Tata Sponge Iron has been renamed Tata Steel Long Products with effect from 20 August 2019.

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Net loss of Tata Sponge Iron reported to Rs 85.99 crore in the quarter ended June 2019 as against net profit of Rs 45.56 crore during the previous quarter ended June 2018. Sales rose 170.02% to Rs 704.59 crore in the quarter ended June 2019 as against Rs 260.94 crore during the previous quarter ended June 2018.

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The Board of Tata Sponge Iron has approved the appointment of Sanjay Kumar Shrivastav as the Joint Chief Financial Officer of the Company and designated him as the KMP effective 29 July 2019.

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Tata Sponge Iron announced that India Ratings and Research Private Limited has assigned a Long-Term Issuer Rating of 'IND AA' to the existing / proposed bank facilities of Tata Sponge Iron (“the Company”). The Outlook is Stable. The instrument-wise rating actions are as follows:

Term loan (Rs 2900 crore) - IND AA/Stable (Assigned)
Proposed long-term loan (Rs 100 crore) - Provisional IND AA/Stable (Assigned)
Proposed working capital limit (Rs 2000 crore) - Provisional IND AA/Stable/Provisional IND A1+ (Assigned)
Commercial Paper (Rs 4000 crore) - IND A1+ (Affirmed)

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