History of Tata Iron & Steel
Tata Iron & Steel is the eleventh largest steelmaker in the world, producing ~26 million tonnes (mt) of liquid steel in 2014.
The timeline below covers the history of the firm.
- 1907: Tata Iron & Steel Co Ltd established by Jamsetji Tata.
- 1911: Blast Furnace operation at Sachi begins.
- 1912: Jamsetji Tata's plant produces its first steel ingot.
- 1912: 8 hour day introduced to maintain employee well-being.
- 1920: Leave-with-pay introduced. This practice was rare pre-1940s.
- 1924: TISCO close to closure as a result of 1920s Depression.
- 1951: Modernisation plan launch - with Kaiser Engineering support.
- 1971: Government attempt to nationalize TISCO fails.
- 1987: Collaboration started with Timken in bearings production.
- 1996: JV with Inland International - creation of Tata Ryerson.
- 2001: Announces closure of steelmaking in Llanwern, South Wales.
- 2004: Acquisition of Singapore based NatSteel for ~$486m.
- 2004: Creation [with SAIL] of the mjunction online trading platform.
- 2005: Acquisition of 40% stake in Thailand's Millennium Steel.
- 2005: TISCO changed its name to Tata Steel.
- 2005: MoU signed for 5mt integrated plant at Jagdishpur.
- 2007: Tata Steel wins bid for Corus against Brazil's CSN.
- 2007: Acquisition of controlling stake in 2 Vietnamese rolling mills.
- 2010: Partial mothballing begins at Tata's TCP plant at Teesside.
- 2011: Tata Steel's Teesside Cast Products (TCP) plant sold to SSI.
- 2011: Llanwern hot strip mill in the UK temporarily mothballed.
- 2012: Blast furnace relit at former Corus Redcar steel plant.
- 2012: Rebuild commences of blast furnace No 4 in Port Talbot, UK.
- 2012: Retirement of Ratan Tata - Cyrus Mistry is new Chairman.
- 2013: Tata Steel Europe reports record GBP 1.2 bn loss.
- 2014: Plan announced to increase capacity 60% to 16 mt by 2020.
- 2015: Announces closure of hot strip mill at Llanwern, South Wales.
- 2015: Closes Scunthorpe plate mill & Dawes Lane coke plant.
- 2015: Discusses sale of European long product business with Greybull.
- 2016: Announces 700 job losses at Port Talbot in South Wales.
- 1904: Jamsetji Tata died in 1904, some years before the project was completed.
- 1907: Ironmaking commenced in Bihar, where rich iron ore deposits had been identified in the early 1900s.
- 1919: The iron and steelmaking factory in Sachi and adjacent township were later named Jamshedpur.
- 1912: At this time, a 12 hour working day was the legal requirement in Britain.
- 1996: Tata Ryerson was a joint venture that would provide industrial materials management services in India.
- 1987: Collaboration with the Timken Co, USA was in the setup of Tata Timken for the manufacture of industrial bearings.
- 2004: www.mjunction.com is an online trading and procurement platform - a joint venture of Tata Steel and Steel Authority of India (SAIL).
- 2007: Expansion in Vietnam by Tata Steel was effected through NatSteel Asia Pte Ltd, Tata's wholly owned Singapore subsidiary. NatSteel Asia acquired a controlling equity stake in SSE Steel Ltd and in Vinausteel Limited.
- 2007: Bid for Corus commenced in October 2006 with a deal signed between Tata Iron & Steel and Corus. Just 4 weeks after this deal was signed, Brazil's CSN launched a counter offer for Corus. Within a few weeks, Tata increased their original offer, which was matched within hours by a yet higher offer from CSN. Some 6 weeks later, Tata Steel won the bid - albeit at a markedly higher price than Tata's original offer.
- 2010: Mothballing of the Teesside plant was considered necessary after the consortium involved in a steel offtake contract [a 10-year deal signed in 2005] pulled out of the steel slab purchasing arrangement, soon after the financial and steel market crisis of summer 2008. Thailand's SSI later purchased the Teesside plant.
- 2011: Mothballing of Llanwern intended as a temporary measure, with HSM restart [subject to steel market demand conditions] anticipated at end-2012.
- 2015: With August 2015 decision to close Llanwern hot strip mill, production of HRC is to be centred on Port Talbot.
- 2015: October 2015 saw the mothballing of Tata Steel's Scunthorpe plate mill, closure of the Dawes Lane coke oven complex, closure of steel plants in Dalzell and in Clydebridge. Other October 2015 steel plant closures in the UK included Redcar in Teeside. In October 2015 the UK's Caparo Industries also went into administration. Cheap Chinese steel imports, a strong pound, high energy costs and other cost burdens [e.g. excessive business rates] were cited as the main reasons for these closures.
- 2015: In December 2015 Tata said it had entered exclusive talks with Greybull Capital to sell a number of plants including its steelworks in Scunthorpe and mills at Dalzell and Clydebridge in Scotland. Greybull is a investment fund that focuses on business turnaround opportunities.
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