June 7, 2021
Singapore Stock Exchange
Singapore
Dear Madam, Sirs,
Sub: Integrated Report & Annual Accounts for Financial Year 2020-21
of Tata Steel Limited ('Company')
This is in furtherance to our letter dated May 5, 2021 wherein we had informed that the 114th Annual General Meeting ('AGM') of the Company will be held on Wednesday, June 30, 2021 at 3.00 p.m. (IST) via two-way Video Conference/Other Audio-Visual Means only, in accordance with the General Circulars issued by the Ministry of Corporate Affairs dated April 8, 2020, April 13, 2020, May 5, 2020 and January 13, 2021 and the Securities and Exchange Board of India Circulars dated May 12, 2020 and January 15, 2021.
Please find enclosed herewith the 6th Integrated Report & 114th Annual Accounts of Tata Steel Limited for the Financial Year 2020-21 along with the Notice of the 114th AGM ('Integrated Report'). The Integrated Report is also being sent through electronic mode to those Members whose e-mail addresses are registered with the Company/Registrars and Transfer Agent/Depositories.
The Integrated Report is available on the website of the Company at https://www.tatasteel.com/media/13915/tsl_ir21_final.pdf
This is submitted pursuant to Regulation 34(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.
This is for your information and records.
Thanking you.
Yours faithfully,
Tata Steel Limited
Parvatheesam Kanchinadham
Company Secretary &
Chief Legal Officer (Corporate & Compliance)
Encl: As above
Registered Office Bombay House 24 Homi Mody Street Fort Mumbai 400 001 India
Tel 91 22 6665 8282 Fax 91 22 6665 7724 Website www.tatasteel.com
Corporate Identity Number L27100MH1907PLC000260
114th Year
Resilient. Resolute. Future-Ready.
Contents
04 Performance Snapshot
68 Capitals |
At Tata Steel, innovation and responsibility have been at the core of building a sustainable enterprise and exploring possibilities towards creating a better future. Whether by developing high-strength steel or offering new solutions for construction and mobility, we relentlessly focus on delivering world-class products that are synonymous with quality and durability. We also deploy best available technologies and processes to drive resource efficiency and develop materials of the future which are superior, sustainable and affordable.
The ebbs and flows of business cycles notwithstanding, we have focussed on strengthening our balance sheet, upholding the highest standards in ethical and responsible business practices and striving towards a shared future of prosperity. Even when faced with a once-in-a-century global crisis that tested our resilience, we stayed true to our core values and worked together with our stakeholders to embrace a new normal.
Summary FY 2020-21 | 04 |
Health, safety and new businesses | 06 |
Combating COVID-19 | 08 |
14 About Tata Steel
Corporate portrait | 14 |
Integrated operations | 16 |
Product portfolio and | |
geographic presence | 18 |
Introducing our capitals | 20 |
Business model | 22 |
Value creation imperatives | 24 |
28 Leadership | |
Board of Directors | 28 |
Chairman's message | 30 |
Financial capital | 68 |
Manufactured capital | 72 |
Intellectual capital | 76 |
Human capital | 82 |
Natural capital | 90 |
Social and Relationship capital | 98 |
112 Governance
Compliance and ethics | 112 |
Sustainability strategy | 114 |
Awards and recognition | 116 |
120 Statutory Reports
Board's Report | 120 |
Annexures | 138 |
About Tata Steel
Established in India as Asia's first integrated private steel company in 1907, Tata Steel today is one of the most profitable and lowest cost producers of steel in the world, with captive iron ore mines and collieries located near our
manufacturing facilities in Jamshedpur and Kalinganagar. Our comprehensive portfolio of products and brands caters to multiple industries and segments, making the steel we produce an integral part of everyday life.
Management speak | 34 |
40 Strategy | |
Strategy planning | 40 |
Strategic objectives | 42 |
Risk management | 44 |
236 Financial Statements
Financial Highlights | 236 |
Standalone | 240 |
Consolidated | 334 |
Tata Steel's Four Pillars of Transformation | Read more in the Chairman's message on Page 30 | |||
Resilience | Simplification | Technology and | Enabling Planet | |
and Agility | and Scale | Digital Leadership | Resilience |
Opportunities | 54 | |
58 | Stakeholders and | |
Materiality | ||
Stakeholder engagement | 58 | |
Materiality | 62 |
King Power MahaNakhon, Bangkok
Notice of AGM | 452 |
A marvel of tomorrow elevating the skyline and exemplifying ingenuity and innovation, raising the bar of luxury for tomorrow.
The iconic structure is built using 2,000 tonne of Tata Tiscon rebars.
Sure, we make steel.
But #WeAlsoMakeTomorrow
ABOUT THIS REPORT
Our approach to reporting
This is the sixth Integrated Report of Tata Steel Limited (Tata Steel). Our Integrated Report provides quantitative and qualitative disclosures on our relationships with the stakeholders and how our leadership, culture and strategy are aligned to deliver value while managing risks and changes to the external environment. Our Report continues to evolve towards enhanced disclosures to meet the requirements of our investors and other stakeholders.
Contributing to UN Global Goals | Our capitals |
Financial | Manufactured | Intellectual |
capital | capital | capital |
Reporting principle
The financial and statutory data presented in this Report is in line with the requirements of the Companies Act, 2013 (including the rules made thereunder), Indian Accounting Standards, the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Reporting period
The information is reported for the period
April 1, 2020 to March 31, 2021. For KPIs, comparative figures for the last three to five years have been incorporated in the Report to provide a holistic view.
Human | Natural | Social and |
capital | capital | Relationship |
capital |
Management responsibility | Independent assurance |
Scope and boundary
The Report predominantly covers information with respect to Tata Steel's plants located at Jamshedpur, Jharkhand and Kalinganagar, Odisha, Raw Materials Division and Profit Centres. However, certain sections of the Report include KPIs (financial and production) of our subsidiaries, Tata Steel
To optimise governance oversight, risk management and controls, the contents of this Report have been reviewed by the senior executives of the Company, including the Chief Executive Officer and Managing Director; Executive Director and Chief Financial Officer; Vice President (Safety, Health and Sustainability); and the Company Secretary and Chief Legal Officer (Corporate and Compliance).
Assurance on financial statements has been provided by independent auditors Price Waterhouse & Co. Chartered Accountants LLP and on non-financial statements by Ernst & Young Associates LLP. The certificate issued by Ernst & Young Associates LLP is available on our website at www.tatasteel.comor can be accessed at https://bit.ly/3ppjwr3
BSL Limited (TSBSL) and Tata Steel Long Products Limited (TSLP).
Forward-looking statements
Approach to materiality
The Report presents an overview of our business and associated activities that help in long-term value creation. Report content and presentation is based on issues material to Tata Steel and its stakeholders. Material issues are gathered from multiple channels and forums of engagement across the organisation and from external stakeholders.
In FY 2018-19, Tata Steel updated its Environmental, Social and Governance (ESG) material issues and incorporated them in its long-term plans.
-
Environmental S Social
G Governance
Certain statements in the Report regarding our business operations may constitute forward-looking statements.
These include all statements other than statements of historical facts, including those regarding the financial position, business strategy, management plans and objectives for future operations.
Forward-looking statements can be identified by words such as 'believes', 'estimates', 'anticipates',
'expects', 'intends', 'may', 'will', 'plans', 'outlook' and other words of similar meaning in connection with a discussion of future operational or financial performance.
Forward-looking statements are necessarily dependent on assumptions, data or methods that may be incorrect or imprecise and that may be incapable of being realised, and as such, are not intended to be a guarantee of future results, but constitute our
current expectations based on reasonable assumptions. Actual results could differ materially from those projected in any forward-looking statements due to various events, risks, uncertainties and other factors. We neither assume any obligation nor intend to update or revise any forward- looking statements, whether as a result of new information, future events or otherwise.
2 | Integrated Report & Annual Accounts 2020-21 | 114th Year | 3 |
SUMMARY FY 2020-21
A year of resilience
The first half of the financial year witnessed disruptions caused by the pandemic. However, the domestic steel demand improved from the second half with favourable policies, increased government spending and relaxed movement norms. We managed to deliver broad-based, market- leading volume growth supported by our agile business model.
Performance | About | Leadership | Strategy | Stakeholders | Capitals | Governance | Statutory | Financial |
Snapshot | Tata Steel | and Materiality | Reports | Statements | ||||
We achieved highest-ever India deliveries as well as consolidated EBITDA during FY 2020-21.
Tata Steel (Standalone) | Tata Steel (India) | |
Crude Steel Production (MnT)
12.19 7% 16.92 7%
Deliveries (MnT) | |||
12.36 | 0% | 17.31 | 2% |
Turnover (₹ crore)
64,869 7% 91,037 11%
Reported EBITDA (₹ crore)
21,952 45% 28,587 62%
Tata Steel (Consolidated)
28.54 7%
28.50 1%
1,56,294 5%
30,892 71%
Tata Steel (Standalone) | Tata Steel (India) | Tata Steel (Consolidated) | ||
Reported EBITDA per tonne (₹)
17,764 45% 16,515 59% 10,838 73%
Reported profit-after-tax (₹ crore)
13,607 | 102% | 16,695 | 198% | 8,190 | 599% |
Cash generated from operations - before tax (₹ crore)
29,729 | 95% | 39,612 | 135% | 45,031 | 102% |
Tata Steel (India) - Tata Steel standalone + Tata Steel BSL Limited (TSBSL) + Tata Steel Long Products Limited (TSLP) Tata Steel (Consolidated) - Tata Steel India + Tata Steel Europe + Tata Steel South-East Asia + Rest of the World
Numbers pertain to FY 2020-21. The percentage increase/decrease is compared to FY 2019-20
4 | Integrated Report & Annual Accounts 2020-21 | 114th Year |
5
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Tata Steel Ltd. published this content on 08 June 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 June 2021 17:08:05 UTC.