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July 18, 2001
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Money > Reuters > Report July 18, 2001 |
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Tisco ranked top steel-maker by US bodyIndia's largest private sector steel-maker Tata Iron and Steel Company said on Wednesday that it had been ranked first among 12 of the world's top steel firms by US consultancy World Steel Dynamics. According to excerpts released by Tisco of an international study carried out by the consultancy, the Indian steel-maker ranks ahead of French steel giant Usinor and South Korea's Pohang Iron and Steel Co which are second and third. "We have been ranked India's only world class steel maker," Tisco managing director Jamshed Irani told a news conference called to announce the firm's top ranking in the study. Brazilian firm CSN ranks fourth, China's largest steelmaker Shanghai Baosteel is fifth, followed by Taiwan's China Steel Corp, Brazil's Gerdau and US firmNucor Corp. World Steel Dynamics ranked the companies against several parameters, including operating costs, ownership of low cost iron ore, location, workforce, electricity costs, product quality, balance sheet and position in the domestic market. Tisco has been awarded the top score of 10 on two parameters: ownership of low cost iron ore and coking coal, and favourable location for procuring raw materials. Its lowest score of five is against ownership of downstream steel-using businesses. Irani said Tisco's manufacturing cost per tonne of steel was $152 in the previous financial year to March, among the lowest in the world. Excerpts of the survey quoted in a Tisco statement described the company as "highly profitable" and said it "may be generating excess cash flows in 2001". "A new 1.2 million tonne per year cold-rolling and galvanising complex will improve its product mix," it said, adding the complex could add about $50 million per annum to operating profit when it was ramped up in the next two years. Tisco's news conference was held ahead of a board meeting to consider its results for the quarter to June 30, due to be announced later in the day. A Reuters poll of 12 brokerages released last week predicted profit in April-June would rise by a median 7.7 per cent year-on-year to Rs 1.09 billion, and sales would drop 6.22 per cent to 16.21 Rs billion.
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