Tata Steel has decided to stop doing business with Russia amid the Russian military invasion of Ukraine, making it the first global steel company to cut ties with Russia for invading Ukraine, Kallanish notes.
“Tata Steel does not have any operations or employees in Russia,” Tata Steel informs in a press release. “We have taken a conscious decision to stop doing business with Russia…To ensure business continuity, all our steel manufacturing sites in India, the UK and the Netherlands have sourced alternative supplies of raw materials to end its dependence on Russia,” it adds.
The Indian steel ministry has recently announced it is working on a process mechanism to import coking coal from Russia at a cheaper price amid skyrocketing coking coal prices (see Kallanish passim). India imported 43.35 million tonnes of coking coal in 2021. Australia was the largest exporter to India, supplying 31.4mt. Other exporters were Singapore (2.81mt), the US (2.43mt), Canada (1.81mt), Mozambique (1.26mt) and Russia (1mt).
Sayed Aameer India
