Tata Steel CEO steps down as president of Indian Steel Association

摘要

Tata Steel Ltd.'s CEO T. V. Narendran abruptly stepped down as president of the New Delhi-based Indian Steel Association, the industry's premier industry body in the country, well ahead of the two-year term expiration, sources at ISA member companies told S&P Global Platts on Sunday. The presidency runs for two years and Narendran's term was set to expire in August. Sources told Platts that disagreements have arisen within member companies about the Indian government's consideration to auction captive iron ore mines held by steel companies. According to recent media reports, India’s Ministry of Mines has suggested auctions of such mines without any first right of refusal bringing in early termination of captive leases from 2025 to 2030. This move would likely hurt Tata Steel’s India operations, given it is the only private steel company in India to possess captive reserves of iron ore, sources said. Tata Steel and the association didn’t immediately respond to an e-mailed query outside business hours on Sunday.