Ousted Tata Sons chairman Cyrus Mistry to remain head of Tata Steel as turnover dips at the metals firm

Francesca Washtell
Follow Francesca
Cyrus Mistry will stay in his role as Tata Steel's chairman (Source: Getty)

The former chairman of Tata Group's parent company will remain at the helm of Tata Steel, according to reports.

Cyrus Mistry was suddenly removed as the chairman of holding group Tata Sons last month and was temporarily replaced by his predecessor, Ratan Tata.

Mistry will stay on at Tata Steel, television channel ET Now reported, though it is not known whether he will stay on at Tata Motors and Tata Chemicals, which he also chairs.

Yesterday, Tata Group removed him from the Indian conglomerate's cash cow firm, Tata Consultancy Services.

Tata Steel turnover falls

Tata Steel's financial results for the second quarter, released today, showed liquid steel production dropped five per cent compared to the same period of last year, reaching 2.73 million tonnes (mt).

Turnover fell slightly from £1.66bn in the previous financial year to £1.43bn in the second quarter of this year, while deliveries dipped from 2.76mt to 2.3mt.

Read more: UK steel industry under pressure as global trade war heats up

The group added that Tata Steel Europe, which operates the Port Talbot plant in Wales, "continues to be in discussion" with German firm Thyssenkrupp to "explore options for a strategic collaboration through a potential joint venture".

The sale processes of Tata Steel UK’s speciality steels business and its Hartlepool pipe mills are ongoing, the company added, as shortlisted bidders have been given access to due diligence and management meetings.

Read more: Tata Steel pensions talks head to Labour conference

Tata added that it is "deeply engaged" with all relevant stakeholders in the UK including the unions, the pension trustees and pension regulators to find a structural solution and a way forward with the group's pension scheme.

Group finance and corporate executive director Koushik Chatterjee said:

Going forward, the company will strive to continue to focus on the improvement in the European performance with special focus to make UK structurally sustainable and de-risked to future external volatility. We continue to explore strategic consolidation opportunities in Europe.

Related articles