• India business outlook: Second-quarter realizations are forecast to drop by ₹1,500 per ton driven by lower long-product prices, while coking coal costs are expected to rise by about $5 per ton. Although EBITDA per ton may decrease, higher sales volumes in Q2 are anticipated to sustain absolute EBITDA in rupee terms.
• European EBITDA turnaround: The combined European operations are projected to turn EBITDA positive in Q2, aided by the restart of the Netherlands DSP facility and steadily narrowing losses in the UK. Management expects the UK business by itself to reach positive EBITDA by the end of the year.
• UK fire impact: A pickling line fire at Port Talbot resulted in no injuries and an estimated bottom-line impact of £5 million to £10 million, with production successfully diverted to a restarted line at Llanwern.
• NINL capacity expansion: Tata Steel has board approval and a 48-month timeline to expand the Neelachal Ispat Nigam Limited (NINL) long-products facility to 5 million tons. Alongside Kalinganagar's flat-products plant, the combined site has the potential to reach 25 million to 26 million tons in total capacity.
• Supply chain consolidation: The company is prioritizing the buyout of joint-venture partners—such as BlueScope's stake in Tata BlueScope and a German partner's stake in logistics provider TIML—to secure direct control over its Indian value chain rather than pursuing inorganic growth.