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The Board of Tata Steel on 22 November 2023 has approved the allotment of 7,58,00,309 fully paid-up equity shares of the Company of face value Rs 1/- each, to eligible shareholders of Tata Steel Long Products (TSLP) as on the record date i.e. 17 November 2023 (Record Date), in the share exchange ratio of 67:10 i.e., 67 fully paid-up equity shares of the Company of face value Rs 1/- each to be allotted for every 10 fully paid-up equity shares of TSLP of face value Rs 10/- each, in terms of the Scheme of Amalgamation as approved and sanctioned by the Hon'ble National Company Law Tribunal (‘Hon'ble NCLT'), Mumbai Bench vide order dated 20 October 2023 and the Hon'ble NCLT, Cuttack Bench vide order dated 18 October 2023.

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Tata Steel Long Products (TSLP) announced that the scheme of amalgamation among TSLP and Tata Steel has become effective on and from 15 November 2023. With the Scheme of Amalgamation coming into effect, TSLP stands dissolved without winding up and accordingly, the Key Managerial Personnels (KMP) of TSLP shall cease to hold their positions and cease to be the KMPs of TSLP.

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Tata Steel Long Products has received the true copy of the order of the National Company Law Tribunal, Cuttack Bench that sanctioned the scheme of amalgamation amongst Tata Steel Long Products and Tata Steel and their respective shareholders

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Net sales jumped 57.7% year on year to Rs 2,947.60 crore in the quarter ended 30 September 2023.

The company reported a pre-tax loss of Rs 436.57 crore in the second quarter of FY24 as against a pre-tax loss of Rs 775.24 crore posted in Q2 FY23.

Total expenses stood at Rs 3,442.03 crore in Q2 FY24, up 27.66% YoY. Cost of materials consumed was at Rs 1,775.57 crore (up 30.74% YoY) while employee benefits expenses came in at Rs 119.60 crore (up 12.73% YoY) during the period under review.

On half-yearly basis, the company reported a consolidated net loss of Rs 677.27 crore in H1 FY24 from Rs 977.31 crore in H1 FY23. Revenue was at Rs 6,515.84 crore in H1 FY24, registering a growth of 68.7% YoY.

Tata Steel Long Products has presence across the entire value chain of steel manufacturing from mining and processing iron ore to producing and distributing steel based long products. The company also has sponge iron manufacturing facility and captive power plants generating power from waste heat and thermal coal.

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