Tata Steel Ltd., India’s multinational steel company, is exploring alternative sources of coal supply amid rising fears of supply disruptions and surging costs due to the ongoing Russia-Ukraine crisis, Bloomberg reported.
The Indian corporation reportedly imports up to 15 percent of its coal requirements from Russia.
One option that the firm is contemplating is to import coal from North America, Bloomberg reported, citing Managing Director T.V. Narendran.
Narendran said the conflict has also created room for Indian steel exports to countries in Europe and Turkey etc.
Tata Steel plans to continue exporting 10 to 15 percent of its sales in the next financial year.
“We want to focus on best prices when selling that 10 to 15 percent, so southern Europe is now a better option than South East Asia,” Bloomberg quoted Narendran as saying. Given that price hikes exceed that of input costs, projections indicate that the firm’s margins should improve in the near future, he said.