Business
Govt must monitor unfairly priced steel imports, says Tata Steel CEO TV Narendran – The Times of India
NEW DELHI: Govt must keep a watch on unfairly priced steel imports, Tata Steel MD and CEO TV Narendran told TOI in an interview, while adding that the price of the key industrial product is expected to rise in the domestic market in the current quarter. He also said that EU’s carbon border tax (CBAM) will have little impact on Tata Steel’s Indian operations and is a positive for its Europe business, as it levels the carbon cost for all suppliers selling into the region.Tata Steel CFO Koushik Chatterjee said the company managed to protect its margins in one of the toughest years for the steel industry in five years and that the India-EU FTA is an opportunity for Indian companies to transition into low-carbon technologies to export into the EU. Excerpts:PAT has jumped sharply year on year. How do you see the third quarter numbers?Chatterjee: The last three quarters’ consolidated numbers had an almost consistent EBITDA margin of about 15% in spite of very weak markets, especially in the second and the third quarter. It is attributable to the cost-takeout program that we announced in the beginning of the year, and we are almost on track, except in the Netherlands, where delays in the negotiations with the unions have pushed timing. What would have come by March will come now around June once the restructuring is completed. Our target has been to be in that zone of 15% EBITDA margin consolidated, which is essentially in the region of 22 to 24% for a standalone basis. With the Kalinganagar plant now commissioned almost fully and the downstream products mix also coming into play, India margins will look to expand. In the Netherlands we should see margin expansion because of consistent operating performance and two big regulatory impacts — CBAM, which will push the price up, and tariff quotas, which will come in from July. Overall, in one of the most challenging years in the last four or five years, we have been able to maintain this, we should be holding on to our cost gains and building on it. When the market provides that tailwind, we should be in a better position.Global and Indian steel prices have been weak. What is your outlook on margins for the next two quarters?Narendran: Steel prices seem to have hit its bottom in the last quarter. We are expecting steel prices to go up in India; realizations will be about Rs 2,200 higher per tonne for India for Tata Steel in the fourth quarter compared to the third. While the spot prices have started going up, the realizations quarter on quarter for us will be down about Rs 3,200 because of the mix, because we’re selling more volumes and some of the lower-price segments even though spot prices are up. Overall, we expect margins to be better in Q4. Volumes are also better for us in Q4 compared to Q3, by almost half a million tonnes and hopefully the momentum will carry on. We are watchful on coking-coal prices which have also gone up by about $50 in the last few weeks. The worst is behind us.Given India’s dependence on imported coking coal, are you seeing any structural relief on sourcing, or is cost volatility continuing?Narendran: Coking coal is not a very liquid market; it’s highly volatile depending on one-off events. If bad weather in Australia impacts ports, then coking coal prices shoot up. That’s a problem compared with iron ore, which is a much more liquid market for Tata Steel India. Most of the coal we import will be from Australia because that’s the best coal for us. The US trade deal opens up options from the US but those are not suitable for most of Tata Steel’s coal carbons because we use a technology called stamp charging for which Australian or Indian coal is better. The US coal is not so great… We buy some volumes for India where we use top-charged coal, coke-making technology at small volumes, but we buy coal from the US for the Netherlands. This will be a volatile market.On CBAM, how do you view the EU’s CBAM regulation and what impact will it have on your business?Narendran: CBAM is actually a carbon-equalization tax; it is less of a trade issue and more of a carbon-equalization tax. We operate in Europe, where we pay a carbon tax in Europe and CBAM ensures that anyone who sells in Europe pays the same carbon tax. So CBAM is positive for our European operation. We don’t sell much steel from India to Europe. So we are not impacted by CBAM significantly for the Indian operation.Indian steel volumes have been very strong. Which sectors are driving demand, and do you see any early signs of slowdown?Narendran: Indian steel demand has been strong. We’ve always said over the last few years that steel demand growth in India will be at a higher growth rate than the GDP growth rate because it’s investment-led growth. Earlier it used to be more consumption-led growth. So, if GDP was growing at 7%, steel demand would grow at 5%. Now when GDP is growing at 7%, we are seeing steel demand grow at 9-10%. We are seeing strong growth across sectors. Automotive is very strong. Construction is also continuing to pick up because of infrastructure spending. Some concerns have been payments from state governments; particularly the MSME sector gets impacted when projects’ payments come late, so liquidity has been a bit of a concern in the market. Otherwise, from a pure demand point of view, the Indian demand story has been great.How confident is Tata Steel in maintaining current utilisation levels at its Indian factories amid imports and rising competition?Narendran: We’ve always had among the highest capacity utilizations in the country. We are pretty much at 100% all the time, every year apart from the COVID year. Otherwise, we run full out unless there is a planned shutdown like blast-furnace refractory linings. Largely we are confident because we have a very strong franchise in the domestic market. Our exports are typically 5–10% of production because we are able to sell all that we produce in the domestic market. I don’t see that as a problem. We work well in advance of production to develop inroads in the market.How do you see the India-EU FTA impacting Tata Steel, given your international operations, and will it help collaboration on green steel?Chatterjee: One important thing in the FTA has been that CBAM has been kept as a carbon-equalisation measure because local players in the EU pay that carbon cost. CBAM itself is meant to trigger transition to green steel. We are seeing that in the Netherlands where we are involved and others of our peers are doing that and it may help Indian companies move towards a green-steel configuration especially those who want to export into the EU. To export into the EU you have to reduce your carbon footprint and modify technologies which will ensure CO2 levels go down. The carbon tax or the EU ETS tax will be a hindrance in exporting competitively into the EU. If the EU increases spending on defence, infrastructure and engineering, it can become an attractive market needing low-carbon steel. It is an opportunity for Indian companies to think about transiting into low-carbon technologies and making green steel if they have interest in exporting into the EU.How effective have recent safeguards by the Indian govt been in protecting the steel industry, and what more does the industry expect from the government?Narendran: The safeguard has been helpful. When it was announced, it was for six months, which created uncertainty; the notification ended in Nov and there was a period when it was not sure if it would get extended. That confirmation is helpful to give us long-term certainty. It’s been extended for another two years which is good. While we had originally asked for more safeguard, even this level is fine for the time being. Our ask of the government is always to keep a watch on unfairly priced imports. The steel sector is the biggest private-sector capital investor in the country and we shouldn’t be derailed by unfairly priced imports from countries and companies who are not making money at those prices. The second part is whenever there are trade complaints action should be taken fast because the damage is caused fast. The third part, which is already getting addressed in the budget, is to continue to spend on infrastructure because that not only helps demand for steel but also lowers the cost of doing business outside factory gates — logistics and transportation costs are important components of our costs. These are the areas where we can get help from the government, which we’re getting.What are Tata Steel’s top priorities over the next three years?Narendran: First, continued growth in India, not only in volume but also in terms of the right product mix. We will keep investing in downstream businesses. Second, transformation in Europe both in terms of financial performance in the UK as well as moving to greener process routes in the UK and the Netherlands. Third, in the Netherlands, where we are dealing with some challenges to our social licence to operate, we need to address those.There is a probe underway by the CCI against major steel players, including Tata Steel. What is your response, and have there been any discussions with the government?Narendran: We will follow due process. These are allegations being made and we have accessed the report and are reviewing it. From what we’ve seen, the commentary is more on steel prices moving up and down; steel prices reflect global prices and commodity movements like coking coal costs. It’s very open and transparent so we will make our submissions to the CCI. We will have the opportunity over the next few months and we feel we’ve done nothing wrong. Steel prices move up and down. We’ve also had the lowest steel prices in the last few three years so I don’t think anyone anywhere can control steel prices simply because it’s a global product and its price is determined by international factors. We’ll make a submission to the CCI and hopefully they will hear and appreciate our point of view.
Business
India adopts quota-based auto duty cuts, alcohol tariff relief under US pact; export access widens – The Times of India
Benchmarking its market access strategy to product sensitivity, India will grant quota-based duty concessions in the automobile sector while offering market access to alcoholic beverages under tariff reduction and minimum import price-based formulations under the trade pact with the United States, the government said on Monday, PTI reported. Under the agreement, tariffs on $30.94 billion of India’s exports will be reduced from 50 per cent to 18 per cent, while reciprocal tariffs on another $10.03 billion will be eliminated.
“This means a substantial share of Indian goods entering the US market will now face either sharply lower tariffs or completely duty-free access, significantly improving price competitiveness,” the government said.The government said $1.36 billion of Indian agricultural exports will receive zero additional US duty access. Key products include spices, tea, coffee, fruits, nuts and processed foods.
Sectoral gains across textiles, gems, agriculture
Sensitive sectors such as automobiles have been liberalised through a mix of quota and duty reduction mechanisms. According to an official, India is not granting any duty concessions on electric vehicles to the US.Medical devices have been placed under long and staggered phasing schedules, while precious metals and other sensitive industrial products are being managed through quota-based tariff lowering.“Alcoholic beverages have been offered under tariff reduction along with minimum import price-based formulations, consistent with India’s approach in other FTAs (free trade agreements),” it added.Listing sectoral gains, the government said tariffs on textile exports will be cut from 50 per cent to 18 per cent, while silk will get nil duty access, opening opportunities in the US textile market valued at $113 billion.Tariffs for the domestic gems and jewellery sector will also fall to 18 per cent, providing preferential access to the US market valued at $61 billion.“In addition, 0 per cent duty market access has been secured for major product categories including diamonds, platinum and coins, covering a US market of $29 billion,” it added.Key export segments expected to gain include cut and polished diamonds, lab-grown synthetic diamonds, coloured gemstones, synthetic stones and articles made of gold, silver and platinum.
Agri access structured by sensitivity, protection retained
India maintains a $1.3 billion trade surplus in agricultural trade with the US, with exports of $3.4 billion and imports of $2.1 billion in 2024, the government said.The United States will apply zero additional duty on Indian exports worth $1.36 billion. Beneficiary items include spices, tea, coffee, copra, coconut oil, cashew nuts, chestnuts, avocados, bananas, guavas, mangoes, kiwis, papayas, pineapples and mushrooms.Cereals such as barley and canary seeds, bakery products, cocoa and cocoa preparations, sesame and poppy seeds, and processed food products such as fruit pulp, juices and jams will also benefit.In line with India’s existing FTA approach, agricultural market access has been structured based on product sensitivity, including immediate duty elimination, phased elimination of up to 10 years, tariff reduction, margin of preference and tariff rate quota mechanisms.Highly sensitive agricultural sectors remain fully protected under an exemption category. These include meat, poultry, dairy products, GM food products, soyameal, maize and cereals.For select sensitive products, tariff reduction has been applied to maintain measured duty protection. Examples include plant parts, olives, pyrethrum and oil cakes.Certain highly sensitive items have been liberalised under tariff rate quotas (TRQs), allowing limited quantities at reduced duties. These include in-shell almonds, walnuts, pistachios and lentils.Phased tariff elimination of up to 10 years has been offered for certain intermediate food processing inputs sourced from multiple countries, including albumins, coconut oil, castor oil, cotton seed oil and plant derivatives.“Immediate duty elimination has been offered only for select non-sensitive products that are already liberalised under other FTAs,” it said.
Industrial goods and digital trade framework
For industrial goods, the agreement secures zero additional duty access for exports valued at $38 billion, the government said.India will get zero reciprocal duty access in key industrial categories including gems and diamonds, platinum and coins, clocks and watches, essential oils, inorganic chemicals, paper articles, plastics, wood products and natural rubber.Market access for American industrial goods has been structured strictly based on product sensitivity, combining immediate tariff elimination, phased reduction of up to 10 years and quota-based access.In digital trade, India’s digitally delivered services exports stood at $0.28 trillion in 2024, growing 10.3 per cent year-on-year.India ranks fifth globally in digitally delivered services exports and eleventh in imports, while the US ranks first in both categories.“A structured digital trade framework between the two countries reduces regulatory uncertainty, lowers compliance friction and facilitates smoother cross-border service delivery,” the government said.
High street beauty brand Barry M has been bought out of administration by cosmetics firm Warpaint for £1.4 million.
The acquisition includes the brand and intellectual property, but not Barry M’s factory and staff.
London-listed Warpaint, which owns make-up brands W7 and Technic, said it expects the move to help it grow into key retail channels in the UK.
Barry M has stands in more than 1,300 stores including Superdrug, Boots, Sainsbury’s and Tesco, as well as selling products online.
The British brand is known for its colourful nail varnishes and affordable make-up, positioned as vegan and cruelty-free, having grown to become staples of the UK high street.
It was founded by Barry Mero in 1982, with the leadership of the business passed down to his don Dean Mero after his death in 2014.
The brand moved to appoint administrators last year after warning over “geopolitical issues” and rising prices which it said were absorbed into its cost base.
It nonetheless generated a £17.4 million turnover and a £172,000 pre-tax profit for the year to the end of February 2024, according to its most recently published results.
It had more than 120 staff on average during the year, with most employed at its manufacturing site in London.
Warpaint, whose products are also stocked in high street retailers, told investors that earnings for the 2025 financial year were expected to come in at around £22 million.
But it said the collapse of beauty retailer Bodycare last year and subsequent closure of all its stores negatively impacted the group, as it was a significant retail customer of its brand Technic.
Last Updated:
The founder of Dairy Milk, John Cadbury, was a staunch opposer of alcohol who believed that cocoa-based drinks could offer a healthier substitute
The defining moment in Cadbury’s history arrived in 1905 with the launch of Dairy Milk chocolate.
With Valentine’s Day just around the corner, the celebrations begin well in advance, and February 9 is marked as Chocolate Day. For many, the very thought of chocolate instantly brings Cadbury Dairy Milk to mind. As millions exchange the iconic purple bar with friends and loved ones, few pause to consider the long and fascinating journey behind one of the world’s most recognisable chocolate brands.
Cadbury, today the world’s largest chocolate company and a part of Mondelez International, traces its origins back nearly 200 years to the United Kingdom. Interestingly, the brand was born not out of indulgence, but as a moral alternative to alcohol.
The story began in 1824 on Bull Street in Birmingham, where John Cadbury opened a small grocery shop. At the time, there was a strong resistance in the UK against alcohol, and Cadbury was a staunch opposer of alcohol who believed that cocoa-based drinks could offer a healthier substitute.
At his stall, Cadbury sold tea, coffee and drinking chocolate, preparing the cocoa himself using a mortar and pestle. The chocolate drink, promoted as a temperance beverage, quickly gained popularity. By 1831, growing demand pushed Cadbury to move from retail to manufacturing, and he acquired a warehouse to scale up production, with his sons George and Richard joining the business.
By the early 1840s, Cadbury was producing 11 varieties of cocoa and 16 kinds of drinking chocolate. In 1847, when John’s brother Benjamin joined the venture, the business was renamed Cadbury Brothers, and a factory was set up on Bridge Street. Recognition followed soon after. In 1854, Cadbury received a Royal Warrant from Queen Victoria, granting the company the honour of supplying chocolate to the British Royal Family.
The company faced turbulence in the 1860s when John Cadbury’s health declined, forcing him into retirement. Financial losses mounted, but his sons managed to turn the business around. A major breakthrough came in 1866 with the purchase of a cocoa press from the Netherlands, which enabled the extraction of pure cocoa butter. This innovation marked the introduction of unadulterated cocoa to Britain, replacing earlier mixtures that used flour or potato starch.
In 1879, Cadbury relocated its factory to Bournville, on the outskirts of Birmingham. The move was historic not just for the business, but for industrial welfare in the UK. The company built houses, schools, parks and hospitals for its workers, creating a model village with no pubs, reflecting the company’s anti-alcohol roots.
The defining moment in Cadbury’s history arrived in 1905 with the launch of Dairy Milk chocolate. Made with a significantly higher milk content, the bar went on to become the company’s most successful product and remains a bestseller more than a century later.
Cadbury continued to expand through the 20th century, entering partnerships and mergers, including a tie-up with JS Fry & Sons in 1919 and a merger with Schweppes in 1969 to form Cadbury Schweppes. In 2010, the company was acquired by Kraft Foods, now Mondelez International, in a £11.5 billion deal.
Over the years, Cadbury has also left a cultural imprint. It introduced the world’s first heart-shaped chocolate box in 1868, now synonymous with Valentine’s Day. Today, the company produces over 500 million chocolates annually and operates in more than 50 countries. In Birmingham, Cadbury World continues to draw over 6,00,000 visitors every year, offering a glimpse into the chocolate-making process.
In India, Cadbury Dairy Milk has become a household name, woven into celebrations, festivals and everyday moments.
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February 09, 2026, 20:39 IST
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