Corus is Europe's second largest steel producer with annual revenues of around £12

billion and a crude steel production of over 20 million tonnes.

• With innovation and continuous improvement at the heart of its business

performance, Corus aims to create value by offering a differentiated product range
supported by unrivalled customer service.
• Corporate responsibility is integral to the way Corus does business and the
objective is to be world class.
• Corus is a subsidiary of Tata Steel.
• Corus supplies a variety of innovative solutions to a broad range of markets. We
have specific information for our key market sectors. Please select from the list
here.

Corus will take Tata brand to Top 100

Marion Arathoon
Friday, February 2, 2007 23:16 IST Email

MUMBAI:Say Tata post-Corus, and you have a truly global brand which will Print
weigh about $9.1-9.2 billion in valuation.
Share

Say Tata, and you'd have a brand that's in the Top 100 - in the same global power pack
as a Hitachi ($9.1 billion in brand value) or a FedEx ($9.2 billion).

Say goodbye to a home-grown, complacent brand. Say good morning to a steely new
player, which could in brand value outpace iconic nameplates such as Ikea ($8.9billion),
Merrill Lynch ($8.8 billion), Morgan Stanley ($8.7 billion), Goldman Sachs ($8.7 billion),
Walgreen ($8.7 billion), and Chrysler ($8.6 bn).

Yes, the Tata-Corus brand-value combine should also zoom past legendary brands like
Oracle ($8.3 bn in brand value), Heineken ($8.3 bn), Canon ($8.1 bn), Philips ($8.1bn),
Chevron ($8.1 bn).

This Tata cheer is based on figures and extrapolations drawn from the just-released
Brand Finance Top 250 Global Brand Value report.
The Tata brand figures - pre-Corus - as the only Indian brand in the globe's top 250,
clocking in at No 103 with a value of US$7.4 billion.

This is based on high-level brand valuation across its three engines of Tata Consultancy,
Tata Motor, and Tata Steel, which account for about 80% of group revenues, says Unni
Krishnan, managing director, Brand Finance India.

This brand value is about 20% of its total enterprise value, says the report. It also
reveals that the total value of the 250 most valuable global brands is over $2 trillion,
accenting that brands now create significant economic value in all sectors, from utilities
to finance.

With Corus in the family, the overall Tata brand value is poised to jump a minimum of
25-30%, which decodes to a wholesome $9.1-9.2 billion in brand value. Next year, it
could be rank under 90, and this may just be the start.

The BF 250 brand value is worked out on the `Relief from Royalty' approach. In essence,
what would it have cost the company if it didn't own the brand and had to rent it
(royalty).

``The rise in value for the Tata brand will be very fast in the years ahead, driven by
organic growth and M&A, which has been leveraged well not just globally, but also
locally,'' explains Unni Krishnan.

What's more, the penetration of Indian brands will increase very fast in this global Top
250 table in the coming four to five years, he predicts. ``I bet on a Wipro entering this
league, with its acquisition-led, string of pearls strategy.'' How come a Reliance didn't
make this grade?

Well, it's not as strong in terms of geographical footprint, intellectual property, or new
product development, says Unni Krishnan. He also bullish on a Godrej brand finding its
place in the sun, based on its strategy blueprint.

So why does the Corus acquisition by Tata pack in such additional brand value?

Answer: It brings everything from products, to capacity to geographical footprint and the
heritage value of British Steel to the overall Tata brand furnace, say analysts.
The Corus brand itself is highly priced, with a high degree of equity value in European
markets.

It unleashes a huge pool of R&D and new technology for Tata Steel specifically. Here's
the twin advantage this combined brand offers: At the back end you have a low- cost
base in India (Tata Steel), and at the front end a high-value delivery system which is the
Corus brand. This combo will gives great margins to the business, backed by a stronger
brand, says Unni Krishnan.

In terms of business efficiencies, just having to rebuild Corus' infrastructure would have
cost Tata 60% more than what it dished out, says Ramesh Thomas, CEO, Equitor
Consulting. Add customers, and the order pipeline, and it's a good deal for the Tatas, he
adds.

The Tata brand values can kick in much more with the wider, global playing field of
Corus. There is now scope to create and deliver much more value for the customer,
reckons Thomas.

The Tata brand itself was valued at about $5.5 bn in Brand Finance's India brand survey
last year, says Unni Krishnan. It was valued at a little over $6 billion in 2005 in an
exercise undertaken by Equitor-Interbrand on behalf of the Tata group, says Thomas.

They used the economic value process, which is based on the economic forecast of a
company; the economic value of a firm and what per cent of that value comes from the
brand.

Question is, what propelled the Tata brand value (pre-Corus) from $5-6 billion to $7.4
billion in the short timeframe between 2005 and now?

Unni Krishnan says that brand value reflects everything from R&D efforts to new
technologies, new product activity, and M&A strategy, which was leveraged well - not just
globally, but locally too.

TCS, for one, has been getting into new areas of consulting, and into IP-related products.
And Tata Motors has been driving its Indica and Ace brands forward, and so on.

Underlying all this is the bedrock of heritage and values though. The Tata brand has
stood for trust, transparency, and honesty. ``Value is not separated from values. Values
drive financialvalue,'' underlines Unni Krishnan.
Feb. 23

Tata Steel, the world's eighth-largest steelmaker, has been among the best performers in the past
year, and reviving growth at its European unit Corus is expected to further fire that rally.

Tata Steel shares have more than tripled in the past year, in line with the sector index, but way
ahead of a doubling in India's 30-share benchmark index.

Several brokers have upgraded the stock after consolidated quarterly earnings last week, saying
surging demand in India and a pick-up in Europe should boost earnings.

Others, however, say rising costs of raw materials such as iron ore pose a risk to valuations.

The market looks evenly split. Of 34 analysts covering Tata Steel, 16 rate it a 'buy' or 'strong buy',
according to StarMine, a Thomson Reuters company, while 11 have it as a 'sell' or 'strong sell'.

Hot Steel

"Management's guidance for recovery in Europe is quite conservative. We expect it to be better,"

said Prasad Baji, sector analyst at Edelweiss Securities.

Corus contributes two-thirds of Tata Steel's total capacity of about 30 million tonnes, and
operating profit there, at around $37 a tonne, is already much better than expected, he said.

The Indian operations, which make up a quarter of capacity, have posted double-digit demand
growth for several months and higher steel prices and capacity expansion will be key levers to
boost future earnings, analysts said.
"Tata Steel India will benefit if steel prices go up because they own most of their raw material
supplies here," said Pawan Burde, vice president at PINC Research, who has a 'buy' rating.

Most brokers see another 25% rise over a 12-month period, and the stock could see a 5-10%
upside by March.

"The company should show more consistent profitability now as it starts to benefit from
restructuring programmes and a better product mix," Burde said.

Cost woes, rich valuations

Some analysts, though, say the stock is pricy versus its peers, and are not convinced Corus is
firmly rebounding yet.

"The valuations are not justified if you compare to global or Indian peers," said Niraj Shah of
Centrum Broking. "ArcelorMittal has made operating profit of USD 105 a tonne in the last quarter,
but Corus has only made around USD 35 a tonne."

Tata Steel trades at 10.8 times forward earnings, higher than Asian peer POSCO at 8.8 times,
but lower than Baosteel's 13.1 times.

Shah, who has a 'sell' rating, has a 12-month price target of Rs 453 per share — more than a fifth
lower than the current Rs 572 share price.

"Long-term contracts have not yet been crystalised, but raw material prices are moving up," noted
Manish Sonthalia, fund manager for portfolio management services at Motilal Oswal, who
oversees USD 190 million and has advised clients to avoid the stock.

"Higher costs would weigh on the company's profits in the near term if steel prices don't move in
tandem with raw material prices," he said.

March 02

India's Tata Steel's European unit Corus has sold its stake in a joint venture operating a tar
distillation plant in the Netherlands for an undisclosed sum, the steelmaker said in a statement on
Tuesday.

The joint venture operates a 140,000-tonne-a-year plant, which processed coal tar generated
from Corus's IJmuiden steelworks.

Corus, along with partner Cindu BV, have sold their stake to US carbon-compounds maker
Koppers Holdings and have tied up a long-term arrangement for tar supply with the new owner,
said Tata steel, the world's eighth-largest steel maker by output, in a statement.

Cindu reported sales of about 50 million euro in 2008.

Poor Corus show dents Tata Steel Q3 net 42%

But early signs of steel demand pick-up in Europe seen.
Our Bureau

Mumbai, Feb. 16

Tata Steel's consolidated financial performance for the third quarter of this fiscal was impacted by the poor
performance of its European arm Corus, which recorded a 36 per cent drop in turnover at Rs 16,755 crore
as deliveries fell 13 per cent. The consolidated profits were down 42 per cent at Rs 473 crore.

The group's steel deliveries, however, improved 73 per cent in Natsteel, 16 per cent in Tata Steel Thailand
(TSTH) and 49 per cent in India. Though the average selling prices were lower across the group other than
Tata Steel Thailand , EBITDA (earnings before interest, tax, depreciation and amortisation) improved 14 per
cent on higher volumes and cost reduction measures.

However, the early signs of a pick-up in demand for steel in the European markets were quite evident with
Tata Steel Europe (Corus) managing to post a positive EBITDA of Rs 660 crore compared with an EBITDA
loss of Rs 1,802 crore recorded in the second quarter of this fiscal. Liquid steel production of Tata Steel
Europe rose 1 per cent to 4.209 mt, compared with the same period last year. It was 6 per cent higher on a
sequential basis.

Move on Teesside

Mr Kirby Adams, Managing Director and CEO, Tata Steel, said the European operation benefited by putting
the blast furnace No 4 at Port Talbot back on stream. The company was, thus, able to raise its capacity
utilisation for the quarter to more than 80 per cent.

The company has decided to mothball operations at Teesside Cast Products by end-February as it has
exhausted the available raw material.

"The company will be compelled to retrench about 1,600 people who were employed with us for a longer
period of time.
"The tough decision has been taken in order to keep 20,000 employed at Corus," said Mr Adams. Teesside
has included a loss of $200 million in the last nine months.

Earlier, Corus had announced plans to partially mothball the plant toward the end of 2009 when efforts to
secure its future failed after four international buyers cancelled their 10-year contract in April to buy nearly
80 per cent of the slabs produced by Teesside.

The Tata Steel scrip was up 2 per cent at Rs 550 on Tuesday.

Feb 20

Work at the Tata Corus steel plant at Teesside Cast Product (TCP) mills came to a halt leaving around 1,600
people jobless.

Earlier, it was tried at the eleventh hour to stop the partial shutdown of the plant. But, it came as a failure leading to
much anguish among the workers. They have now warned to ballot members in response to this step by the
authorities.

Meanwhile, Corus has issued a statement saying that mothballing steelworks to be started soon.

"This is the direct result of the decision in April 2009 by a consortium of four customers responsible for almost 80
per cent of the plant's business to renege on a binding 10-year contract.," a company statement said.

"Since then, Corus has worked tirelessly to find an alternative long-term solution for Teesside Cast Products," it
said.

"There has been speculation about potential last minute bidders for the plant. Corus' position remains unchanged.
This is a mothballing, not a permanent closure. TCP will be kept ready for a restart. Corus remains open to
credible offers for TCP," the statement also said.

Keith Hazlewood of the GMB, the workers union, said, "I have written to our general secretary seeking permission
to ballot our members in the steel industry."

Feb 16

Tata Steel’s European subsidiary Corus has told its union that steel production at
the Teesside, UK, plant will stop from Friday, CNBC-TV18 reports quoting
sources.

It is learnt that even as no buyer has yet been found for the plant despite the
government’s efforts, the plant’s shutdown will begin on Friday.

The union has said the plant is “still viable” and that it believes a buyer will be found. The UK
government has said Lord Peter Mandelson has pledged about 60 million pounds to help the
Teesside area recovery. About 1,700 people are at risk of losing jobs at the Teesside plant.

Tata Corus warned as it mothballs British plant

21 Feb 2010, 1018 hrs IST, IANS

LONDON: Angry unions, threatening strike action, warned Tata-owned Corus it will
face "maximum damage" as the steel giant began mothballing a plant in northeast
England after investors walked away.

Corus, the European arm of Tata Steel, began

decommissioning its Teesside Cast Products (TCP) plant
in Redcar - a step that would throw up to 1,600 workers
out of their jobs, with a possible 8,000 more job losses
in the local supply chain.

A brass band played to some 300 locals to mark what

was described as the end of an era in a region with a
history of 150 years of steel making, as Corus shut down
the giant blast furnace at TCP on Friday.

Corus has described its move as a "mothballing, not a

permanent closure", a step it says it was forced to take
after a consortium of four steelmakers in May last year
reneged on an agreement to buy 78 percent of the steel plates produced at TCP over 10
years.
But the head of the Community Union representing Corus workers warned Tata of severe
consequences

UK trade body threatens industrial action against Corus

Press Trust of India / New Delhi February 21, 2010, 18:42 IST

A British trade body Community Union has threatened to design its proposed industrial
action against the Tatas-owned Corus over its decision to begin partial closure of
Teesside Cast Products (TCP) in such a fashion that it causes maximum damage to the
company with minimum damage to the workforce.

"As a modern union we will be seeking to make surgical strikes that will cause maximum
damage to Tata Corus and minimum damage to our members," Community Union
General Secretary Michael J Leahy said in an e-mailed statement.

Earlier, Corus started the the process of mothballing some of the mills of its TCP plant in
England on Friday, a move that will render 1,600 workers jobless.

"Make no mistake; calling this mothballing is simply sugar coating a closure. A

redundancy from a mothballed plant is the same as a redundancy from a closed plant.
Community believes that this charade of mothballing is simply an attempt to profit from
Teesside’ carbon credits. By selling on these carbon credits, Tata Corus is picking the
pockets of the Teesside workforce," Leahy added.

The Union said it will be giving its members the opportunity to ballot for industrial action
in support of Teesside.
Accusing Tata Cours of walking away from Teesside despite a number of offers of
revival, the Union added it will not give up on steel-making on Teesside as the plant is a
strategic resource and the foundation for a rejuvenated British manufacturing industry.

'Corus green credits must be banked'

Daily Mail
25 February 2010, 8:45am

Steel workers' union Community has asked the Environment Agency to hold in trust the
carbon credits accrued by Corus's doomed plant in Redcar until production resumes.

Carbon credits: Corus

steelworks in Redcar

FTSE LATEST

5533.2149.15

Corus is mothballing its historic steel making operation in Teesside, which threatens the
livelihoods of 1,600 workers in one of the country's worst unemployment blackspots.

The closure has led to concerns that Corus, owned by India's Tata, may seek to trade the
carbon credits that were freely allocated to the plant.

The union's general secretary Michael J Leahy said holding the green allowances in trust
would be a 'responsible act' that would reassure the Teesside community.
He added: 'I am calling upon the government to take action to ensure that Tata Corus do
not profit through their destruction of the Teesside community.'

A Corus spokesman declined to comment.

Reports on merger with Tata Steel untrue: Corus

Press Trust of India / London December 15, 2008, 20:22 IST

Tatas-owned Corus today termed "completely untrue" the media reports stating that the
European steel maker is to be merged with Tata Steel, to save as much as 350 million
pounds.

Also Read
News Paper Specials
Now

- Markets
News continue to trade weak
Paper Specials
- Now
Prudential, AIG CEOs selling AIA deal to Asia staff
- Rupee at fresh 6-wk high; shares limit rise
- Australia's ANZ gets India banking licence
- US investigates complaints about Toyota recall fix
More

Also Read

- Govt widens scope of anti-abuse provisions in I-T act

- After two-year lull, top Indian IT firms plan 8-12% salary
increases
- IIM-B to refund fees of students opting for NGO
placements
- Maharashtra opts for a facelift
- Ranbaxy faces more trouble in US
- Durable firms to up prices again
More

Also Read
News Paper Specials
Now

- Q3 FY09 Results: Earnings Season

- Saving Satyam: Govt gets into action
- India-Pakistan Tensions: Fallout of Mumbai Terror
 Attack
-Your Money: Where to invest

- Market Crash: Global worries weigh

- Time Out: Books, fashion, food, travel, sports, health...
More

"Both stories are completely untrue. We are talking to (the) newspapers to get
corrections. I repeat, both stories are completely untrue," Corus Spokesperson Bob Jones
told PTI, denying reports that emanated in the online editions of two leading dailies in the
UK.

The Tata Group had acquired the Anglo-Dutch giant Corus Group Plc for $12 billion last
year, after which Corus became a subsidiary of the Indian steel giant. However, even
after amalgamation, both the units operated independently.

The media reports on a possible merger between Corus and its parent subsidiary Tata
Steel come when the European Steel maker has resorted to cost-cutting, including layoff
schemes and production reduction because steel demand as well as prices have plunged
due to the global economic downturn.

British newspapers The Mail and The Daily Mail in their online editions had said that
Corus is set to be merged with Tata Steel by next year to save up to 350 million pounds,
and added that such a move is likely to put thousands of jobs at risk.

"Corus, formerly British Steel, is to be merged with its parent company Tata Steel, in a
move that puts thousands more UK jobs at risk," the Mail said in its online edition.

Tata Steel through this merger aims to create a group that could become the second-
biggest steel maker in the world after Luxembourg-based ArcelorMittal, the report further
said.

Other Stories

- Markets continue to trade weak

- Prudential, AIG CEOs selling AIA deal to Asia staff
- Rupee at fresh 6-wk high; shares limit rise
- Australia's ANZ gets India banking licence
- US investigates complaints about Toyota recall fix
 More

Read Business news in

Advertisements

India's best maps and GPS Navi-tainment experience for your car !

Get a complementary DLF IPL Ticket worth Rs500

Get triple tax benifits, and doosra income Advantage

Now Pick your advisor with ING Life Insurance

Replace your aging IT hardware and dramatically lower your IT

operating expense

Tata AIG Health Insurance - Complete Health Cover with Tax

Savings.

US Expats & Visa Holders Economy is tough, your taxes don't have
to be.

GPS navigation for your super-bike from MapmyIndia!

Reduce cost and increase profitability.. know more

Overcome IT challenges & exceed business expectations with a

simple click

Giftwithlove.com: Same Day Gifts & Flowers Delivery to India