Koushik Chatterjee

The effectiveness and timing of the CBAM effect and the trade-related quotas will determine how quickly the imports retreat from the EU market and the utilization of the local steel industry increases, which will have positive implications on the price regime.

The U.K. is behind the curve as far as the EU is concerned or comparative to the EU is concerned as far as these initiatives are taken.

We are also looking at prioritization, optimization, and sequencing on the CapEx such that it is affordable for all stakeholders.

The goal of getting that breakeven is very important for us as a company, and we continue to chase that. The market has been very volatile, and you understand that.

Without the cost savings, EBITDA would have been down because we are low on the volume. That is for sure.

The cost takeout in Tata Steel India started in 1995 and never stopped. All that we are saying is we are upping the game to make it more structural and make it larger in size.

Our focus is the very fact that we are putting up a DRI and EAF is because we have a pellet plant. And therefore, we said we will be focused on a gas-based solution at this point of time, and any funding support will be based on a gas-based solution.

We are more focused around 2.75 level and on a steady-state basis. That has been our focus. Our capital allocation is very clear that we will not want to have the growth at the cost of debt.

Our target is to ensure that we achieve a neutral to positive breakeven... by June of 2025.

We are one of the lowest cost producers of steel in the world, and that allows us to make money even at these prices in India.

The underlying performance, though, has actually improved on quarter-on-quarter.

We have now proposed to close both the high emission blast furnaces and coke ovens in a phased manner in 2024, and will commence the statutory consultation process about restructuring as we transition to a EAF-based steelmaking at a cost of about GBP 1.25 billion, with GBP 500 million support from the U.K. government.