make a project report on TISCO , it's origin and expansion
Answers
History
Tata Steel's Jamshedpur plant at night
Tata Iron and Steel Company (TISCO) was founded by Jamsetji Tata and established by Dorabji Tata on 26 August 1907. TISCO started pig iron production in 1911 and began producing steel in 1912 as a branch of Jamsetji's Tata Group.[10][11][12] The first steel ingot was manufactured on 16 February 1912. During the First World War (1914-1918), the company made rapid progress. By 1939, it operated the largest steel plant in the British Empire. The company launched a major modernization and expansion program in 1951. Later, in 1958, the program was upgraded to 2 million metric tonnes per annum (MTPA) project.[10] By 1970, the company employed around 40,000 people at Jamshedpur, and a further 20,000 in the neighbouring coal mines.[11] In 1971 and 1979, there were unsuccessful attempts to nationalise the company.[11] In 1990, the company began to expand, and established its subsidiary, Tata Inc., in New York. The company changed its name from TISCO to Tata Steel Ltd. in 2005.[13]
Tata Steel on Thursday, 12 February 2015 announced buying three strip product services centres in Sweden, Finland and Norway from SSAB to strengthen its offering in Nordic region. The company, however, did not disclose the value of the transactions.[14]
In September 2017, ThyssenKrupp of Germany and Tata Steel announced plans to combine their European steel-making businesses. The deal will structure the European assets as Thyssenkrupp Tata Steel, an equal joint venture. The announcement estimated that the company would be Europe's second-largest steelmaker, and listed future headquarters in Amsterdam.[15]
Acquisitions
NatSteel in 2004: In August 2004, Tata Steel agreed to acquire the steel making operations of the Singapore-based NatSteel for $486.4 million in cash.[16] NatSteel had ended 2003 with turnover of $1.4 billion and a profit before tax of $47 million.[16] The steel businesses of NatSteel would be run by the company through a wholly owned subsidiary called Natsteel Asia Pte Ltd.[16] The acquisition was completed in February 2005.[17][18] At the time of acquisition, NatSteel had a capacity of about 2 million tonnes per annum of finished steel.[18][19]
Millennium Steel in 2005: Tata Steel acquired a majority stake in the Thailand-based steelmaker Millennium Steel for a total cost of $130 million. It paid US$73 million to Siam Cement for a 40% stake and offered to pay 1.13 baht per share for another 25% of the shares of other shareholders.[20][21] For the year 2004, Millennium Steel had revenues of US$406 million and a profit after tax of US$29 million.[19] At the time of acquisition, Millennium Steel was the largest steel company in Thailand with a capacity of 1.7 million metric tonnes per annum, producing long products for construction and engineering steel for auto industries.[19] Millennium Steel has now been renamed to Tata Steel Thailand and is headquartered in Bangkok.[22] On 31 March 2013, it held approx. 68% shares in the acquired company.[4]
Corus in 2007: On 20 October 2006, Tata Steel signed a deal with Anglo-Dutch company, Corus to buy 100% stake at £4.3 billion ($8.1 billion) at 455 pence per share.[23] On 19 November 2006, the Brazilian steel company Companhia Siderúrgica Nacional (CSN) launched a counter offer for Corus at 475 pence per share, valuing it at £4.5 billion. On 11 December 2006, Tata preemptively upped its offer to 500 pence per share, which was within hours trumped by CSN's offer of 515 pence per share, valuing the deal at £4.9 billion. The Corus board promptly recommended both the revised offers to its shareholders. On 31 January 2007, Tata Steel won their bid for Corus after offering 608 pence per share, valuing Corus at £6.7 billion ($12 billion).
In 2005, Corus employed around 47,300 people worldwide, including 24,000 in the UK.[23] At the time of acquisition, Corus was four times larger than Tata Steel, in terms of annual steel production. Corus was the world's 9th largest producer of Steel, whereas Tata Steel was at 56th position. The acquisition made Tata Steel world's 5th largest producer of Steel.[23]
See also: Tata Corus acquisition
Steel Engineering and Vinausteel in 2007: Tata Steel through its wholly owned Singapore subsidiary, NatSteel Asia Pte Ltd, acquired controlling stake in both rolling mill companies located in Vietnam: Structure Steel