Tata Steel Q1 net profit jumps 75 per cent to Rs 960 crore
The company's revenue from operations during the first quarter declined 8 per cent year-on-year to Rs 54,771 crore compared to Rs 59,490 crore in the same period last year.
Tata Steel has left the Indian Steel Association (ISA), an apex steel industry body, the company announced on Tuesday.
Subsequent to it, Tata Steel’s CEO and Managing Director (MD) T V Narendran has also stepped down from the Presidentship of the Association.
His tenure was scheduled to end in August.
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A Tata Steel spokesperson confirmed the development saying, “Tata Steel has withdrawn its membership from the Indian Steel Association (ISA) owing to various considerations.”
“Accordingly, T V Narendran, CEO & MD, Tata Steel, has stepped down from his position as the incumbent President, ISA.” An ISA official also confirmed Narendran’s sudden resignation.
An ISA President is elected for a period of two years.
Narendran is also a member of the Executive Committee of the global body World Steel Association (worldsteel).
ISA has country’s leading steel makers as its members. These include JSW Steel Ltd, Steel Authority of India Ltd (SAIL), Rashtriya Ispat Nigam Ltd (RINL), Jindal Steel And Power Ltd (JSPL) and ArcelorMittal Nippon Steel Ltd.
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