Indian steelmaker Tata Steel will invest $1.18 billion to increase its annual iron ore production capacity from 40 million to 55 million tons at its Noamundi, Joda, and Katamati mines. The company aims to strengthen its raw material base and modernize operations to meet global industry challenges, according to Atul Bhatnagar, CEO of Ores, Mines, and Quarries (OMQ).
Tata Steel plans to participate in upcoming mining auctions in three states, including Odisha, and is working on patenting two mining-related technologies. Steel production in India rose by 5% year-on-year to 16.2 million tons in the first nine months of FY2024/2025, with shipments increasing by 5.9% to 15.3 million tons.
In FY2023/2024, Tata Steel recorded a 4% increase in steel production, reaching 20.8 million tons, while shipments grew by 6% to 19.9 million tons. Domestic sales rose by 9%, driven by growing demand and the company’s flexible business model.
