That is, nonetheless, set to alter, as the corporate will lose the sting when its legacy mining leases start to run out beginning 2030.
To safe a steady provide for iron ore, the important thing uncooked materials to make metal, the corporate has forged a large internet that stretches from the chilly mountains of Labrador in Canada to the Gadchiroli forests in Maharashtra.
“Maharashtra, Canada, all these are choices to submit 2030,” T.V. Narendran, chief government officer of Tata Metal instructed Mint on Monday, describing the corporate’s efforts at securing iron ore provides. This, he mentioned, was along with the mines it has acquired in India underneath the brand new public sale regime.
Tata Metal, the oldest steelmaker in Asia, presently meets 100% of its iron ore necessities in India by means of its six legacy mines awarded to it earlier than the Mines and Minerals (Growth and Regulation) Modification Act, 2015, which requires all mines to be auctioned, reasonably than nominated by the federal government.
Home tie-ups
India’s second largest steelmaker has joined arms with a key participant in central India’s mineral ecosystem, who has managed to efficiently mine iron ore—and can quickly even be making metal from this ore—in a Maoist conflict-prone area that few companies dared to enterprise into.
In December 2025, Tata Metal acquired a 50.01% stake in Thriveni Pellets Pvt Ltd. (TPPL), forming a three way partnership with Lloyd Metals & Power Ltd. TPPL owns 100% stake in Brahmani River Pellet Ltd. (BRPL) that operates a 4 million tonnes each year (mtpa) pellet plant at Jajpur, Odisha, together with a 212-km slurry pipeline. Pellets are small, hardened balls fabricated from iron ore and utilized in metal manufacturing.
Extra importantly, the steelmaker additionally signed a memorandum of understanding with Lloyds Metals & Power to discover mining alternatives in Maharashtra to extend the manufacturing of iron ore.
“We’re seeing alternatives because the Maharashtra authorities seems on the whole Gadchiroli space for improvement and for mining, we shall be eager to take part and perceive,” mentioned Koushik Chatterjee, the chief monetary officer of Tata Metal. The corporate can also be evaluating the way it can companion with Lloyds on the steelmaking aspect, he mentioned.
Abroad alternative
The steelmaker has additionally tapped into its Canadian subsidiary, Tata Metal Minerals Canada. In January, the corporate flagged off a take a look at cargo of iron ore from Canada for its home operations, Mint had reported earlier. Whereas the cargo is but to succeed in Indian shores, it might be one of many options to the corporate’s iron ore quandary past 2030, Narendran mentioned.
The prices that Canadian iron ore provides by way of logistics is offset by its superior high quality, he mentioned. The ore from Labrador has iron content material of above 67% and fewer than 1% of alumina impurity, Narendran mentioned. Low alumina iron ore is taken into account superior in steelmaking as a result of it improves blast furnace productiveness.
The corporate plans to mix this greater grade ore with home uncooked materials to enhance the cost it places in its blast furnaces.
“So, it is an optionality that we now have, which we wish to take a look at out properly earlier than 2030, in order that we are able to resolve on our plans for the Canadian mine relying on its utility for India,” Narendran mentioned, including that for now the Canadian arm is exporting the ore to Europe and somewhat to China.
The Canadian mine has 3 mtpa capability, however it may be elevated to 10 mtpa because it has ample reserves, he mentioned. For context, Tata Metal mined a document 40.5 million tonnes of iron ore in FY25, which helped it produce 21.8 million tonnes of metal.
“If everybody goes to bid 100% plus for iron ore mines in India, then the price of iron ore in India goes to be equal to 130-140% of the worldwide market. So, imports grow to be an choice,” mentioned Narendran.
Want coverage help for UK profitability
Tata Metal will miss its steering of attaining an earnings earlier than curiosity, taxes, depreciation, and amortization (Ebitda) breakeven within the UK by the tip of this fiscal yr owing to low costs and stiff competitors from low cost imports.
Tata Metal’s UK operations proceed to weigh on the corporate’s total efficiency, even after an costly restructuring over the previous yr that has seen the corporate shut outdated gear and lay off a major chunk of its workforce.
Sizzling-rolled coil costs within the UK are presently round £500–510 per tonne, about £100 in need of ranges wanted to interrupt even, the corporate’s high executives mentioned, including that they’re hopeful of some coverage help quickly.
Tata Metal has repeatedly flagged that not like the EU, the UK has not imposed ample safeguard duties or import restrictions, thus permitting cheaper imports to curb costs. The transition to electrical arc furnace (EAF)-based manufacturing is, nonetheless, anticipated to structurally enhance prices over the medium time period.
For now, “UK won’t worsen, it won’t get a lot better, possibly barely higher” within the present quarter, mentioned Narendran, including that it isn’t doable to interrupt even on the present costs, “except there’s some motion by the federal government”.
The Mumbai-headquartered steelmaker reported a 6% year-on-year (y-o-y) soar in consolidated income to ₹57,002.40 crore for the third quarter of FY26, in comparison with ₹53,648.3 crore a yr in the past. In Q2 of FY26, its income was greater at ₹58,689 crore. Final Friday, the corporate reported a ₹2,688.7-crore consolidated internet revenue attributable to the homeowners.
In its abroad operations, the steelmaker’s operations within the Netherlands reported an Ebitda of €55 million, considerably decrease than the €92 million in Q2, whereas the UK losses narrowed to £63 million from £66 million in Q2.
Tata Metal expects pricing to enhance sequentially within the March quarter, pushed by a restoration within the Indian in addition to the European markets. In India, the corporate has guided for a quarter-on-quarter enchancment of about ₹2,200 per tonne in internet realizations for This fall, reflecting value hikes taken in direction of the tip of December and enhancing demand situations. Volumes are additionally seen greater.
In Europe, pricing traits are blended however stabilizing. Whereas spot metal costs have risen in current months, Tata Metal expects common realizations in Europe to be about €30 per tonne decrease sequentially because of the product combine, as incremental volumes are skewed in direction of lower-priced segments comparable to engineering, reasonably than automotive or packaging.
Nonetheless, Narendran mentioned this impression shall be greater than offset by value take-outs, significantly within the Netherlands, the place Ebitda is predicted to enhance. Within the UK, costs have edged up solely marginally, leaving operations beneath break-even ranges, with a significant restoration depending on coverage intervention by the federal government.