India’s Tata Steel will stop doing business in Russia, the company said in a statement on Thursday, April 21.
“Tata Steel does not have any operation or employees in Russia. We are taking a conscious decision to stop doing any business in Russia,” the company statement said.
However, the company imports coking coal from Russia for its Indian steel mills.
The company said that all of Tata Steel’s operations in India, the UK and the Netherlands have made alternative raw material sourcing arrangements to reduce dependency on Russia.
Company sources said that company’s operations in the UK and the Netherlands would be part of decision to stop doing business with Russia.