Steel Authority of India Limited to
establish a 50:50 joint venture company for coal mining in India. Also, Tata Steel has bought 19.9%
stake in New Millennium Capital Corporation, Canada for iron ore mining. Exploration of
opportunities in titanium dioxide business in Tamil Nadu, ferrous-chrome plant in South Africa and
setting up of a deep-sea port in coastal Orissa are integral to the Growth and Globalization objective
of Tata Steel. Tata Steel India is the first integrated steel company in the world, outside Japan, to be
awarded the Deming Application Prize 2008 for excellence in Total Quality Management.

5
Export Finance Sources
Korea, Iraq, Jordan, Qatar, Afghanistan and to SAARC countries in exported H R Coils to customers
in neighbouring markets, Middle East, Thailand, and South Africa to enhance utilisation of TSCR
(Thin Slab Caster) products. The Long Products Division continued to strengthen its presence in
markets of strategic importance, predominantly the SAARC countries. Wires Division registered a
45% year on year growth and increased its enquiry to order turn around ratio from 7% last year to
14% this year. Ferro Alloys Minerals Division was recognized as a Star Performer in Ferro Alloys in
by Engineering Export Promotion Council (EEPC India).
Finance Indicators
 Indian operations contributed 63% out of consolidated deliveries of 6.34 mn tons
 India domestic sales grew by16%YoY against market growth of 7%YoY
 Consolidated adjusted EBITDA of Rs.5,530 crores, EBITDA margin of 15.4%, EBITDA per ton
of Rs.8,725/t
 Standalone adjusted EBITDA of Rs.4,277 crores, EBITDAmargin of 26.6%, EBITDA per ton of
Rs.14,218/t
 Calibrated debt drawdown for organic expansion; enhanced use of internal cash flows
 Long term financing put in place at Tata Sponge Iron with a rights issue of Rs.1,485 crores and
long term debt of Rs2,650 crores
 Capex being recalibrated in line with market conditions and lower cashflows
Global macro and business environment
 Rising uncertainty around political and trade conflicts continued to weigh on global business
confidence, investment decisions and trade flows
 Accommodative policy at major economies iscounterbalanced by increased risk from escalating
US-China trade war
 Chinese steel exports remained ~70 mn tons on annualised basis amidst increasing regional trade
restrictions
 Chinese Crude steel production increased by 24mn tons YoY in 1QFY20 while adjusted
 domestic consumption1 grew by only ~18mn tons; leading to higher inventories on YoY basis
 Seaborne Iron ore prices continued to rise over supply disruptions in Brazil and
Australia,Coking coal prices too remained elevated

6
 Steel prices were under pressure on global demand worries, affecting steel spreads across the
regions.
India macro and business environment
 Overall economic activities were weaker as liquidity issues negatively impacted domestic
consumption and business sentiments
 Infrastructure/construction improved, however, Automotive, capital goods and consumer goods
sector demand continued to be weak
 Credit growth ex Infrastructure remained weak despite recent policy measures
 Apparent steel consumption declined 3%QoQ in 1QFY20; Net steel imports increased
significantly with lower exports
 Domestic steel prices trended downward during the quarter with weaker domestic demand and
higher net imports
 Steel margins were under pressure with decline in average realisation and higher input costs
Europe macro and business environment
 Euro zone grew modestly at 1.1%YoY in 1QFY20 and expanded marginally on QoQ basis
 No-deal Brexit along with unsettling trade war is weighing on investment spending across the
Eurozone
 Steel demand is decelerating since 2HCY18; expected to decline by -0.6%YoY in CY19
 Rising steel imports into the Euro zone, nullifying the impact of trade barriers and hurting trade
balance
 Steelmakers in Euro zone grappling with surge in share of imports to 18%
Global steel demand is expected to remain weak due to broader economic weakness and trade
barriers among the global economies India steel demand is expected to improve in 2HFY20 with the
end of monsoon, increase in the government spending and improvement in liquidity . Steel demand
in European Union is expected to decline by -0.4% in CY19 due to sustained weakness in key steel
consuming sectors. Regional steel prices are expected to find support from elevated Iron ore costs.
Domestic steel prices are seeing pressure with sluggish domestic demand, however, should pick
up gradually with improvement in overall sentiments in 2HFY20. International prices remains
elevated with persistent quality issues at Rio Tinto that is prices are expected to soften slowly owing
to supply improvement toward CY19 end. Prices have softened up since June ’19 on lower demand
from China and India that is import restrictions by China are expected to further keep coal prices in
check.

7
Pricing Policies
Tata Steel is a leading steel manufacturer not only in India, but in the world. In steel industries there
are various factors that affect the export pricing of the products. Like other companies, the pricing
strategy of Tata Steel is also dependent on various factors. Some of the major factors are as follows:
 Cost of production
 Demand in the market
 Government regulations
 Competitions
Tata steel is well known for keeping its production cost very low. This gives Tata Steel a competitive
advantage over others. There are various reasons as to why the companies production are so low
compared to other competitors.Tata Steel acquires its raw materials and other products required both
from the domestic market as well as globally. The company has coal mines in Jharia and Bokaro.
The mines in Bokaro has reserves of around 196 million tonnes. It also owns iron ores and chromites
mines in other parts of the country. Tata steel has used technologies which help them keep the
production cost low thus helping it maintain the good quality as well as keep the price low. The
demand for steel has also increased in recent years. Also one more advantage of Tata Steel’s is that
their iron ore reserves are much more than their current needs thus giving them an advantage. Tata
Steel has adapted Market Penetration as their pricing strategy. They assume that the demand of the
product is highly elastic. So, capability of Tata Steel to maintain low price helps them maintain a
huge customer base.
Steel prices have been volatile within a range over the last few month. Input costs continue to be
quite high. Higher coking coal prices keeps a floor on the prices, and that's why while there has been
volatility, it had been range-bound at a higher end, according to Tata Steel's chief executive officer
and managing director TV Narendran said in an earnings call last week.Indian demand shrank by
2.3pc on the quarter due to seasonality and temporary weakness in various steel consuming sectors
and it was supplemented by the semiconductor issue for passenger cars and commercial vehicles, the
company said.The company's exports in the last two quarters stood at 16pc and will be around 12pc
in this quarter as domestic demand picks up. There are no real imports coming in so to that extent,
they think the Indian market in the second half should be able to absorb any diversion being done by
the industry from exports to domestic market. Indian steel companies have been catering to the
export market amid weaker domestic demand as the second wave of Covid-19 earlier this year and
monsoons kept activity muted.
Tata Steel’s strategy was put to test by the lockdown and subsequent reluctance of customers to
move out fearing infection. This pushed the firm to reorient its marketing blueprint. International
steel prices have been quite stable. Consumers are also getting used to the new normal, which is a bit
on the upper side. Raw material and commodity price spreads have also been in a stable zone. Prices
have for some time been on the higher side, and they expect this to continue. Domestic demand
across the world including India is strong. Consequently, there is lesser trade happening. During
Covid exports were raised because there wasn't much local demand, but now they are back to
supplying more to the domestic market. As for trade, India has proven it can compete in the
international market. India is now a net exporter of steel again, something that's likely to continue in
the coming year as well.

8
The Argus premium low-volatile hard coking coal index was $402/t cfr India on 15 November, after
it rose to a record peak of $437.75/t on 23 September. Tata Executive said China is no longer a
disruptor in the international market as its steel exports have been below 5mnt. While the company
will watch China's impact on iron ore and coking coal prices, it will be less worried about them
flooding markets with cheap exports as it cuts output and discourages exports over the medium and
long term given Beijing's net zero goals by 2060. China aims to keep its 2021 production levels
unchanged from last year as it curbs steel output to tame carbon emissions. China's January-October
crude steel output dropped by 0.7pc to 877mn t, while exports during the same period expanded by
29.5pc to 58mn t on the year on post-Covid demand recovery globally The company also won the
Gandhalpada iron ore mine located in Odhisa in the second quarter that has 315mn t in reserves that
will secure the supply of the raw material beyond 2030. The low alumina ore at the mine would
lower carbon emissions and the proximity to the company's 100mn t Kalamangi mine will help in
extracting more value, Narendran said.

9
Tata Steel’s Export Promotion Practices and Challenges
In India Tata steel is a common household name in the discipline of steel manufacturing, in the world
this company is rated to be the biggest supplier of steel worldwide supplying more than hundred
countries with this precious commodity. In the year 2003 this company had a record and reputation
that surpassed all other major suppliers and exporters of steel all over the world. The records in sales
in this year when the country was recording a low economy astonished many financial analysts. This
was highly complimented to the government of India intervention. The company garnered a turnover
of Rs 5,262 Crore which was estimated to be high by 26% of the same block previous year. All
through that year as many other steel exporters dealt on loses Tata steel was more EVA positive,
their earning per share was recorded to have improved by 153% over the economic down turn
experienced by the country the earning was mostly from exports.Recently this company has had
similar tale as their records shows that in the first half of their trading financial year, there has been a
record of increment of over 10% from their export sales and the boost from the government, this
from the acquisition to SAIL steel company which is owned by the government by share rights and
they control the voting of the company.
These come in the wake of this organization has been doing some major rescheduling in the material
reduction in the discipline of energy, raw material consumption and refractory per ton saleable steel
consumption from advice from governmental consultation bodies. Form these attributes this
organization have recorded an increment of over 50% due to the adherence to this strategies brought
about by structural management and the boost by the government in export promotions. The most
appreciated new buyers from the automobile exporters market segment helped Tata steel to gain high
market shares, this was due to their demand on hot rolled product, cold rolled galvanized products.
This was more demanded by the aviation sector and also for the constructors of construction
appliances, also in high demand was the high carbon wire rods by foreign countries. Through
enhancing their market mix, products and their management structure, this organization has
propelled itself in the level of respectable steel exporters from a cynical commodity price nature to a
more relevant and known realization successful regime and the acquisition of SAIL steel company
haled top this boost from the government.
Tata Steel was looking to tap the export markets to ship value-added, innovative products made at
its greenfield steel mill at Kalinganagar, the steel hub in Odisha. The steel company has already
shipped overseas, 80,000 tonne of hot rolled (HR) coils manufactured at the Kalingangar facility.
They have started exports of HR coils from Tata Steel Kalinganagar and have exported about 80000
tonne by March 2017. The details of the target for the next fiscal are being worked out. Similarly, we
have started exports of Tata Ferro-shots from Tata Steel, Kalinganagar. It is a new and innovative
product from Tata Steel”, said Rajiv Kumar, vice president (operations) of Tata Steel's Kalinganagar
project. Tata Ferro-shots is granulated pig iron solidified by cooling in water. The product finds
applications in electric arc furnaces, induction furnaces, cupolas, basic oxygen furnaces and
foundries as a replacement of pig iron, scrap or DRI. Its inherent properties lead to better yield,
higher productivity and lower energy cost. Moreover, the production process is environment-friendly
and safe.

10
The market-wise study revealed the fact that demand for Indian engineering products from the
Association of Southeast Asian Nations (Asean), which constituted 23.3% of total engineering
exports during February 2017, witnessed a 248% rise in February 2017. Exports to the European
Union and the Middle East also increased size-ably. As a product, Tata Ferro-shots been well-
accepted both in the domestic and international markets. The product has received interests from Far-
East, South-East and Middle-East Asia, Europe and the US. The steel maker has also made supplies
to some of those destinations. The revival in India's engineering exports is being led by iron and steel,
with major pull factor arising from revival in demand in the US, China and also in Belgium and
Spain, marking renewal of demand for basic metals, a development which augurs well for the export
sector, says an analysis done by EEPC.
Tata Steel reported that its sales in the December quarter was down five percent at 4.41 million
tonnes against 4.65 mt logged in the same period last year, Tata steel’s setback in export promotion
has been due to the empirical by most of the organization which claim that this organization product
is harmful to the environment.There has been also drawbacks on some of the company withdrawing
themselves from this organization due to safety of the product mix products, and also due to the
green gases emission. Another draw back is most of the countries policy on exportation which
centralizes on high taxation for foreign goods.

11
Impact of Covid-19 Pandemic on Tata Steel Ltd’s Export Management
Tata Steel's project in Kalinganagar has picked up steam following a slowdown during the second
Covid wave. A 6mn t pellet plant and a pickling line and tandem cold mill will be commissioned in
the second quarter of the next financial year ending March 2023. COVID-19 induced restrictions
may affect demand and supply chains thereby impacting sales. Steel demand is also affected by trade
barriers and protectionist policies. Fast-paced technological changes and shifting customer
preferences may necessitate adoption of newer grades of steel and/or alternate materials.As domestic
steel demand plunged due to COVID-19 induced lock-downs in Q1FY2021, sales were diverted for
exports. New international markets were explored which provided better net realisations. Support
was provided to distributors impacted by liquidity crunch. To support the fight against the pandemic,
they designed and launched isolation and quarantine units using Nest-In and NMB solutions. During
the lockdown, focus was on generating and conserving cash for exigencies. The implementation of
unlock measures in June 2020, resulted in faster than expected recovery for steel-intensive sectors.
Initially the focus was on sales in non-containment zones and subsequently in improving domestic
availability by reducing exports. With the improvement in demand for steel globally, the realization
improved sharply. They remain vigilant of the evolving pandemic situation and its impact on steel-
intensive sectors.
In their endeavour to enhance footprint in India, we have built a diversified portfolio of product
offerings for customers from a range of industries to counter slowdown in any one sector, region or
segment. Dedicated marketing and sales teams service customers and build deep customer
engagement by customizing products, improving reliability and providing value added services. Tata
Steel has invested in building a strong marketing franchise with well regarded brands and a large
network of dealers and retailers across the country. This helps in increasing the stickiness of sales
and reducing the exposure to business cycles. It has also built distribution channels internationally to
enable exports as and when desired, Steel is a cyclical industry and the only way to beat this
cyclicality is by offering solutions. They have forayed into ready-to-use steel for construction
industry and introduced products such as steel doors and windows, furniture to enhance our retail
customer base. Sustainable solutions (coated products) such as GalvaRoS and Colornova and
customized solutions for the agriculture sector like Agronest have been introduced. They are also
diversifying our product offering beyond steel by introducing new materials like composites, Fibre
Reinforced Products, etc.

12
Government Incentives for Export Promotion of Indian Steel Sector
As of October 2021, India was the world’s second-largest producer of crude steel, with an output of
9.8 MT. In FY21, the production of crude steel and finished steel stood a 102.49 MT and 94.66 MT,
respectively. In FY22, crude steel production in India is estimated to increase by 18%, to reach 120
million tonnes, driven by rising demand from customers. The growth in the Indian steel sector has
been driven by domestic availability of raw materials such as iron ore and cost-effective labour.
Consequently, the steel sector has been a major contributor to India’s manufacturing output. The
Indian steel industry is modern with state-of-the-art steel mills. It has always shrived for continuous
modernization of older plants and up-gradation to higher energy efficiency levels. Indian steel
industry is classified into three categories - major producers, main producers and secondary
producers.
Some of the other recent Government initiatives in this sector are as follows:
 In October 2021, the government announced guidelines for the approved specialty steel
production-linked incentive (PLI) scheme.
 In October 2021, India and Russia signed an MoU to carry out R&D in the steel sector and
produce coking coal (used in steel making).
 In July 2021, the Union Cabinet, approved the production-linked incentive (PLI) scheme for
specialty steel. The scheme is expected to attract investment worth ~Rs. 400 billion (US$ 5.37
billion) and expand specialty steel capacity by 25 million tonnes (MT), to 42 MT in FY27, from
18 MT in FY21.
 In January 2021, the Ministry of Steel, Government of India, signed a Memorandum of
Cooperation (MoC) with the Ministry of Economy, Trade and Industry, Government of Japan, to
boost the steel sector through joint activities under the framework of India–Japan Steel Dialogue.
 The Union Cabinet, Government of India approved the National Steel Policy (NSP) 2017, as it
intend to create a globally competitive steel industry in India. NSP 2017 envisage 300 million
tonnes (MT) steel-making capacity and 160 kgs per capita steel consumption by 2030-31.
 The Ministry of Steel is facilitating setting up of an industry driven Steel Research and
Technology Mission of India (SRTMI) in association with the public and private sector steel
companies to spearhead research and development activities in the iron and steel industry at an
initial corpus of Rs. 200 crore (US$ 30 million).
 The Government of India raised import duty on most steel items twice, each time by 2.5% and
imposed measures including anti-dumping and safeguard duties on iron and steel items.
The National Steel Policy, 2017 envisage 300 million tonnes of production capacity by 2030-31. The
per capita consumption of steel has increased from 57.6 kgs to 74.1 kgs during the last five
years. The government has a fixed objective of increasing rural consumption of steel from the current
19.6 kg/per capita to 38 kg/per capita by 2030-31. As per Indian Steel Association (ISA), steel
demand will grow by 7.2% in 2019-20 and 2020-21. Huge scope for growth is offered by India’s
comparatively low per capita steel consumption and the expected rise in consumption due to
increased infrastructure construction and the thriving automobile and railways sectors.

13
Benefits Tata Steel Ltd reaped from Government Incentives
 In October 2021, Tata Steel planned to set up more scrap-based facilities that will have a
capacity of at least a billion tonnes by 2025 and
 In August 2021, Tata Steel announced to invest Rs. 8,000 crore (US$ 1.08 billion) in capital
expenditure to develop operations in India in FY22.
 Mr. T.V. Narendran, the newly elected CII president and MD of Tata Steel, in an interview with
The Telegraph, stated that steel companies have firmed their plans to invest ~Rs. 60,000 crore
(US$ 8.09 billion) over the next three years—this is was the biggest private sector investment
plan announced in recent times.
 Tata Steel BSL collaborated with FarEye, a software logistics firm to improve its digital
transformation process.
 Tata Steel has decided to increase the capacity of its Kalinganagar integrated steel plant from 3
million tonnes to 8 million tonnes at an investment of US$ 3.64 billion.
EEPC Award gained by Tata Steel
Way back in 2001, Tata Steel was awarded the All India Trophy for Top Exporters in the category of
Manufacturing Units, Large Scale, Non-SSI for the year 1999-2000, in recognition of the Company's
outstanding contribution to engineering exports by the Engineering Export Promotion Council
(EEPC). Tata Steel has bagged the award consistently over the past decade. The Award was
presented by Sri Rajiv Pratap Rudy, Hon'ble Minister of State for Commerce & Industry,
Government of India, and was received by Dr T Mukherjee, Dy Managing Director (Steel), Tata
Steel, on behalf of the Company in New Delhi today at a function organised by EEPC. Tata Steel's
International Trade Division is the first trading house to be given the ISO-9002 certification in 1996.
Over the year’s exports of Tata have made the company increase its revenue from Rs 552 to Rs 699
which is presented as 27% increase which is attributed to increased activities in trade of steel. The
organization effort of quality observation have been recognized by the International Engineering
Export Promotion Council National Award and they awarded this company with an accolades of
Outstanding Export Performance Award, this has been due to the promotional effort that this
organization has portrayed when the economy of India was very down, they even pumped some
financing into the finance exchange council of this country.

14
Conclusion
In conclusion the achievement of this organization has been tremendous and this has resulted in
expansion to other market outreach, although this is deterred by foreign policies this organization
continues to provide the highest quality steel products and mix products.In recognition to the effort
and the good will by this organization many state should put low constraint on taxation so that it
maybe operational in favored regions which the government of India is very much concerned about
and working round the clock to ensure smooth running of these ventures.
Recommending that the high taxation be resolved in countries that this high standard organization
ought to bring business which will undertake several growth and efficiency oriented projects which
would seize new opportunities in this region. The most important key factors is that the organization
mergers with other organization where they intend to have export promotional and they are deterred
by high taxations.

15
Bibliography
 Tata Steel Ltd (June 30, 2019). Export Finance Sources. Retrieved. January 6th
2021
https://www.tatasteel.com/media
 MBA Skool Team,(February 21, 2017) Pricing Policies. Retrieved January 7th
2021
https://www.mbaskool.com
 Ivy Panda (December18,2021),Export Promotion Practices. Retrieved January 7th
2021,
https://ivypanda.com/essays/tata-steel-product-export-promotion/
 Jayajit Dash(March 22, 2017), Tata Steel looking for new Export Market. Retrieved 9th
January
2021 https://www.business-standard.com/article/companies/tata-steel-looking-for-market-to-
export-innovative-products-117032200206_1.html
 Tata Steel Ltd. Tata Steel Exports During Covid-19 Pandemic. Retrieved January 10th
2021
https://www.tatasteel.com/investors/integrated-report-2020-21
 IBEF (December 17, 2021),Government Incentives to Indian Steel Industry, Retrieved January
11th
2021, https://www.ibef.org/industry/steel.aspx

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