Tata Steel may adopt alternate technology

Kolkata: Tata Steel plans to implement alternate technology used by the British steel maker Corus, which it acquired recently, in its greenfield steel plants to reduce cost of production, according to Mr B. Muthuraman, Managing Director, Tata Steel.

“We are looking at alternate technology. Corus has developed an alternate technology, which could be implemented in our greenfield plants,” Mr Muthuraman told newspersons on the sidelines of the 34th National Management Convention organised by the All-India Management Association here on Friday. However, he declined to give further details on the type of technology the Indian steel giant plans to implement.

On the synergy that Tata Steel will derive after the acquisition of Corus, Mr Muthuraman said the company will be able to save nearly $400 million in the first three years and thereafter the savings will be $400 million every year. According to him, the steel prices are likely to remain stable for the next two to three years barring a few short-term fluctuations.

The company plans to prepare a vision document for 2015 by the end of this year.