Tata Steel | 118th Annual General Meeting

Good afternoon. A few mandatory announcements on safety for people present at the venue. These premises have been audited for safety protocol. There are two exits in front of the dais. In case of an emergency, kindly use the exits and assemble at the assembly point on the ground floor and await further instructions. Please do not re-enter the premises.

Dear shareholders, welcome to the 118th annual general meeting of Tata Steel Limited. This meeting is being conducted over audiovisual means. My name is Parvati Sam Kanchinadam and I'm the company secretary and chief legal officer of the company. I would like to take you through certain details relating to your participation at this meeting.

The facility of joining this AGM through audiovisual means is being made available for members on a first-come, first-served basis. All members who have joined this meeting are by default placed on mute mode by the host to avoid disturbance arising from background noise and to ensure smooth and seamless conduct of the meeting. Once we commence the question and answer session, the chairman will sequentially announce the names of shareholders who have conveyed their desire to speak at this meeting. Upon being called, the host will give appropriate access to the concerned shareholder to speak. Before you commence speaking, please be mindful of the following: use earphones so that the narrative is clearly audible to all participants; remember to minimize noise in the background; ensure that you have a strong Wi-Fi connection and that the same is not connected to any other device; ensure that there are no other background applications running on the device that you're connected from; remember to switch on the video and ensure that you have adequate background lighting at your place. If you are unable to join through video for any reason, request you to kindly speak through the audio means.

If the speaker shareholder has a connectivity problem, we will call on the next speaker to join. Once the connectivity improves, the speaker shareholder may again be called to speak only after all the other registered speaker shareholders have spoken. During the course of the AGM, shareholders facing technical difficulties may kindly contact the helpline number provided in the notice convening this meeting. A request to all speaker shareholders: we have many shareholders who have registered to speak today. Therefore, in the interest of time and in the interest of providing all speaker shareholders a fair opportunity of being heard, we request all speaker shareholders to please be brief and avoid asking questions if they have already been asked by an earlier shareholder.

As you're aware, the Companies Act of 2013 and SEBI Listing Regulations 2015 provide for electronic voting. Accordingly, the company has provided to its members the facility to cast their vote through the remote electronic voting system administered by NSDL. Facility for voting at this meeting is also being made available for those members who have not cast their vote through the remote electronic voting system and are participating in this meeting. This electronic voting system will be made available during the meeting once announced by the chairman. Members who have not yet cast their vote and wish to do so may please visit NSDL's e-voting website and cast their vote while continuing to watch the proceedings of this meeting. Members who have already cast their votes through the remote electronic voting before this AGM shall not be allowed to vote again during the AGM or change their casted vote. Mr. P. N. Parikh of Parikh and Associates, practicing company secretaries, have been appointed as scrutinizer to scrutinize the remote e-voting process before the AGM as well as during the AGM. Since the AGM is being held through audiovisual means and the resolutions forming part of the notice convening this meeting have already been put to the remote electronic voting system, the practice of proposing and seconding of resolutions is not required and will not be followed in this meeting. Thank you for your attention. Over to you, chairman.

Good afternoon, shareholders. My name is Noel N. Tata. I'm a non-executive director and the vice chairman of the board of Tata Steel Limited. I am participating in this AGM through video conference from my residence in Mumbai. I am also the chairperson of the Safety, Health and Environment Committee of the board. Thank you.

Good afternoon, shareholders. My name is Deepak Kapoor. I am an independent director on the board of Tata Steel Limited. I am participating in this AGM through video conference from New Delhi. I'm the chairperson of the Audit Committee and the Corporate Audit, Responsibility and Sustainability Committee. I'm also a member of the Nomination and Remuneration Committee of the board. I also serve as the chairperson of Tata Steel Minerals Canada and as independent director on the board of Tata Steel Europe. Thank you.

Good afternoon, shareholders. I am Vijayakumar Sharma. I am an independent director on the board of Tata Steel Limited. I am participating in this AGM through video conference from Dubai. I am also chairperson of the Nomination and Remuneration Committee. Thank you.

Good afternoon, shareholders. I serve as an independent director on the board of Tata Steel Limited. I am chair of the Risk Management Committee and member of the Audit Committee as well as the Safety, Health and Environment Committee. Thank you.

Good afternoon, shareholders. My name is Shakhar Mande. I am an independent director on the board of Tata Steel Limited. I am participating in this AGM through video conferencing from Delhi. I am a member of the Corporate Social Responsibility and Sustainability Committee of the board. Thank you.

Good afternoon, shareholders. My name is Pramod Agarwal. I am an independent director on the board of Tata Steel Limited. I am participating in this AGM through video conference from Ranchi. I am the chairperson of the Stakeholders Relationship Committee of the board. I'm also a member of the Audit Committee and the Safety, Health and Environment Committee of the board. Thank you.

Good afternoon, shareholders. My name is Sourabh Bhargava. I am a non-executive director on the board of Tata Steel Limited. I'm participating in the AGM through video conferencing from Mumbai. I'm a member of the Audit Committee and the Risk Management Committee of the board. Thank you.

Thank you, chairman. Good afternoon, shareholders. During FY25, the global operating environment, as the chairman mentioned, was complex, leading to challenging market conditions and pressures on the steel spot spreads. Despite this, Tata Steel has been able to achieve meaningful progress on multiple areas. At Tata Steel, we are committed to creating sustainable value and are driving this through the six pillars which we've depicted on this page. On safety and health, which is a top priority, we are committed to a zero-harm workplace and our lost time injury frequency rate has come down significantly over the last decade and a half, and we remain steadfast in our endeavors to further improve. We have set up safety alert command centers at operational sites and are leveraging AI to bolster safety practices. Safety and health considerations are seamlessly integrated into our monthly review processes, promoting accountability across the organizational levels. Social value creation is not just an ancillary responsibility but an integral part of the way we define success in Tata Steel. We remain committed to building enduring relationships with communities, customers, partners, and stakeholders through inclusive engagement and shared value creation. During the year, our programs impacted the lives of more than 5.7 million people from vulnerable sections of society. We are guided by the philosophy of responsible growth and are committed to net zero by 2045. Our route and pace of decarbonization will be calibrated across geographies based on local regulation, government support and market demand among other factors. We believe that the steel of tomorrow must not only be innovative and stronger but also cleaner as well. In India, we are steadily progressing on the setting up of the electric arc furnace at Ludhiana and are also conducting various pilot projects to reduce our carbon footprint when we make steel through the blast furnace route. In the UK, the scrap-based EAF is set to enable emission reduction of around 50 million tons over the next decade. And in the Netherlands, we are amidst advanced discussions with the Dutch government to decarbonize the existing operations. India remains structurally an attractive market and Tata Steel is actively scaling up its capacity in India to leverage the ongoing rise in domestic steel demand. We have a land bank across manufacturing sites which sets us up well to increase the capacity to 40 million tons and beyond in the existing sites. During the year we achieved the highest ever production and deliveries and this was complemented by disciplined cost management. Our volumes were aided by the commissioning of India's largest blast furnace at Kalinganagar in September 2024 and the ramp-up is progressing well. Our electric arc furnace project in Ludhiana, the civil and structural work has commenced. Overall, we are focused on steelmaking capacity as well as value-added growth in downstream to drive product mix enrichment over the next few years. At the same time, we are transforming our UK and Netherlands operations into an environmentally and economically viable business. In the UK, we safely decommissioned the two blast furnaces which aided in delivering fixed cost reduction of more than £200 million compared to the year before. In the Netherlands, improved operating efficiencies led to an annual liquid production of around 6.75 million tons, the highest in many years. We are focused on initiatives to remain amongst the most competitive sites in the EU while becoming green and clean as well. Technology and innovation are central to Tata Steel's strategy to build and sustain long-term competitiveness across the value chain. We have deployed over 550 AI models across critical areas such as process control, predictive and prescriptive maintenance, procurement analysis, boulder detection at the mines and integrated operational management. 80% of our steel production comes from what has been identified as global lighthouses by the World Economic Forum and we have been recognized as an advanced leader in digital by Gartner for four years consecutively. Overall, we are committed to paying out dividends consistently to our shareholders and over the last 10 years, we have delivered a 22% CAGR on the TSR. Moving to financial highlights, our crude steel production and deliveries were around 31 million tons. Revenue was around ₹2.2 lakh crore or around $26 billion. Consolidated EBITDA improved by 10% to ₹25,820 crores which translates to an EBITDA margin of about 12%, and a dividend of ₹3.6 per share is placed for shareholder approval. A future-ready culture is key to our long-term success and specific initiatives are underway to improve agility and the innovation mindset in the organization. On this slide, we have some milestones that we're proud of. FY25 marked the landmark achievement in terms of a century of mining in Noamundi, the mine which is seen as one of the best mines in the country. Further, one of our blast furnaces, what's called the Edge Blast Furnace, became the first in India to produce over 50 million tons of hot metal without undergoing any mid-term repairs and this is an outcome of the way we design and maintain our plants. I'm also happy to share that your company's initiatives and performances are well recognized and some of the prestigious awards and accolades received are mentioned on the slide. Thank you once again, sir. Over to you.

Dr. Kumar. Yes sir. Good afternoon sir. You can hear me? Yes sir. Sir, first a heartfelt thanks to the company secretary and team for enabling the moment in 2021 when the late Mr. Tata addressed us virtually. It was a moment for us to cherish. Today we bow in reverence to his memory. His legacy breathes through every frame, furnace that forges steel, every value we uphold and every life we touch. He had the courage to take bold bets not for applause but for the ages. Corus, once seen as a step into darkness, today stands at the brink of a bit of positivity. We are very proud of it. This turnaround is no stroke of luck. It's a fruit of disciplined restructuring, visionary leadership and a bold pivot to electric arc furnaces. Steel is a long-cycle industry. It carries the moral weight of national development powered by the quiet strength of thousands of Tata Steel employees across continents. It is not just about market. It's about movements. So J. N. Tata's vision lives on from barren land to a city of dignity. Jamshedpur was never seen just as a factory town. It became a living embodiment of shared purpose. A land flowing with milk and honey and hope. Tata Steel is a story of the furnace and the flame. From fire came not just steel but dreams. Not just a company but an institution. Not just a business but a beacon. In conclusion, it paid to stay in the ring for us because turnarounds are born not only of strategy but of a spirit. Tata Steel builds not just the future of steel but it builds the future of India. It does not count what it makes but it makes what truly counts. Sir, this is—I have no questions to ask. I'm in pain with the comments made on Tatas. This is my answer to the critics of Tata Group. Thank you very much.

Sir. Yeah. Hello. Yes sir. Yes. Respected chairman Mr. Chandrasekaran, members of the board, fellow shareholders and friends, I am Bishwendra Kundu. My heart goes all out to remember our beloved late chairman Sri Ratan Tataji, a man of wisdom, principle and god-gifted nature of human care. The love and affection he showed to the whole world has inspired all of us. We, the humankind, will always be obliged to his good deeds and values. He not only carried forward the legacy of great Jamsetji but also achieved a niche for himself and truly made Tata a household name not within the bricks and walls of a house but in the hearts of the persons living in the house. Coming to the business, there is nothing to say to a company like Tata Steel which has achieved their consolidated revenue of ₹2,18,543 crores and paying a dividend of 360% in this challenging economy. Your consolidated profit ₹3,174 crores. The company is booming on its path and my congratulations to the team now led by Mr. Noel Tata. I hope your leadership will trust the same love and affection to all of us like a part of your family and we will continue to feel protected as a shareholder under your guidance and umbrella. Sir, I have two specific questions: what's your future plan for the next five years and do you have any further capex plan program? Before I close, I would like to express my gratitude to Mr. Koushik Chatterjee who always welcomed me to his office with unparalleled hospitality. I am also grateful to Mr. P. K. and his entire secretarial team for his help and support. At last I convey my good wishes to all for the rest of the year. Thank you very much sir.

Yes. Very good. Excellent. Investors. Financial. Thank you sir. Sir, question number one sir: power, industrial gases expenses 21%. Number two sir. Question number three sir. Sir. One woman through CSR. Excellent. CSR. Woman and their repentance. CSR community. Sir.

Respected chairman Mr. Chandrasekaran and other directors of the company, myself Tamil Kumar Majal, an equity shareholder. My special thanks to our company secretary P. K. and his team for maintaining cordial relationship with shareholders. Thank you Mr. Chairman and governor for sharing thoughts with us. I have no hesitation in saying that as disclosure is concerned it is one of the best annual reports I have read this year. Entire Tata Steel team must be complimented for preparing such a wonderful and wonderful report with such facts and figures. Recently the heartbreaking incident of Air India plane crash happened. Our prayers are with those big families also. Sir, Ratan Tata's death is a personal loss to me. He had given so much love and respect to the small man. There are so many memories exchanged between us but AGM is not the place to share it. So I have gone through the 612-page annual report, have some queries and as well as seek your indulgence. As per consolidated segment information page F259, profit before other unallocables of Indian operation decreased from ₹31,167 crore to ₹28,217 crore during financial year 25. Huge steel dumping, huge steel dumping, huge steel, huge steel dumping was from China, Indonesia, Vietnam and South Korea was to some extent responsible for the said decrease. Some steel importers using Vietnam as a conduit for steel originating from China. Taking note of the alarming situation, Government of India initiated safeguard duty at the rate of 12% on certain steel imports namely flat steel products including hot roll coil, hot roll coils, sheets and plates starting from 21 May 2025 for 200 days. While I congratulate the steps, JSW CEO J. S. W. demanded more safeguard duty. What is your view in this regard sir? Regarding safeguard duty sir, do we expect that the projected robust growth in domestic steel demand driven by infrastructure and others, the safeguard duty will help us in booking better profits during first half of financial year 26? Do we expect further extension of safeguard duty after its expiry on 7th October 2025? Please share your thoughts sir. Sir, as per page 117, net debt as on 31st March 2025 increased to ₹58,973 crore from ₹37,181 crore as on 31st March 2020. Whether the company may go for further increase in debts during financial year 26 and what was the average rate of interest paid by us during financial year 25? NINL is really a prized possession for us. It contributed profit before depreciation and other unallocables of ₹1,671.7 crore during financial year 25. Land must be complimented for making a closed steel unit taken over from consortium of state enterprises profitable within such short time. Would you please share thoughts on its future expansion? Sir, honorable Supreme Court judgment dated 25th July 2024 and subsequent clarifications on 14th August 2025 ruled that the Mines and Minerals Development and Regulation Act 1957 will not denude the states of the power to levy tax on mineral rights. If the said judgment is being implemented then our company as well as other steel companies will have to provide huge amount in this aspect affecting our profitability in the negative direction. What is the status of our curative petition filed on 17th January 2025 in this respect? Whether the government is supportive of steel industry view relating to the matter? Whether Government of Odisha and Jharkhand raised any claim on us in the light of the said judgment? Please share your thoughts in this respect sir. Sir, as per page F97 note 30, the company made reversal of claims totaling huge amount of ₹1,860 crore. Could you please share details in this respect? What prompted the company to reverse such huge amount? Sir, our wholly subsidiary, step-down subsidiary Tata Steel Europe Limited (TSE) as well as its subsidiaries Tata Steel IJmuiden Limited as well as Tata Steel Netherlands (TSN) are money guzzlers for a long time and both are mainly responsible for decrease in retained earnings balance from ₹1,380 crore on standalone basis to ₹34,816 crore on consolidated basis as on 31st March 2025. TSE before considering unallocables booked a loss of ₹3,327 crore during financial year 25. Sir, it is nice to note that grant funding agreement (GFA) for decarbonization proposal with UK government was signed on 11th September 2024. Out of the total capital cost of £1.25 billion for the state-of-the-art electric arc furnace at Port Talbot site, UK government will contribute £500 million. In this regard I want to know whether UK government released any fund in this respect till date and what is the total expenditure incurred by us up to 31st May 2025. Sir, as TSE is concerned, what is the present status of discussion regarding partial funding of modernization of the plant with Government of Netherlands and what is the present status of penalty of ₹239 crore imposed by the environment agency for non-compliance of emission norms against which the company got injunctive relief? Please share your view in this respect. I have two other questions sir. Sir, as per page 120 to 21, there were 657 whistleblower complaints which includes 548 complaints received from Tata Steel Limited during financial year 25. Out of the said complaints, 479 complaints closed during the year keeping 178 complaints open as on 31st March 2025. What is the nature of such complaints? Whether these complaints help the management to correct any action taken by them? Whether it includes frivolous complaints also? And would you please share your thoughts in this respect disclosing status of open complaints as on 31st March 2025? Lastly sir, after fighting nearly 20 years for waiver of loan from Steel Development Fund, it is in page 82-83, F82-83. The company had to follow the instructions of the steel ministry and paid ₹2,824 crore in April 2025. What is the status of final settlement agreement and what is the total amount due as on date in this respect? Thank you Chandrasekaran sir for allowing me to complete the question. Thank you.

Mr. Subashkar, am I audible sir? Yes, you are audible. Thank you sir. Good afternoon everyone. Respected chairman sir, esteemed members of the board and fellow shareholders. I am Subashkar joining from Kolkata. First of all, I would like to extend my heartfelt congratulation to you and the entire management team for the outstanding performance in this fiscal year reflected in the attractive dividend payout. I truly appreciate the team effort in developing a robust CSR framework. Congratulation once again to the team on this outstanding achievement and well-deserved awards. Your hard work and dedication have paid off. Sir, I wholeheartedly support all the resolutions passed through remote e-voting. Sir, I sum up my question. What are the expected benefits and key milestones for the Ludhiana EAF project and how will it support our company's long-term growth strategy and sustainable goals in India? Next sir, second, can you provide an update on the progress of your £500 million low-carbon project in the UK, is expected to commence operation by 2027? Lastly sir, what is the current status of the Kalinganagar facility and are there any plans to address potential challenges or expand production capacity to drive growth? I would like to convey my sincere thanks to respected company secretary and the entire team providing good investor services and registering my name as a speaker and also keeping in touch with us and quick issues resolved. Nothing to add more, continue with this in future and all stay safe. Thank you sir for providing this opportunity. Namaskar.

Lily. Am I audible? Am I audible? Yes. Okay. Very good afternoon all chairpersons and all viewers. Myself Lily Pradhan, longtime shareholder from Kolkata attending the meeting through video conferencing. I am obliged that the management has given me chance to speak at AGM. First of all, I would like to thank the board of directors, respected chairman, respected MD, respected CFO, respected secretary with secretarial team for wonderful arrangement and giving me in advance for attending the AGM through video conferencing. Please must be busy in future because any part of the world abroad persons can participate and express their views. Talati ma'am very always coordinate with me even all shareholders. Balona ma'am very good appreciative personalized human beings. Sha Mahasa Mahhatu sir overall very good investor services. Chairman sir, I am really proud to you for being a polite, decent, hardworking and patientful behavior. I hope under your leadership our company will better in coming future. Go ahead. Good wishes always with you. I receive email of notice well in advance and also annual report. The deep theme of cover page of annual report is very good, knowledgeable and transparent also of balance sheet. I wholeheartedly support all resolutions by e-voting. I am very happy to know that the company's performance is developing a lot which is sustainable growth. But I have put some specific question and request in present situation. What is the crediting of the company? What is the status of export in present situation? What is aim and object of future development in all over country by AI technology? Have you any status of AI technology? What is byproduct planning? What is CSR activities on challenging persons? Please micro analysis of CSR activities on challenging persons. What is the status of cost cutting management and measurement? What is the capex plan for future development which is sustainable? List must be bifurcated analysis topline and bottom line must be micro analysis and submit audit of cash flow management. Chairman sir must be we consider the plant visit as a factory visit and also felicitation policy for rewards for appreciation and encouragement. As a woman speaker request always support women empowerment which is most important and must be obeying by trusting for dignity and respect. Nothing more. Thank you. Thank you so much with the best and warm regards. All the best.