Tata Steel shuts Odisha plant due to raw material crunch

Written By Unknown on Sabtu, 09 Agustus 2014 | 23.25

The suspension of operations at Sukinda and Bamnipal would mean more than 6,000 job cuts, the company said.

Tata Steel  Ltd has shut down one of its ferro alloys plants in Odisha due to a raw material shortage linked to the suspension of a mining license, the company said in a statement late on Friday.

Tata Steel sourced ore for the 50,000 tonne-per-year Bamnipal plant from its captive chromite mine in Sukinda, operations of which were suspended in May.

The plant was run with available inventory before being shut on Aug. 4. The suspension of operations at Sukinda and Bamnipal would mean more than 6,000 job cuts, the company said.

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Tata Steel stock price

On July 28, 2014, Tata Steel closed at Rs 547.55, down Rs 9.6, or 1.72 percent. The 52-week high of the share was Rs 578.60 and the 52-week low was Rs 195.40.


The company's trailing 12-month (TTM) EPS was at Rs 66.02 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 8.29. The latest book value of the company is Rs 629.60 per share. At current value, the price-to-book value of the company is 0.87.


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