Tata Steel closes business ties with Russia

Tata Steel has decided to stop doing business with Russia amid the military invasion of Ukraine, becoming the first global steel company to cut ties with Russia.

Tata Steel has no operations or employees in Russia. The company has made a conscious decision to stop doing business with Russia. To ensure business continuity, all steel production sites in India, the UK and the Netherlands have found alternative supplies of raw materials to end its dependence on Russia.

India’s steel ministry recently announced that it is working on a process mechanism to import coking coal from Russia at a cheaper price amid skyrocketing coking coal prices. 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), US (2.43mt), Canada (1.81mt), Mozambique (1.26mt) and Russia (1mt).