TATA Steel said that it is planning to bring specialty steel from its European operation to India as a part of its strategy to push products of the company's wholly owned European subsidiary to new markets.

TATA Steel managing director Mr HM Nerurkar told reporters that "Our European operation has high technology products and we are planning to bring those products which are currently being imported to the country (India).”

Since India was an importer of specialty steel, the products of TATA Steel Europe, the European arm of the company, had a market in the country.

Mr Nerurkar said TATA Steel, the biggest Indian steel company, was currently in the process of finalising quality and grades of the product and selecting probable customers of those products.

He added that everything regarding bringing European products to India would be finalised in another two months. This move of the steel major could pave the way for its European subsidiary to optimise its capacity.

Currently, the subsidiary is utilising around 85% of its production capacity.

TATA Steel's European business contributes 61% of its total revenue, but its European business reported a net loss of INR 4,240 crore during 2011-12.

Source - IANS

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