Tinplate to source raw materials outside Tata Steel

Tinplate Company, a Tata Enterprise, would now source raw materials outside Tata Steel to increase its profitability.

Chairman of Tinplate Koushik Chatterjee told shareholders at the company's AGM here today that so far, the company followed the conversion route of making tinplates from hot rolled (HR) coils sourced from Tata Steel.

He said that although sourcing from Tata Steel would continue, Tinplate would now have the flexibility to get supplies from other sources if such a need arose.

"This will help boosting profitability of the company", he said.

Chatterjee said that the prices of tinplates were dependent on prices of HR coils.

When the HR coil prices are low, Tinplate's margins rise and vice-versa, he said.

The company was also looking at growth aggressively to counter competition from other domestic firms and foreign competition.

He said that Tinplate's market share within the country was 43 per cent, and ten per cent globally along with Tata Steel Europe.

Chatterjee said the company was working closely with Tata Steel Europe to develop new product mix by using the R&D centre based in Netherlands.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)